Personal property is a common concern for those thinking about estate planning. Many people have specific requests for who should receive items such as heirlooms, collectables, and other tangible property. A Minnesota Tangible Personal Property List is a common legal document used to itemize who receives personal property in the event that you pass away.
Why are Tangible Personal Property Lists Important?
Tangible personal property is generally not included in the body of a will because personal property is often ever-changing. You may acquire new personal property, sell personal property, or want to change recipients. The benefit of using a tangible personal property list is to not have to redo your will every time your personal property changes. If you wish to make changes to your personal property list, you can simply execute a new list and your will remains complete.
How does a Personal Property List Work?
Discussing estate-planning documents, it is always important to consult with an attorney about your options and the requirements for each specific legal document. To execute a tangible personal property list, the list must reference the existence of a will, establish property items to recipients, and be signed by the will maker. The items that are prohibited for being included on a tangible personal property list is real estate, money, and property used for business or trade. They must be discussed in the will or other estate planning documents.
Are you thinking about estate planning? Wondering what your options are for a tangible personal property list and will? Contact our estate planning attorneys today. Our team is ready to answer your questions and help you be better prepared in the future. To schedule your free consultation, call our office at (763) 323-6555 or by submitting an online contact inquiry through our website.