For many, making an estate plan is imperative to protecting homes, bank accounts, and life insurance policies. If this reflects your estate plan, it’s important to consider that you may be forgetting something – your personal assets! Unfortunately many forget to include their everyday or sentimental items because they are so worried about ensuring the bigger assets are handled. If you’re unsure what assets to include or how to ensure your personal property is protected, you’ll want to keep reading. The following blog and a Medina, Ohio estate planning lawyer can help you achieve peace of mind that your assets are accounted for.

What Is Personal Property?

In Ohio, there are two kinds of personal property you can include in your estate plan: tangible and intangible. Intangible property is what many think about when establishing a Will or Trust Fund, and includes stocks, bonds, insurance policies, and IRA accounts. However, tangible property is just as important to include in your estate plan! Common tangible assets you likely have include, but are not limited to, the following:

  • Photos
  • Collections
  • Jewelry
  • Furniture and decor
  • Electronics

Generally, anything you use in your day-to-day life can be considered personal property for estate planning purposes. While some of these items may not be of high monetary value, these assets are often very sentimental and should be accounted for to ensure they are passed down according to your wishes.

It’s also imperative to note that while you may consider them a part of your family, in the eyes of the law any pets you have are also considered personal property.

How Can I Include These Assets in My Plan?

Many fail to include personal property in their estate plans because they simply aren’t sure how to. Unlike real estate or life insurance, the items you own can change constantly, making it hard to include. However, there is one method many rely on when accounting for these assets.

Generally, including personal assets in a document like a Will can be challenging as you may constantly change what you own. As such, one option is to keep an updated list of your personal property. Though this list will not be legally recognized in court, you can use it as part of your plan.

In your Will, you can include stipulations that your estate Executor has permission to distribute your personal property in accordance with your wishes. This gives the Executor control over these assets and they will reference the list you’ve created to honor your wishes. However, it’s imperative to choose someone who you trust to adhere to your wishes and distribute your personal property as necessary.

As you can see, ensuring you account for your personal assets is critical to protecting your property. Ensuring you have an experienced attorney from Krause Law to guide you through these matters is critical. We understand how important planning for the future is, which is why we’re ready to help. Contact us today to learn more.