Transferring Personal Property
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Principles of tranferring untitled personal property in estate planning
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Transferring Personal Property
- 1. TRANSFERRING PERSONAL PROPERTY Bill Taylor Community Development Area Educator UW Cooperative Extension Service
Editor's Notes
- We seem to assume that our personal items are not important enough to plan their passing, even though they were important to us and they may be a significant source of memories or comfort to those we leave behind. We also seem to assume that everyone will cordially receive or pass out our personal goods with no stress or argument about who should receive what or how these items should be divided.
- Inheritance plays an important dynamic in whether and how families remain connected following our death. Making decisions and talking about inheritance issues, including non-titled property, are not easy for some family members. Such issues may be avoided in part because: Everyone has to face his own mortality or the mortality of family members Individuals fear how others may interpret their motives. Conflict or disagreement is expected – feelings can too easily be hurt due to the emotion attached to personal property Individuals may be grieving the loss of their own or another’s independence, changes in health, or moving from one’s house
- For the previous reasons, most families will face less stress and emotional issues if they develop a plan for personal (non-titled) property transfer before death and while the property holder is of clear mind and sound health.
- Each participant believes his or her perception of what is fair should be used to allocate or transfer non-titled property. When the “rules” are violated, the decisions are considered unfair. To further complicate the process, these “rules” often remain unwritten and are seldom talked about among family members.
- HANDOUTS: Rules For Deciding Who Receives Which Items Should be discussed first. Personal Property Inventory Second step – list everything that might be of importance to pass on Personal Property Memorandum Legal instrument attached to the will that actually conveys the property