Personal Property Lists
During the course of creating your Estate Plan with Owens & Perkins you will be provided the opportunity to create a Personal Property List that details specific items that you want to go to a certain individual, individuals or class of individuals.
This list is not for large assets like real estate or bank accounts, it is for things that do not have a title, like furniture, jewelry, watches, collections, keepsakes and other sentimental items that you want to go to a specific individual or family member.
While this may seem like it is becoming a thing of the past, some families have heirlooms that have been passed down for generations and each generation gets to select the next member of the family that will inherit that special item and hold it sacred. This could be a ring, watch, grandfather clock or any other item that is important to your family.
The best way to create a Personal Property List is to make a numbered list, with a detailed description of the item and, with cell phone cameras making it so easy, take a picture of the item and attach it to the list and then write down the person to receive the item. The most difficult part of that assignment is going somewhere to get the pictures printed to attach to the list.
Unfortunately, most people do not take the time to create the list, leaving it to the heirs to “agree” on the appropriate allocation of personal property items. Frequently such “agreements” are not forthcoming leading to fights, hard feelings and damage to relationships that may never be repaired in the future, all over some simple object.
If you take the time and write down who gets what, that is what will happen and there is nothing for your heirs to fight about. Instead of your passing being a time for family feuds to erupt, it may be a time for your family and loved ones to come together.