변호사 이재욱의 미국법 이야기 (Attorney Lee's commentary about U.S. law)

THIS MATERIAL IS CURRENT AS OF WINTER 1997 DISPOSING OF TANGIBLE PERSONAL PROPERTY IN A WILL OR TRUST By: Linda S. Willms Tangible personal property is defined as something that can be touched or felt and is capable of being possessed. For example, clothing, cars, furniture, jewelry, and works of art are all forms of tangible personal property. Basically, it is any property other than real estate, cash, bank accounts, stocks, bonds, and the like. A person can designate in their will or trust who will receive their tangible personal property. They can do so by saying, "I give all my tangible personal property to my children, to be divided among them as they agree." I call this the "lump sum approach." For some clients, this option is sufficient. They are satisfied that their children will divide the tangible personal property in a way that is fair and without a lot of arguing. Some clients want to make sure that one person receives a certain item and that another person receives another specific item. For these clients, a "specific bequest approach" is more appropriate. An example of a specific bequest is "I give to my daughter, Emily Willms, my wedding ring." Obviously, this "specific bequest approach" to disposing of your tangible personal property becomes more complicated when there are a large number of items and more than one recipient. In that case, a personal property list might be appropriate. The tangible personal property list gives the client the option of listing specific items to be given to specific individuals, but doesn't require that every single item be listed. The big advantage to the property list is that it can be completed by the client without an attorney and can be changed by the client at any time without an attorney. A tangible personal property list can be used with either a will or trust. In either case, we advise our clients to follow these guidelines when using a personal property list: Once completed, the tangible personal property list should be placed with your other estate planning documents for safekeeping. The list should be completed in ink, signed, and dated. You should clearly identify each item so that it will not be confused with other similar items. Each designated recipient of tangible personal property should be clearly identified on the list, i.e., by name and relationship to you (son, daughter, friend, etc.). The list should not include items which have been given away prior to death (unless you continue to have possession of them). The list cannot be used to dispose of money, promissory notes, CDs, bank accounts, annuities, trust proceeds, securities, or other intangible items. "Intangible items" are things that only represent value, and have no value by themselves. The list cannot be used to dispose of real estate. If any changes are made to the list, the old list should be destroyed and a new list created. Changes should not be made by striking out an item or a name. This could affect the validity of the document since it might not be possible to determine who made the changes, which could lead to disputes among the beneficiaries. While a tangible personal property list can be an advantageous part of an estate plan, it must be used properly in order to be effective. If you have any questions about tangible personal property lists in general or about a list that is part of your own estate plan, feel free to call our office. © Willms S.C.