Tangible Personal Property In A Florida Irrevocable Trust

Your irrevocable trust can include several types of property. Just as you might assume, one of these property types is “tangible personal property.”

By going over the value of putting tangible personal property in a Florida irrevocable trust, and speaking with a Florida estate planning lawyer at Millhorn Elder Law Planning Group you can protect the assets you hold dear.

What Is Tangible Personal Property And Why Does It Matter? 

The term “tangible personal property” refers to physical assets that you can move, touch, measure, and see, that are not affixed to a particular piece of real estate.

Just as an example, your favorite articles of clothing would, in most instances, be considered tangible personal property. This is also true of your computer, favorite chair, and tools; among many other things.

Your tangible personal property matters because many of the items that comprise your tangible personal property are quite valuable. Your beneficiaries could make use of them, if you put this property in your trust.

For example, if you have a computer that runs well, and is great for video games, you could leave this computer to your grandson. They can use that computer when you are gone; it is a useful item and something to remember you.

What Is An Irrevocable Trust? 

A trust is a legal tool that gives someone else your assets and, in doing so, allows those assets to go to your beneficiaries without passing  through probate.

Outside of that major benefit, an irrevocable trust protects your assets from creditors. If you owe money to certain people/entities, you can protect your assets from being taken after your death.

You can use an irrevocable trust to protect your assets and, in doing so, ensure that your tangible personal property goes to the people it is meant for.

What Happens To Tangible Personal Property That Is Placed In A Florida Irrevocable Trust? 

If you place property in a Florida irrevocable trust, this property will go to your chosen beneficiaries. And, on top of that, this property will go to those beneficiaries without, in most cases, passing through probate.

A good example of the above is as follows: if you place your computer in an irrevocable trust, and this computer is meant for your grandson, this computer will go straight to your grandson right after you pass away.

On the other hand, if you do not have a trust, your property will go through probate. Probate is a long, expensive process that can make it very difficult for your beneficiaries to receive the assets you would like to give them.

Returning to our example, if this computer goes through probate, it could take one year for your grandson to receive it. And, there is a small chance they may not receive it: to pay for the costs of probate, your assets can be liquidated.

To ensure that your beneficiaries receive all of the assets you wish to give them in a timely manner, a good trust is one of the best investments you can make.

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop a trust that satisfies your estate planning wishes, you may want to work with someone who can help. Speak with a Florida estate planning lawyer today so that we can help you set up the trust you need. 

Sources: 

law.cornell.edu/wex/irrevocable_trust

law.cornell.edu/wex/trust