What Is Intangible Personal Property And Does It Play A Role In Your Estate Plan?
Your estate plan can encompass two types of personal property: tangible and intangible.
Going over those two types of personal property, and speaking with a lawyer, will allow you to develop an estate plan that satisfies your needs.
What Is Personal Property?
Personal property is, in essence, any movable thing, or intangible item, that is valuable. And, furthermore, capable of being owned by someone.
Your estate plan can, generally speaking, encompass two types of personal property: tangible personal property and, of course, intangible personal property.
Some examples of tangible personal property are as follows:
- A car.
- A couch.
- A computer.
- A bracelet.
- A toaster.
And, with the above in mind, some examples of intangible personal property are as follows:
- Stocks/Bonds
- A retirement account.
- A business.
- A patent.
- Digital assets.
Every single one of the properties outlined above is either a tangible personal property. Or, an intangible personal property.
Does Intangible Personal Property Play A Role In Your Estate Plan?
The answer to the question outlined above is “Yes, intangible personal property plays a role in your estate plan.”
You can outline intangible personal property within your estate plan. And, in doing so, you can choose who to give it to, so that your intangible personal property has a home/owner, in the event of your passing.
Unlike tangible personal property, though, intangible personal property must be set up, in your estate plan, in a manner that is slightly more complicated and elaborate.
How Can You Include Intangible Personal Property In Your Estate Plan?
You can include intangible personal property, in your estate plan, by utilizing a wide variety of methods.
Out of all the methods that allow you to include intangible personal property in your estate plan, some of the most notable, and useful, are as follows:
- Develop provisions, within your estate plan, that allow your intellectual property to pass on to your chosen beneficiaries.
- Set up proper investment/retirement account management, ensuring that these accounts continue to grow in value, while also being given to your chosen beneficiaries.
- Outline your digital assets and organize them – include the passwords and other, related, items – so that your beneficiaries can access them when you pass on.
- Develop a proper business succession plan, so that the right person can obtain ownership of your business and, then, manage it, without too many notable difficulties.
Every single one of the above serves as an effective method you can employ to manage your intangible personal property, so that it can, and will be, given to the right people in the event of your passing.
Outside of the above, these methods will also allow you to ensure that your intangible personal property is managed in a manner that aligns with your exact wishes, regarding all of your intangible personal property.
Speak With A Florida Estate Planning Lawyer Today
A good estate plan encompasses your intangible personal property. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you develop an estate plan that includes your intangible personal property.
Source:
law.cornell.edu/wex/estate_planning
law.cornell.edu/wex/personal_property
