Personal Property Disposition Checklist
Copyright, 2015. FIT, Inc., All Rights Reserved.
Commentary: Personal property dispositions tend to be the greatest source of conflict when family members pass away. This checklist is intended to minimize those conflicts and other problems.
_____ Prepare a detailed document that confirms which assets are yours and which are your spouse's assets
_____ Prepare a detailed form that specifically disposes of your personal property
· If the designated recipient predeceases you, have you designated an alternative recipient?
· If you are passing assets to your spouse, have you considered the ultimate passage of those assets if the spouse dies proximate to your passing or remarries after your passing?
_____ Have you made special designations of any of the following unique assets?
· Firearms to persons legally entitled to possess them
· Digital Assets to appropriate family members (e.g., your Facebook account)
· Reproductive assets that are held in storage
· "Publicity Rights" (e.g., the right to use your image, persona, likeness, etc.)
· Frequent Flyer and other Travel Perks
· Wine or liquor collections
_____ Have you made appropriate provisions on how any of your collections should be disposed of:
· Proper directions for storage and maintenance?
· Insurance information?
· Notes relevant to sale (i.e. other top collector if limited market)?
_____ Have you provided information to your proposed Personal Representative:
· To change the locks on your house as soon as possible after you pass away?
· On the insurance coverage of your valuable personal property?
· Copies of any agreement on loans to or from you of personal property (e.g., to museums or family members)?
· How you want your personal property that is not specifically passed to heirs to be disposed of?
· Whether there is a potential for conflict (e.g., sibling rivalry or in law issues)and how to minimize it?
_____ Have you directed in your Dispositive Documents:
· How any state and/or federal death taxes attributable to your personal property are to be paid?
· Who covers the costs of shipment, insurance, taxes, etc. on personal property you bequeath?
· That valuable personal property is appraised (at the cost of the estate) to establish its new tax basis?
· How the personal property disposition affects any formula gift?
· Whether the disposition includes any insurance proceeds from the loss or damage of such property?
_____ If you have a safe deposit box or home safe, have you:
· Designated another person who can open the safe/box when you are deceased? Have you given them all the information they need to open the safe/box (e.g., keys and codes)?
· Provided a statement about whether the assets of the safe/box belong to you or the other person having signature authority over the safe/box?
· Restricted access by unauthorized individuals (e.g., disinherited heir with access to home safe that contains Original Will).
_____ If you have used a Revocable "Living" Trust in your planning, have you created a detailed Bill of Sale that passes your personal property to the trust?
Recommendations: go to www.scrogginlaw.com and
(1) Read the article on Personal Property dispositions
(2) Use the Personal Property Disposition forms found on the Website (State Law Permitting).