• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sinclair Prosser Gasior

Annapolis Estate Planning Attorneys

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Call Now: (410) 573-4818

Attend a Free Workshop Trustee School

  • Home
  • About Our Firm
    • About Our Firm
    • Founding Attorneys
    • Meet Our Team
  • Services
    • Annapolis, MD Asset Protection and Business Planning
    • Estate and Gift Tax Figures
    • Annapolis, MD Elder Law & Medicaid Services
    • Annapolis, MD Trust Administration & Probate
    • Family-Owned Businesses & Farms
    • Annapolis, MD Incapacity Planning
    • Annapolis, MD LGBTQ Estate Planning
    • Annapolis, MD Pet Planning
    • SECURE Act
    • Annapolis, MD Special Needs Planning
    • Estate Planning for Young Families
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Definitions
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Power of Attorney
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Trust Administration
      • Estate Planning for Niches
    • Top 10 Estate Planning Techniques
    • Newsletters
  • COMMUNITIES WE SERVE
    • Anne Arundel County
      • Annapolis
      • Crownsville
      • Davidsonville
      • Highland Beach
      • Millersville
    • Baltimore County
    • Calvert County
      • Dunkirk
      • Huntingtown
      • Owings
    • Charles County
      • Charlotte Hall
      • Waldorf
    • Howard County
    • Prince George County
      • Bowie
      • Fort Washington
      • Glenn Dale
    • Queen Anne’s County
      • Grasonville
      • Queenstown
      • Stevensville
    • St. Mary’s County
      • Charlotte Hall
      • Leonardtown
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
  • Make A Payment
  • Client Portal
Home / General / Estate Planning for Your Tangible Property

Estate Planning for Your Tangible Property

January 11, 2023 by Laura Curry, Estate Planning Attorney

“Estate Planning for Tangible Property” by Attorney Laura Curry (Audio)

One of the many reasons a person creates an estate plan is to specify what should happen with their property when they pass away. This includes their personal property, also known as “tangible property”.

Tangible property is generally defined as personal items that can be touched, such as household furnishings, books, tools, artwork, collectibles, china, and jewelry. It may even surprise you that your pets and livestock are considered personal property. The value of tangible personal property may range from very nominal value to significant. And of course, personal property might hold the most value sentimentally to you and your loved ones.

If you have created a Revocable Living Trust, ownership of your personal property should be transferred into the Revocable Living Trust by a general assignment of property. This allows your personal property to be distributed without the probate process. You can use a separate writing to list the items and the beneficiary who should receive the item or you can list the item in your trust. We recommend listing it in your trust if you believe several people are going to contest or want the property to avoid any issue with the separate written instrument. However, most people do not have this concern and can maintain the separate writing on their own and update as they chose throughout the years. Another option is gifting the item during your lifetime. You can gift any asset with a value of less than $17,000 in 2023 without the requirement to report the gift to the Internal Revenue Service through a gift tax return. Gifting during your lifetime can be a great strategy, as you know the intended person will receive that asset and you also have the added benefit of seeing the recipient use and enjoy the gift.

There are a few types of personal property that require special planning. These type of items can be more complicated to transfer to your beneficiary so it is important to take careful consideration and speak with an estate planning attorney.

  1. Firearms. Some types of firearms require advanced planning if you own a weapon that is governed under the Federal National Firearms Act. These weapons usually include machine guns, sawed off gun, silencers and pen guns. However, many types of firearms do not require this additional planning so it is treated as personal property. You want to make sure the distribution of a firearm to a beneficiary is someone who can establish his or her right to receive and carry a weapon.
  2. Pets. Your pets are considered personal property even though many of us view them as extended family members. Many states have enacted laws permitting pet trusts which allow for money to be set aside and held in trust for distribution to the trustee or caregiver who is taking care of the pet(s) after your death. You may choose to compensate your trustee and/or custodian of the pet and it is important to think about what distributions from the trust should be made for end-of-life planning for your pets.
  3. Coin Collections and other Collectibles. Collectibles and valuable coins are considered personal property. If your collection is truly valuable, you will want to consider transferring it to a trust to avoid the probate process and also consider having it appraised so your collection will be inventoried resulting in a clear sense of the value.

Contact us at Sinclair Prosser Gasior to discuss your estate planning needs today.

  • Author
  • Recent Posts
Laura Curry, Estate Planning Attorney
Laura Curry, Estate Planning Attorney
Attorney at Sinclair Prosser Gasior
Laura Curry first became interested in estates and trusts when practicing as a family law attorney at the start of her career. She learned that each family had their own dynamics which shapes their goals and desired outcome. It was quickly apparent to her that planning and re-evaluating plans when necessary is critical to families as life changes course.

Laura’s unique professional background as a family law attorney and working at a creditors’ rights law firm provides her with the skills to bring comprehensive services to our clients. Laura was first attracted to Sinclair Prosser Gasior because of their approach to work with clients throughout years and life stages. Sinclair Prosser Gasior strives to make our clients confident about their choices to provide peace of mind and lasting security.
Laura Curry, Estate Planning Attorney
Latest posts by Laura Curry, Estate Planning Attorney (see all)
  • Estate Planning for Your Tangible Property - January 11, 2023
  • What Can Be Purchased with a Special Needs Trust? - December 8, 2022
  • Estate Planning for Blended Families - October 20, 2022

Filed Under: General, Tangible Personal Property

Other Articles You May Find Useful

What Happens with my Car at my Death?
What Do Executors Need to Know?
What is a Letter of Instruction?
Patagonia Founder Gives Away His Company
Estate Planning for Blended Families
Power of Attorney
Power of Attorney Basics

Primary Sidebar

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Testimonials

5 Stars
Client Review
September 3, 2020
    

We initiated estate planning following a presentation by Sinclair Prosser Attorney Jon Gasior. We were so impressed, we contracted with them to complete our estate planning. Subsequently, we assembled information on our assets and Sinclair Prosser Gasior did the rest. Correspondence was communicated to our financial institutions and the estate was established. We were very pleased with the courteous manner of the Sinclair Prosser Gasior staff. However, it was their professionalism that made us satisfied we chose this firm to handle our estate. We have nothing but praise for Sinclair Prosser Gasior .

default image
– Walter K.

Blog Subscription

Sign up for our blog to receive all of our latest estate planning news and updates!
  • This field is for validation purposes and should be left unchanged.

ANNAPOLIS

900 Bestgate Road
Suite 103, Annapolis, Maryland 21401
Phone: (410) 573-4818
Fax: (410) 573-2802

BOWIE

4201 Mitchellville Road
Suite 403, Bowie, MD 20716
Phone: (301) 970-8080
Fax: (410) 573-2802

MILLERSVILLE

1520 Jabez Run Rd
Suite 300, Millersville, Maryland 21108
Phone: (410) 573-4818
Fax: (410) 573-2802

WALDORF

Hamilton Centre II
3261 Old Washington Road, Suite 2020 Waldorf, MD 20602
Phone: 800-366-4615

Map

map for office

Footer

footer logo
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

The information on this Maryland Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

© 2023 American Academy of Estate Planning Attorneys| Privacy Policy | Contact Us | Disclaimer | Site Map