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Home / Capital Gains / What Happens to Tangible Personal Property When Settling an Estate

What Happens to Tangible Personal Property When Settling an Estate

August 29, 2014 by Sinclair Prosser Gasior

Colleen Sinclair Prosser, Attorney Part of the process when settling an estate after someone has died is to consider their tangible personal property, i.e. furniture, jewelry, china, crystal, artwork, electronics, and vehicles.  The first duty of the representative of the estate is to obtain an appraisal of these items.  The appraisal is needed to determine the value of the property before distribution and taxes can be considered and/or for capital gains purposes if the item of personal property increases or decreases in value, and then later is sold.  Once the property is assessed by the appraiser, a written report listing the value of the items will be prepared.

The next step is to carefully review the estate planning document, whether a Will or a Trust, for specific instructions of distribution of the tangible personal property.   Does it get sold? Is it to go to a particular person or a group of people?  There may be items that need special attention.  These special instructions will need to be brought to the appraiser’s attention.

If there were no specific instructions as to the handling of the tangible personal property, and there is no one to claim it, then the property will need to be sold.  An estate sale may be the easiest and most convenient way to dispose of these items.

Some appraisers specialize in valuing certain types of personal property, such as animals, airplanes and firearms.  A very sensitive area of the law  is the valuing and transfer of guns in an estate, because there are many different state laws regarding the transfer and ownership of firearms. To ensure confidentiality, the representative of the estate will want to meet with an experienced attorney regarding the appraisal and transfer of guns.

As you can see, significant time and expertise goes into the valuation, distribution and preservation of tangible personal property in an estate.  You will want to work with an experienced team of professionals to guide you through this important process.

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Sinclair Prosser Gasior
Sinclair Prosser Gasior
Our firm is dedicated to providing you with quality estate planning resources, so you can become familiar with all of the existing options. When you visit or call our office, we want you to feel comfortable discussing such an important issue concerning both you and your family. We want to arm you with the information you need to make an informed decision about your family’s future.
Sinclair Prosser Gasior
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Filed Under: Capital Gains, Estate Administration, Estate Planning, Trusts, Wills Tagged With: Appraisal, estate administration, estate planning, Estate Planning Attorney, Estate Sale, Executor, Inheritance Planning, Tangible Personal Property, Transfer of Firearms, trusts, Valuation, Value, Will

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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 .

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