Have you planned your estate already? If so, you should be proud, as there are many individuals out there who have not taken this important step. However, there are some things you may not have considered or included in your plan. This includes your personal property! Many are unsure how to include these assets in their estate plan, which can create issues for their inheritors. Luckily, the following blog explores what you should know about these matters and how Tampa estate planning lawyers can assist you to ensure that your wishes are met upon your passing.

What Constitutes Personal Property?

For many, creating an estate plan is critical to ensure that your property is distributed according to your wishes. However, most only assume that this includes considerable assets like life insurance policies, bank accounts, and real estate should be included. Unfortunately, many are unsure what their personal property consists of. However, understanding these matters is critical to ensure you accurately and thoroughly plan your estate.

Personal property includes, but is not limited to, the following assets:

  • Computers and electronics
  • Heirlooms
  • Furniture
  • Collections
  • Jewelry
  • Clothing
  • Vehicles

Typically you’ll find that personal property consists of any items you use on a daily basis and sentimental property that may not have high monetary value. It’s also important to understand that, though you may consider them family, your pets are also personal property in the eyes of the law.

How Do I Distribute Assets in My Estate Plan?

Including personal property in your estate plan can be complicated as many people are unsure how to include these assets because these assets often change frequently. If you fail to mention your personal property in your estate plan, it will likely be considered intestate property and will be distributed by the state according to the Florida intestate laws of succession. As such, these assets will not be distributed according to your wishes.

However, many are worried about including these assets in their will because the assets can change frequently. Luckily, Florida is one of a few states that allows you to include a personal property memorandum as a supplemental document in your will. This is essentially a list of your personal property that you can modify as your belongings change. As such, this is an easy way to ensure your will is up to date and that your wishes are honored.

If you’re ready to include your personal assets in your estate plan, the Tampa Law Group is ready to assist you. We understand that navigating these matters can be complicated, which is why we will ensure you understand your legal options so you can feel confident in the future. Connect with us today to discuss your estate planning goals to learn how we can help you.