Should Tangible Personal Property Go into a Revocable Trust?

Many different kinds of assets can be appropriately placed inside a revocable trust in order to provide control, flexibility and privacy for how those assets are transferred to beneficiaries.

Tangible personal property such as clothing, jewelry, personal papers, computers, books and household goods can be included in trusts, but might be more appropriate as part of a pour over will. In a pour over will, your executor will transfer personal property such as a vehicle into your trust at the time of your death.

This means that transferring into a revocable trust might still require probate, but it greatly simplifies the probate process if there are just a few assets moving into your trust. In some states, bear in mind that a motor vehicle in an individual’s name cannot be transferred without going through probate.

Make sure that you carefully consider some of the unique prospects involved in your personal estate planning strategy. The support of an estate planning attorney is instrumental in helping to recognize some of the core issues in transferring your own estate and in recommending the best kinds of strategies aligned with your personal needs. You may use some combination of a will, a living trust and other estate planning tools to accomplish your goals and to protect your primary interests.

When you meet directly with a Virginia Beach, Virginia estate planning attorney, you can determine which strategies and documents align best with your personal estate planning goals. This makes it much easier to determine your next steps.

 

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