There are three types of property that can transfer through a will: real property (also called real estate), intangible personal property (like cash, bank accounts, retirement accounts, insurance policies, etc.), and tangible personal property. Tangible, meaning “perceptible by touch,” refers to all the stuff we own – jewelry, vehicles, clothing, furniture, art, dishes, electronics, musical instruments, and more.
Many people have specific wishes regarding how their tangible personal property will be distributed among beneficiaries. In Washington State, a list with as specific bequests (a bequest is what we call it when you say a particular person should inherit a particular thing from you) can be incorporated as part of the will. The list must be signed and dated by the testator, but doesn’t need to be witnessed or notarized like their will. There is also no requirement that the list be created temporaneously to the will – which allows for the testator to change the list as often as they wish. The itemized list should be kept with the original will, as it will only be relied upon if the executor has knowledge of its existence at the time that the will is being probated and can find it.
In some circumstances, it isn’t clear whether an item is tangible or not. For example – coin collections. Cash is not tangible, despite the fact that you can feel it. Because it is fungible, it cannot be distributed through a tangible property list. But a coin collection featuring rare or unusual coins could be considered tangible property. If you encounter property that could be interpreted as tangible or intangible, it is important to consult with an attorney in your estate planning so that it can be properly distributed.
It is also important to remember that specific gifts will be distributed before the residue will be divided. Thus, for example, if you say that your sister and your brother each get 50% of your estate, but your sister specifically gets your house, then your sister gets your house AND 50% of whatever is left after the house is taken out of the pot (your brother gets the other 50% of what is leftover).
Give me a call today. I can help you determine what is, and what is not, tangible personal property, and I can help ensure that all of your assets are distributed to your beneficiaries as you wish.
Jewelry is often transferred by a specific bequest