Not only is it important to make sure that all of your real property and financial accounts are in your trust, but you also need to make sure that your personal property is in your trust too. Think of your personal property as the possessions inside of your home – the stuff that gets put in the moving truck when you move houses. It’s things like jewelry, art, furniture, appliances, electronics, tools, sporting equipment, coins, collectables – you get the idea. If these items are not properly owned by your revocable living trust, it is possible that your loved ones would have to go through the probate process in order to receive these items. The assignment of personal property assigns your belongings to your trust to ensure these items do not have to go through the probate process. This is a very important document that we see missing from estate plans all of the time, especially plans prepared online or by Certified Legal Document Prepares. Just one more reason it is so important to use and experienced estate planning attorney, like Woods Law Group.
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