Assignment of Personal Property
Do you need an Assignment of Personal Property?
All real property, financial accounts, and personal property should, generally, be included in your trust. However, personal property is often overlooked and treated as an afterthought. Think of your personal property as the possessions inside of your home – belongings that get packed and put in the moving truck when you move to a new home: jewelry, art, furniture, appliances, electronics, tools, sporting equipment, coins, collectibles – you get the idea. If these items are not properly owned by your revocable living trust, your loved ones would not be able to inherit them without going through the probate process. The assignment of personal property assigns your belongings to your trust to ensure these items do not have to go through the probate process. The assignment of personal property is a very important document that we often find is missing from lower-quality estate plans, especially those prepared online or by certified legal document preparers. At Woods Law Group, our attorneys are experienced and knowledgeable and will guide you through the correct way to set up your trust and protect your valuables so that nothing is overlooked.