At WE Trust, we are often appointed as Personal Representatives in wills. In this role, we carefully review estate planning documents and responsibly carry out the decedent’s final wishes. However, being a Personal Representative is no small task and can be very challenging!
Our deceased clients work hard throughout their lives to build a financial legacy to pass on to their heirs. At some point, they meet with an estate planning attorney to create a will or trust, providing clear instructions for distributing their financial assets. However, unless specifically addressed in the will or trust, these documents typically offer little guidance on how to handle Tangible Personal Property (TPP).
What is TPP and Why Does it Matter?
TPP refers to the physical items in one’s life – furniture, clothing, cars, jewelry, artwork, household goods, photos, and anything else that can be picked up and moved. These items often carry significant emotional value for survivors. Whether or not an item has monetary value, it can serve as a tangible reminder of a loved one. When multiple people want a single item, it can create emotional and logistical challenges.
If a will or trust addresses TPP at all, it often includes language like this: “If a handwritten or signed writing exists at the time of my death, specifying the distribution of specific items, those items shall be distributed according to that writing. If no such writing exists or if items are not covered, they shall be kept, distributed, donated or disposed of at the sole discretion of my Personal Representative.”
This language often leads estate planning attorneys to consider the plan complete and suggest that clients create a “signed writing” for TPP. Many attorneys even provide a TPP template for clients to list their belongings and designate recipients. Unfortunately, very few clients take the time to complete or even start the TPP list. As Personal Representatives, we typically find ourselves without a signed list, leaving us to decide what to do with some of the most meaningful items in the estate.
My Recommendation: Focus on Your Top Five
When I have the opportunity to speak with clients about their estate plan, I advise them not to get overwhelmed by trying to perfect a comprehensive TPP list. Instead, focus on your top five most meaningful items.
Consider the Following:
- Which five items in your home are most significant to you?
- Which five have the most value, either monetary or sentimental?
- Which five are most likely to cause conflict among your heirs when you’re gone?
Once you’ve identified your top five, do one of two things:
- Create a List: Write down those five items, noting the people you want to receive them. Sign and date the list and store it with your will so your Personal Representative can easily find it. After that, continue to enjoy these items while you’re alive—don’t feel the need to list every single item in your home. That can make the task unnecessarily complicated and often prevents you from getting started.
- Give Them Now: If it brings you joy, consider giving those five items away while you’re still alive. Giving them to the next generation now can avoid future conflicts and eliminate any ambiguity about your intentions. Plus, if you’ve named a professional Personal Representative, it can reduce the cost and complexity of settling your estate.
Focusing on just your top five, makes this task more manageable. If you have the energy to continue, keep going—but remember to sign and date each page you complete so there’s no question about your intentions.
The Importance of Planning for Tangible Personal Property
TPP can be difficult to deal with, as we spend our lives collecting items that hold meaning to us. Having a clear plan for distributing these items when you’re gone helps everyone involved. By focusing on just your top five, you can reduce the emotional burden on your loved ones and make your estate planning process more straightforward.