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How a Tangible Personal Property List in Your Will or Trust Can Save You Money on Attorney Fees


Attorney Thomas B. Burton explains how a Tangible Personal Property List referenced in your Will or Trust can save you money on attorneys fees down the road when you add or change something on the list.


Transcript of Video: How a Tangible Personal Property List in Your Will or Trust Can Save You Money on Attorney Fees

Today's topic what is a tangible

personal property memorandum this is a

little something I do in almost all my

estate plans to provide flexibility to

the client I'm helping and to help them

avoid the need to pay me for changes

down the road a few decades ago the

Wisconsin Legislature adopted language

allowing you to reference a tangible

personal property statement in your will

that includes only tangible personal

property and what we mean by that is it

would be items of furniture or pictures

or jewelry that do not have a separate

title like real estate or a car so let's

say for example you have the china

that you'd like to leave to your

daughter you can fill this form out date

and initial it and leave it as a

direction to your personal

representative under your will or your

trustee under your trust of who you would

like to receive that item and it's

legally valid according to the statutes

where this benefits you is I try to

include these in all of my will or trust

plans so that my client as they go

through life and think of one specific

item they'd like to leave to a specific

person can fill out this form and not

have to call me to change their will or

trust because calling me again can

involve money and time on their part and

in addition it can require them to

execute the will again with two

witnesses or the notary for the trust so

this tangible personal property

statement is a great way to add

flexibility to your estate plan and not

worry about what if I change my mind in

a few years about who should receive

that antique or special item or piece of

silver or a dishware and it beats the

method that some of my clients do where

you put the sticky notes on the back of

the picture or antique which is a good

method unless the sticky note falls off

so talk to your lawyer about using this tangible

personal property statement it's valid

under Wisconsin law for

a will and a trust and it can

greatly ease your mind concerning who

gets what and it makes your personal

representative's job easier because they

then have this list to follow when

you're gone thank you for watching.

© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

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