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Passing on Property

How to distribute personal property to your heirs

Real Property

LAND AND BUILDINGS

Real property includes your assets that fall into the categories of land and buildings. Now, real property is so valuable that we keep track of it at the county level. We need that line of ownership so that people can’t just show up at court and say, “Hey, that’s mine!” 

We can prove that we live here, we have a chain of title, and we cannot have our real property stolen out from under us. 

Along the same lines, we must prove ownership before we are able to sell items like land and buildings in order to ensure that the next owner is legally covered and owns the property.

Personal Property

EVERYTHING ELSE
In general, personal property does not include as high-dollar items as real property. We don’t need a chain of title in order to sell these items. All we need to do to pass Personal Property items is an assignment of personal property, or a bill of sale. This can be as simple as a one-page document that states, “all my personal items go to _______,” And these items can be assigned to your trust.

Accounts

A DIFFERENT BEAST

Accounts – think of these as bank accounts – still fall under personal property, but the difference with accounts lies in the fact that you can specifically designate who gets your accounts. You can directly designate the account to a beneficiary, the trust, or make the account owned by the trust. 

Passing Personal Property : Video

REAL PROPERTY VS PERSONAL PROPERTY


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