Share

Hooper Law Office,LLC Estate Planning Blog

Monday, April 7, 2014

How Do My Siblings and I Divide Personal Property?

Personal property is a person's "stuff" - the couch, rings, tools, etc... It does not include cash accounts, cars, or land.  You must first read the will or trust to see if your parents left any instructions regarding how their personal property should be divided.  Often a personal property memo is authorized by the estate plan, which provides that specific items be given to certain people.  These are called "specific distributions."  Any items that are not specifically distributed will pass to the beneficiaries of the estate in shares determined by the estate plan.  If there is no plan, distribution pattern will be determined by state law.  Dividing the personal property does not mean you have to cut the couch in three pieces and give one to each heir.  Rather, it requires the trustee or personal representative make sure the personal property is divided so that each person receives an amount of property in proportion to their share.  The children will often decide among themselves what is fair and the trustee or personal representative has the authority to settle disputes.  If certain property is unwanted it is often sold and the proceeds are divided between the beneficiaries.


Archived Posts

2016
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
2013
October
August
July
June
May
April
March
February
January


Serving Outagamie County, Brown County, Winnebago County, Fond du Lac County, Manitowoc County, Calumet County, Waupaca County, Kewaunee County, Brown County, and Oconto County. Cities served include: Appleton, Green Bay, Clintonville, Oshkosh, Greenville, Hortonville, Fond du Lac, Shiocton, New London, Freedom, Sherwood, Seymour, De Pere, Kaukauna, Kimberly, Shawano, Pulaski, Oconto, Fremont, Stevens Point, Wautoma, Winneconne, Omro, Berlin, Ripon, Green Lake, Waupun, Beaver Dam, Lomira, Mayville, West Bend, Oostburg, Sheboygan, Plymouth, Manitowoc, Two Rivers, Kewaunee, Algoma, and Sturgeon Bay.



© 2017 Hooper Law Office, LLC | Disclaimer
926 Willard Drive, Green Bay, WI 54301
| Phone: 1-800-794-5548
2 Systems Drive, Appleton, WI 54914
| Phone: 920-993-0990
3475 Omro Road, 100, Oshkosh, WI 54904
| Phone: 800-794-5548

Estate Planning | Advanced Estate Planning | Asset Protection | Special Needs Planning | Probate / Estate Administration | Charitable Planning | Nursing Home Asset Protection Planning | Veteran Pension Planning | Business Exit Planning | Pet Trust Planning | Newsletters | Articles & Publications | LegalVault | About Our Firm

Attorney Website Design by
Amicus Creative