… What means more may not always have high financial value.
Very often a client's focus is on those items that are of relatively little monetary value, but of great sentimental worth. Â At times the discussion of this type of personal property eclipses discussing the transfer of financial assets.
Your assets consist of two broad categories, real property, and personal property. Personal property is divided into intangible property (financials) and tangible. I often find that tangibles, items representing family history, a favorite painting, wedding rings, grandmother's antique chest, the tea set, the grandfather clock mean more to my clients and occupy more of the conversation in planning as regards what passes to whom.
In general, tangibles are personal property that can be felt or touched, and are moveable, i.e., can be physically relocated. These as opposed to intangibles, those assets that cannot be directly felt or touched e.g., stocks, bonds, bank accounts etc. regardless that they may have a paper embodiment. Tangibles can include everything from furniture, collectibles, clothing, and other personal effects in a home; boats, movable machinery, manufactured homes, and vehicles; as well as living creatures such as livestock and our treasured animal companions, i.e., "pets".
The core value contained in those tangibles often are many true-to-heart connections that bear intense consideration for their care and their passage.
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Confluence Law Center
24461 E. Welches Road, Suite 4
P.O. Box 964
Welches, OR 97067