Tangibles: What your Executor Should Know
The word 'tangibles' most often brings to mind items like jewelry and paintings handed down. While these are relatively straightforward to transfer to the intended recipient, there are those that require special handling according to the law to transport and transfer. Not doing so could mean fines or penalties for your executor. These include firearms, alcohol, artifacts from endangered species, animal companions (aka "pets"), livestock, aircraft, and boats.
Due to strict controls at the federal, state, and local levels on possessing, transporting and transferring firearms your executor should consult the local firearms dealer for assistance in locating and taking possession of firearms in the estate. The transfer of alcohol is governed by state law. Collections of liquor or a prized wine could require a license. Federal law and international treaties restrict trade in items derived from endangered species. The inheritance of some such items, like ivory are permitted, but selling is a different matter. Very complex. Keep documents of ownership and origins with your file of important papers for your executor. Your treasured animal companions ("pets") require your providing for their care including financial support e.g. directly to the caregiver or in a pet trust. Livestock which includes horses by legal definition, require including provisions that can take immediate effect upon your passing for the proper care and management of these tangibles by knowledgeable persons with the necessary expertise and experience. Airplanes and boats, transfer and ownership of these come under the regulations of various federal and/or state agencies. Planning for these may include considering liability protection as well.
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