This week’s Word to the Wise for estate planning is:

Physical Assets: Things you own that can be physically touched, such as books, property, vehicles, and clothing. Physical assets do not include real estate.

Why do “physical assets” matter in estate planning?

 

All physical assets are part of your estate. After you die, your personal representative will take a full inventory of your physical assets.

 

If you want to give specific items to specific people or causes, you provide your personal representative with explicit instructions through your estate documents.

 

Anything remaining gets sold. The sales proceeds cover your estate’s debts and expenses. The rest goes into the “heart of the estate” and distributed by your personal representative to the heirs and causes you choose in your estate documents.

 

LegacyWise helps you identify your physical assets and how you want them handled after you die.

 

Get started now, get your documents “Done in a Day”™—and at a fraction of the cost of traditional legal services.

Easy Estate Planning – LegacyWise