When it comes to estate planning, the most important step is to find an elder law attorney. It helps to have an impartial mind at work to make sure your assets are taken care of properly. A Massachusetts elder lawyer can help with wills, set up trusts and making sure that documents concerning transfer of property are done correctly. Most importantly, you’ll be able to ask questions throughout the process. One topic of discussion with your estate planning lawyer will be the difference between personal property and real property. Both are defined by Federal Law.
Real property is your land and any structures you have built on that land. This can include your home, commercial and/or agricultural buildings. As an example, if you own a farm, your real property includes the acreage of that farm and all buildings on that farm.
Personal property includes all other property, such as cars, boats, clothing and furniture as well as stocks, bonds, bank accounts and other personal items. Going back to the farm analogy, your barn would be your real property, but your tractors and other farm equipment would be considered personal property. Changing this to a city scenario, your house is real property, but all the furniture, appliances (except built-in) and your car are personal property.
It is important to understand this concept when planning your estate. When land is transferred, whether by sale or inheritance, by law all real property is included in that transfer. Unless there is a specific agreement, personal property is not included. Your estate planning lawyer will make sure that the details of your estate outline any such special agreements.
Planning an estate can be a complicated issue. Some of the forms, particularly to do with the transfer of property, are complex and there is no room for error. Protect your family’s future, and preserve your peace of mind by getting an elder lawyer to help with that planning. Contact the Law Offices of Adam Tobin.