It may be advisable to change the form of ownership to achieve your estate planning goals. To help your attorney develop your estate plan, make a list of your property. Provide copies of titles and deeds to help your attorney determine the form of ownership. Knowing how you own your property is necessary to develop an appropriate estate plan for you and your family. The checklist provided under Information Needed will help you compile the necessary information.
Real property consists of land and certain kinds of interests in land.
Real property includes structures erected on the land, such as a house, fence, or garage. Personal property is everything that is not real property, such as cash, household items, goods, cars, jewelry, bank accounts, stocks and bonds. Personal property is divided further into tangible personal property and intangible personal property. Tangible personal property is property that you can feel or touch, such as a chair or a watch. Intangible personal property is property that has no inherent value in and of itself, but represents something of value such a contract, certificates of stock, bonds, and promissory notes.