There are many reasons that people might put off creating a will, trust or some other type of estate plans. If you are like a lot of Florida residents, you may not think you have enough assets to warrant this type of effort. You may also not be emotionally ready to confront your own mortality. You may also be a bit intimidated by the legal jargon that is often used in conjunction with these things. All of these are understandable but should not stand in the way of you taking care of your estate and your heirs.
When it comes to the terms used in estate planning, you can learn these with a little help. Take some of the commonly used terms that describe different types of assets for example - real property, tangible personal property and intangible personal property. Broken down, they are relatively straightforward in the end. The American Bary Association explains that you can think of real property like real estate. This could include your house, the lot on which it sits as well as any other physical land or buildings you own.
Tangible personal property includes items you can touch that are personally owned by you. Examples of these include your furniture, household items, clothing, vehicle and jewelry. Intangible items are owned by you but are not able to be touched, such as stocks, insurance policies or other investments.
If you would like to learn more about the legal terms used in estate planning, including those that identify different types of assets, please feel free to visit the asset allocation page of our Florida estate planning website.