Division of Tangible Personal PropertyDivision of Tangible Personal Property

Almost every estate is comprised of tangible personal property (TPP) that will be subject to division and distribution. Some TPP may be distributed by list disposition. Some may be donated under a charitable bequest. Other items may be divided pursuant to a general bequest among a class of beneficiaries. Still others may be sold with proceeds distributed as part of the residue. Regardless of the devise, the value, methodology, mechanism and power to resolve disputes as well as the potential tax consequences attendant to the TPP merit consideration. Even the location of the bequest and whether it’s considered a specific bequest or a general bequest can have significant implications as to whether the bequest will ultimately be satisfied, e...