By Suzanne McVicker of Two Spruce Law Tangible personal property is all the stuff you can touch in a house, yard, shop, or other location. It also includes automobiles, boats, and pets. Generally, a personal representative should assume possession and control over all tangible personal property items of a probate estate. Note that a personal representative is accountable for estate assets in his or her possession. The personal representative must determine the value the tangible personal property. For automobiles, Kelly Blue Book (KBB.com) or another website is often used to determine the value. Appraisals by experts may be required for valuation of certain items with a value of $3,000 or more or collections with a value of $10,000 or more. Be aware that, while tangible personal property usually represents a fairly small portion of the value of an estate financially, it can result in the most conflict. Some items have personal history within families and people can become very attached to certain items causing conflict. It is common and acceptable for a personal representative to sell or donate unwanted personal property items to avoid storage and insurance costs. For vehicles and boats, the personal representative may permit the person who will inherit the item to take possession using a custodial receipt if they believe the estate won’t need the vehicle or boat to satisfy claims or expenses. The custodial receipt says that the person receiving the boat or vehicle agrees to insure the vehicle or boat, naming the estate as an additional insured, and return it to the estate if needed. Alternatively, the property could be sold to the heir or devisee in exchange for a promissory note. The promissory note can be distributed to the heir at the end of the probate, cancelling it. Or the vehicle or boat could be disabled while in possession of the heir or devisee, so they cannot use it to potentially cause liability to the estate. Please note that if the personal representative knows that an heir or devisee has a bad driving record, that person should not be given custody of the vehicle during the probate. Typically, pets valued at $2,500 or less can be given to a friend or relative or shelter immediately upon the decedent’s death. The person with custody of the pet is entitled to payment from the estate for the cost of caring for the pet. On request, the pet is to be delivered to the personal representative or any heir or devisee entitled to its possession. Firearms require special licensing and registration, and all sales of firearms should be conducted through a licensed gun dealer. Extra care should be exercised in dealing with firearms in an estate as it is easy to accidently commit a federal felony. Potential consequences include losing your right to bear arms, your right to vote, and even your freedom. Recipients of firearms may be required to undergo a criminal background check, with possible exceptions for persons related to the decedent. For certain weapons, the Bureau of Alcohol, Tobacco, Firearms and Explosives must be notified. Via https://twosprucelaw.com/videos/tangible-personal-property-in-probate
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