Pub. 15 2018 Issue 3

Issue 3 • 2018 15 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S Tupperware, dad’s pocket watch, the silverware, grandmother’s quilt, grandpa’s shotgun, or the antique dresser your great-aunt left you because you visited her in the nursing home when no one else did. You name it and it has been argued about, fought over and yes, taken to court to settle. Nobody, not even attorneys, want to see this happen. Therefore, this article is to serve as a reminder: contact a qualified estate-planning attorney to execute a will and possibly a trust. Whatever happens to your “stuff” after you pass depends on the establishment of a legal plan for administering your estate. Tangible Personal Property List In New Mexico, it is actually easy to name persons to take your personal effects when you pass away. When you execute a will and possibly a trust, your attorney may provide you with a single page document for you to fill out, which is referred to as “the tangible personal property list.” Here is a sample of what the document may look like. Here are the five easy steps you need to take: 1. Decide on which specific items of tangible personal property you wish to pass along. (You may include vehi - cles but NOT cash!) 2. Write down the description of the item on the corre - sponding line so that your personal representative (the person legally appointed to handle your final affairs) knows which specific item goes to the designated per - son on your tangible personal property list. 3. Sign the tangible personal property list. 4. Date the tangible personal property list (no need to notarize). 5. Store this document with your will, health care power of attorney, power of attorney, revocable living trust and any other estate planning documents. Consult with your attorney on what location may be best for storage. One Person’s Junk is Another Person’s Treasure Serving as trust officers in the role of personal represen - tative, we have witnessed our share of personal property controversies. One estate we settled required the liqui - dation of over 500 swords dating back as far as medieval times. We have handled antique cars and collectibles of all shapes, sizes and values. We have had to deal with Native American art containing eagle feathers. Sounds harmless... or is it? Be extremely cautious when dealing with eagle feathers, such as art with eagle feathers attached. Personal represen- tatives and trustees must be extremely careful not to violate any of several federal laws prohibiting possession, use, or sale of eagle feathers and parts. For example, unauthorized persons found with an eagle or its parts in their possession can be fined up to $250,000. Serving as personal representative is not for the faint of heart. Handling your “stuff” can be time consuming at best and rife with controversy at worst. Your tangible personal property may hold significant sentimental value for one of your children or grandchildren. Making sure you fill out and update your “stuff list” will make this person’s job much easier and much less likely that one of your beneficiaries (or someone you left out of your will) will take issue with the property distribution. You may even want to have a discussion with your family and friends about what specific item(s) you wish to pass on to them. Contact an Estate Planning Attorney We encourage you to contact a qualified estate-planning attorney to draft your plan and make sure your “stuff” is han - dled the way you want it handled. Please do not just “leave it up to the kids to figure out.” n RESOURCES Here are some suggested websites in New Mexico that may assist you in locating a qualified estate-planning attorney: 1. New Mexico Estate Planning Council www.nmepc.com 2. Santa Fe Estate Planning Council www.sfestateplanning.com 3. Southern New Mexico Estate Planning Council https://www.linkedin.com/company/southern-new-mexico-estate- planning-council