What Does This Language Mean?

[FavoriteNiece]

What is the name of your state (only U.S. law)? PA

Well, I am flabbergasted. This weekend my Great Aunt told me I was her favorite niece and has been included in her will on a co-equal basis with her children. I am not looking forward to this situation (her children will not be pleased) although I am gratified to learn of her affection for me. She gave me a copy of her will but I do not understand what it means and I certainly am not going to ask her about it. I thought maybe someone here could tell me. There is an Article entitled "Disposition of Tangible Personal Property". It says "I give all of my tangible personal property of every kind and description, including but not limited to books, pictures, clothing, articles of household or personal use or adornment, household furnishings and effects, and automotive vehicles and their accessories, but excluding any money, evidences of indebtedness, documents of title, and securities and property used in connection with the operation of any trade or business, to......" My Great Aunt has a substantial investment portfolio which includes stocks, CD's, etc in a brokerage account. I have no idea whom the beneficiaries of her brokerage account are.

Here is my question: If her brokerage account beneficiary is her Last Will, would it be included in the Tangible Personal Property described above or would it be part of her Residuary Estate? Thanks.

 

[anteater]

1) "If her brokerage account beneficiary is her Last Will..." is an awkward way to phrase that. If an account (brokerage, bank, etc.) does not have a designated beneficiary, what is often called a Transfer on Death or Pay on Death designation, and is not part of a trust, then that asset is part of the probate estate and its disposition is subject to the terms of the will or, if there is no will, the intestate succession statutes of the state in which the decedent was domiciled.

2) Personal property generally refers to property that can be moved, as distinguished from real property (land or structures permanently affixed to land). Tangible personal property is personal property that can be moved and can be touched or felt. Intangible personal property is personal property that can't actually be moved or touched or felt. Therefore, assets such as brokerage accounts, bank accounts, Certificates of Deposit, etc. are intangible personal property and would not be disposed of by the provision of the will that you cite.

 

[ecmst12]

Especially since the clause specifically excludes money and accounts. So hopefully her children won't be too upset and you will be able to divide her personal effects without too much strife.

 

[FavoriteNiece]

Especially since the clause specifically excludes money and accounts. So hopefully her children won't be too upset and you will be able to divide her personal effects without too much strife.

All I would like to have is a picture of us from last year at her beach house. I am well off and do not need or want any of her money. I just want to avoid bad feelings. Based on advice I have received here, as long as her money accounts have a POD provision (I assume if I had been included here she would have mentioned it) and don't get handled by her will I am ok. I didn't mention it in my original post, but I am also a co-equal beneficiary of her Residuary estate which does include all real and personal property not specifically addressed in the Tangible article. Believe me, I do not want to be sitting in a lawyer's office with her children and find out I got a co-equal share of her monetary assets.

 

[anteater]

ply intends

Making TOD or POD beneficiary designations on financial assets is not mandatory. She may have not made any beneficiary designations and simply intends that those assets be distributed according to the provisions of her will.

 

[latigo]

All I would like to have is a picture of us from last year at her beach house. I am well off and do not need or want any of her money. I just want to avoid bad feelings. Based on advice I have received here, as long as her money accounts have a POD provision (I assume if I had been included here she would have mentioned it) and don't get handled by her will I am ok. I didn't mention it in my original post, but I am also a co-equal beneficiary of her Residuary estate which does include all real and personal property not specifically addressed in the Tangible article. Believe me, I do not want to be sitting in a lawyer's office with her children and find out I got a co-equal share of her monetary assets.

Don’t you think you’ve gone a bit overboard with this self-righteous, magnanimous, independent wealthy, “Favorite Niece”, and "all I want is a memento of her" baloney?!

The truth of the matter is that no person genuinely indifferent as to the testamentary disposition of a relative’s property would be asking the prying questions regarding the construction of wills as you have here. Not to mention the prematurity of your questioning.

If you were sincerely concerned about how such writing, if probated and not altered, might impair family relationships as you put on, you could readily explain and request auntie to write you out of her will. And you could make that known to your cousins!

But you haven’t not and will not.

Nor have any of your questions been directed towards that simple solution or how you might go about disclaiming the inheritance should it eventually come to pass.

And don’t fret over being embarrassed when sitting in an attorney’s office for “the reading of the will” should auntie's largess begin dropping onto your lap.

That “reading of the will” garbage was an invention of l930’s Hollywood screenwriters!

 

[anteater]

Aw c'mon, Lats! I realize that you are upset about the proliferation of Louisiana-themed series on cable TV channels. But give a poster a break.

Besides, ever since the site makeover, things have been pretty sparse down here. (Although correlation is not causation.)

 

[ecmst12]

You don't, of course, have to accept any of the money if you don't want to cause strife in your family. No one is going to force you to take it. You can disclaim the inheritance or you can gift any of your portion back to your cousins (making sure that you follow gift tax reporting guidelines of course). Assuming of course that you don't piss off your (at least slightly nutty) aunt between now and when she dies and no other niece replaces you as her favorite. Don't create drama where none exists.

 

[anteater]

You can disclaim the inheritance...

Yes... but...

A disclaimer results in the disclaimant being treated as predeceasing the testator. The disclaimant does not get to direct to whom the bequest goes.

 

[FavoriteNiece]

Don’t you think you’ve gone a bit overboard with this self-righteous, magnanimous, independent wealthy, “Favorite Niece”, and "all I want is a memento of her" baloney?!

The truth of the matter is that no person genuinely indifferent as to the testamentary disposition of a relative’s property would be asking the prying questions regarding the construction of wills as you have here. Not to mention the prematurity of your questioning.

If you were sincerely concerned about how such writing, if probated and not altered, might impair family relationships as you put on, you could readily explain and request auntie to write you out of her will. And you could make that known to your cousins!

But you haven’t not and will not.

Nor have any of your questions been directed towards that simple solution or how you might go about disclaiming the inheritance should it eventually come to pass.

And don’t fret over being embarrassed when sitting in an attorney’s office for “the reading of the will” should auntie's largess begin dropping onto your lap.

That “reading of the will” garbage was an invention of l930’s Hollywood screenwriters!

Wow! You may be a great lawyer but I suggest you do not pursue a career psychiatry or telepathy. Maybe you need to have your meds adjusted or maybe you are a typical passive-agressive internet forum bully who is shortchanged in the manhood department. You don't know anything about me or my motives and I hope it always stays that way.

 

[latigo]

Wow! You may be a great lawyer but I suggest you do not pursue a career psychiatry or telepathy. Maybe you need to have your meds adjusted or maybe you are a typical passive-agressive internet (sic) forum bully who is shortchanged in the manhood department. You don't know anything about me or my motives and I hope it always stays that way.

Actually I truly sympathize with your dilemma. It must be dreadful socializing with your unwary cousins and all. Sort of a skulking-predator-like-waiting-to-pounce feeling, I imagine. And of course money being the root of all evil. . . .

But I have a solution and just to show you that my heart is in the right place and no hard feelings here, below is a web site from which at no cost you can print off a form of codicil.

A codicil with which auntie can provide instant relief by scratching you from the invite to the awards ceremony.

www.getfreelegalforms.com/codicil

Have a nice day.