Why You Should be Cautious About the Use of “Personal Property” in Estate Planning

Various estate planning terms have taken on specific meanings. There is no helpful definition of “personal property” in Oklahoma besides §68-2807, which states that personal property includes anything except real property like lands and buildings.  In deciding about what constitutes personal property, Oklahoma courts tend to analyze the language used in an estate planning document when deciding whether what constitutes personal property. Sometimes, however, courts also rely on a person’s intent when making a personal property determination. This article reviews some additional factors that courts are likely to consider when deciding what constitutes personal property. Whether an Estate Plan Was Drafted by a Lawyer If you relied on an attorney to create your estate plan, courts will rely on a more traditional meaning of personal property. This is because courts assume that estate planning lawyers have a complex understanding of Oklahoma law. In cases where a person created an estate plan on their own, however, courts will be less likely to construe such an extensive definition. Whether an Estate Plan Contains a Residue Clause Many estate plans include specific gifts, which can be either particular items or a certain amount of money that a person would like to pass on     Read More