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  1. #1
    Join Date
    May 2008
    Posts
    20

    Default Understanding "Assets"

    My question involves estate proceedings in the state of: FL
    I have spent endless hours searching the internet, but so far have been unable to determine how certain property should be divided based on the "standard" will.

    In our mom's will, her:
    1. Tangible personal property is to be sold and the proceeds to be split between her charity and her son.

    and

    2. The Rest, Residue and Remainder of her estate is to go to her son.

    My mom didn't own a home and she only had a beaten up little truck. She did have a number of different semi-valuable little collectibles (like little crystal bowls, silver trinkets, etc.). We're talking $100-$200 range in today's market. She had many of the typical electronics - camera, printer, scanner, iPod, Stereo, TV, etc. All were outdated, but worthy of getting something on eBay.

    What I can't seem to figure out is where the line is drawn on "tangible assets". Does the PR sell all the collectibles and electronics or do those fall under #2? What is the fate of the clothing, linens, office supplies, etc. with this type of will?

    I know it seems like I'm just splitting hairs (heirs, LOL), but really I'm not. Our mom's PR, literally took everything (either sold it, gave it away or tossed it), leaving my brother with nothing. Our mom's clothes and many other things were taken to charity (there was even a newspaper article noting the things from our mom's estate being used! LOL). The PR said that everything of my mom's was "junk" and of no value. Ok, so if that's the case, shouldn't everything then roll down to #2 and become my brother's to deal with? I seem to be missing something major because it can't possibly be this hard to figure out!!

    So if someone could just help me understand how "tangible assets" are defined beyond the standard internet definitions. Where do a pair of scissors or a set of dishes or a $100 crystal bowl fall? In the above type of will, what happens to all the items with no monetary value (pictures, yearbooks, files, receipts, etc.). This isn't just about my brother, it's about my own will, too. I am terrified that the same could happen to my kids!

    Thanks for your help!

  2. #2
    Join Date
    Sep 2005
    Location
    California
    Posts
    65,616

    Default Re: Understanding "Assets"


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