Is a coin collection and/or stamp collection part of someone’s personal effects?

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Is a coin collection and/or stamp collection part of someone’s personal effects?

Asked on July 31, 2011 Indiana

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

In a will or trust, oftentimes certain items are identified to be bequeathed, gifted, etc. to a particular person, set of persons or entity or entities. If coins are in your state considered to be personal items as opposed to actual money (i.e. not to be used as currency like dollar bills or nickels, etc.) then it can be considered a personal item. How the personal item is described in the will or trust will depend on if there is a residue provision regarding the residue of the estate not specifically identified to one particular person or entity or series of people or entities or if a gift fails it goes to the residue or there is a provision spefically indicating that any item not specifically identified in the testamentary document will be considered part of the general personal items of the decedant.  Same would go with the stamp collection.

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

In a will or trust, oftentimes certain items are identified to be bequeathed, gifted, etc. to a particular person, set of persons or entity or entities. If coins are in your state considered to be personal items as opposed to actual money (i.e. not to be used as currency like dollar bills or nickels, etc.) then it can be considered a personal item. How the personal item is described in the will or trust will depend on if there is a residue provision regarding the residue of the estate not specifically identified to one particular person or entity or series of people or entities or if a gift fails it goes to the residue or there is a provision spefically indicating that any item not specifically identified in the testamentary document will be considered part of the general personal items of the decedant.  Same would go with the stamp collection.


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