Personal Possessions Guide

What Are Personal Possessions?

Personal possessions are tangible items you own that have monetary or sentimental value. Unlike financial assets or property, possessions are movable items that can be bequeathed to specific people in your will. Recording them ensures your loved ones know what exists, where items are located, and their approximate value for estate administration purposes.

Where Should I Record My Items?

Orchard72 offers several asset categories. Use the right one for each item:

• Personal Possessions: jewellery, art, collectibles, watches, furniture, electronics, musical instruments, and general valuables.
• Vehicles: cars, motorcycles, boats and similar items are recorded here too. Choose the Vehicle, Recreational Vehicle (RV), ATV / UTV or Watercraft type and fill in the “Registration number” field.
• Precious Metals: gold, silver and platinum holdings belong in Precious Metals.
• Storage Locations: self-storage units and safe deposit boxes, including how an executor gets in, belong in Storage Locations.
• Property & Real Estate: real estate (houses, flats, land) belongs in the Property & Real Estate section.
• Digital Services: online accounts, subscriptions, and digital purchases belong in Digital Services.
• Crypto Assets: cryptocurrency and digital tokens belong in Crypto Assets.

Accurate valuations help your executors administer your estate efficiently. While exact figures are not required for every item, they are especially important for high-value possessions. The record stores a single figure in “Estimated value”, with “Valuation date” and “Appraiser name” alongside it. Insurance details are captured separately under “Is this possession insured?”, “Insurance company” and “Policy number”.

1. Open Asset Management → Personal Asset Tracker → Personal Possessions in the sidebar. If you do not see it, switch the category on under Asset Management → Asset Classes.
2. Click Add Possession to open the entry form.
3. Enter the item name and select its type (e.g. jewellery, art, collectibles).
4. Add optional details: Condition, Where this is kept, Make/Manufacturer, Serial number and Estimated value.
5. Upload supporting documents such as appraisals or certificates of authenticity.
6. Add contact details for relevant people (e.g. appraiser, dealer, or custodian).
7. Save your entry. You can edit or add more items at any time.

Gather and upload these documents where available to support your possession records:

• Professional appraisal or valuation report
• Certificate of authenticity (art, antiques, collectibles)
• Purchase receipts or invoices
• Insurance policy documents and schedules
• Photographs of high-value items
• Provenance documentation (for art and antiques)
• Registration or serial number records

Personal possessions can be specifically bequeathed to named individuals in your will. This is called a “specific bequest” or “specific legacy”. Items not specifically bequeathed form part of your residuary estate.

• Specific bequests: you can leave particular items to named beneficiaries (e.g. “my engagement ring to my daughter”).
• Collections: consider whether a collection should be kept together or divided among beneficiaries.
• Sentimental items: mark items with sentimental value and add bequest notes to guide your executors.
• High-value items: valuable possessions may be relevant to how an estate is assessed. A qualified professional can advise on what applies where you live.

Do I need to list every single item I own?

No. Focus on items of significant monetary or sentimental value. Everyday household items (cutlery, clothing, basic furniture) generally do not need individual entries. Anything you do not name specifically usually falls into the residue of your estate, so check that your will deals with the residue.

How often should I update my possession records?

Review your records at least once a year, or whenever you acquire, sell, or give away a significant item. Keeping valuations current is especially important for items that may appreciate or depreciate (e.g. art, electronics).

Should I include items held in storage or at another location?

Yes. Record the location details for all possessions, including those in bank vaults, storage facilities, or with family members. Your executors need to know where everything is to administer your estate properly.

What about items I share with my partner or spouse?

Record items that you own outright or that are jointly owned. For jointly owned items, note the ownership arrangement. How jointly owned items pass on death varies by country and by the exact form of joint ownership, so check the position with a qualified professional.

Can I add possessions during will generation?

Yes. During Step 5 of will generation, you can add possessions directly into your will with basic details (name, type, estimated value). For comprehensive records including documents, insurance details, and contact information, use the Asset Management section.