What is a personal property memorandum? It is a frequently-used estate planning document that provides an opportunity to expand upon your will or trust. Many wills or trusts simply divide the whole of an estate equally between surviving family members. But, what if you\u2019d prefer a more detailed plan for particular items you want to leave to specific individuals?<\/p>\n
If you\u2019d like to ensure that specific property or items in your estate are left to certain relatives or friends, a personal property memorandum is a great option. It\u2019s a detailed accounting of items of personal property listed with the corresponding person you\u2019d like to receive those items.<\/p>\n
It\u2019s simple but powerful, and we can assist you in making one. The best personal property memorandum will work in concert with your will or trust to bequeath your estate and belongings exactly as you want. Further, it must be referenced in the will or trust to be effective. Here are four tips we need to consider that\u2019ll ensure your memorandum works as desired.<\/p>\n
Use detail
\nWhen preparing your memorandum, include specific, detailed descriptions of each piece of property. For example, if describing a car, it\u2019s best to add identifying descriptors such as model year, model number, and color. When conveying that you\u2019d like someone to receive a piano, rather than simply \u201cpiano,\u201d write \u201cmy black 1980 Steinway grand piano.\u201d For an even more exact description, you may choose to include a photograph, especially if you own many similar items.<\/p>\n
Be specific about who will receive the item
\nBecause a personal property memorandum is a legal document, you\u2019ll want to use a full legal name and relationship. Avoid confusion that could arise from listing only a relationship, using a nickname, or other ambiguity. Your list will be clearest if you write \u201cmy daughter, Emily Smith,\u201d as opposed to just \u201cEmily.\u201d Readers of the memorandum will know your intent without a doubt if they see \u201cmy daughter, Emily Smith, to receive my 1980 black Steinway grand piano.\u201d Remember, when the memorandum becomes effective, you\u2019ll be deceased so no one will be able to ask you for clarification.<\/p>\n
Update your property memorandum frequently
\nFor this document to be useful, it must be current. If you give away an item, to the eventual recipient or otherwise, sell an item, or if an item is lost, stolen, or destroyed, such as by fire or flood, it\u2019s time to amend your memorandum.<\/p>\n
If you find yourself needing to make significant changes to your memorandum, one helpful approach is to photocopy the original, make notes on the photocopy about changes you\u2019d like to make, then use the notes to produce a new, updated memorandum. It is important that the updated personal property memorandum include all of the specific items you want distributed to the named individuals. Once you\u2019ve concluded this process, you can avoid any confusion by shredding the old memorandum\u2014 but of course, before shredding any estate planning document, check with a us.<\/p>\n
Ask for help
\nIf your personal property memorandum creates any challenges, such as an item or collection that\u2019s difficult to describe, contact us. We\u2019re here to help, and we can make sure your estate plan works just as you intend.<\/p>\n
We hope these tips have been helpful. Your personal property memorandum can be an important document in the execution of your estate plan. But it must be detailed, accurate, up to date and mentioned in your will or trust to be effective.<\/p>\n
As always, we\u2019re here to provide personal, tailored advice as you create this essential document.<\/p>\n","protected":false},"featured_media":0,"template":"","newsletter_categories":[22],"_links":{"self":[{"href":"https:\/\/caseylawgroup.com\/wp-json\/wp\/v2\/newsletters\/2023"}],"collection":[{"href":"https:\/\/caseylawgroup.com\/wp-json\/wp\/v2\/newsletters"}],"about":[{"href":"https:\/\/caseylawgroup.com\/wp-json\/wp\/v2\/types\/newsletters"}],"wp:attachment":[{"href":"https:\/\/caseylawgroup.com\/wp-json\/wp\/v2\/media?parent=2023"}],"wp:term":[{"taxonomy":"newsletter_categories","embeddable":true,"href":"https:\/\/caseylawgroup.com\/wp-json\/wp\/v2\/newsletter_categories?post=2023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}