Consider including a tangible personal property memorandum in your estate plan. Are you looking for a way to pass along some of your personal belongings after death?
If so, you will want to create a personal property memorandum. This written statement allows you to outline how certain tangible property will be distributed after your death.
Take a look at the following information to learn more about the use of the tangible personal property memorandum.
- Consider leaving property that has special meaning. This can be a great way to leave a lasting memory with certain friends and family members. Some of these memories may bring your loved ones more peace.
- You aren’t able to leave certain assets such as bank account assets, investments, or business properties in a memorandum. These assets will be distributed based on your other estate planning documents.
- You’re able to make changes to this document. This means that you are able to edit and update throughout your lifetime without the help of your attorney. This is not the case with other estate planning documents!
- Your attorney will make reference to your personal property memorandum in your will or trust. This will help to ensure that your loved ones know that you have outlined your wishes regarding your personal property.
Estate planning does not only include deciding how your financial assets will be distributed after your death. You can also choose to leave personal property to your loved ones. Leaving certain personal property to your loved ones can be a great way for you to share a lasting memory or share a hobby with those you love.
If you have any questions about the use of a personal property memorandum, consult with a qualified estate planning attorney.