When we think of estate planning or writing a will, we often think of big-ticket items. This includes items such as real estate, expensive items, vehicles, retirement plans, business, and personal investments. While these items have a monetary value associated with them, they are not always the most important possessions in a persons’ life. It is vital that when a person passes away, they know their Items that have sentimental value have been considered as well. This includes things like family heirlooms, paintings, jewelry, antiques or anything that has an emotional attachment associated with the property. Many individuals seek peace of mind by knowing that their wishes as followed and that the desired party receives the items that were meant for them. Below is information about a personal property memorandum and how this document can be easier and more direct than a traditional will when it comes to sentimental items.
Why a personal property memorandum can be an ideal choice
A will or trust can become a lengthy and cumbersome document to constantly change or make addendums to. This is especially the case if you are an active collector and need to add specific directions with each new addition. The process of updating a will or trust usually requires a formal codicil or trust amendment for even minor changes to go into effect. If you utilize a personal property memorandum, you can transform these legacies without worrying about all the traditional formalities. It’s typically much less complicated to merely remove an old memorandum and replace it with a brand-new one when you want to make changes. This can also avoid potential conflict in the future because the dispersal of personal property can be outlined.
It is important to realize that the validity and use of a personal property memorandum is handled on a state law basis. Some states require that the memorandum needs to be specially stated in your last will and testament or revocable living trust, while others just won’t recognize this sort of a casual checklist in any way. Making a list of your most treasured items and deciding which family members and friends will receive them can be highly beneficial.