Will vs. Personal Property Memorandum
Most people have a variety of possessions that carry special meanings or have sentimental value that they attach to other people. Or, you might own something that you know your best friend has always loved. It is possible to include the transfer of these possessions to specific people.
This can be done in your will itself or in a personal property memorandum. A personal property memorandum is an addendum to your will in which you can list out who you want to receive specific items of personal property. Your will must specifically state that there is a personal property memorandum in existence for this document to become valid. In addition, you must sign the personal property memorandum.
Examples of Personal Property Memorandum Items
I bequeath these items of personal property to the following beneficiaries:
- Chi Omega sorority jewelry to my sorority sister: Kimberly S. Jones
- 1984 Nissan 300zx Turbo 50th Anniversary Edition car to my nephew: Dusty M. Smith
- Set of 1950s bone China dishware to my best friend: Mary E. Matthews
- Collection of Coca Cola collectables to my longtime friend: Barbara V. Clinton
The nice thing about a personal property memorandum is that you can change it at any time, without the assistance of a lawyer. Simply update your document and re-sign it. As long as you have stated in your will that this document has been created, it likely will still be valid.
The first step is to create a will! The Denver estate planning lawyers at The Brown Law Firm, LLC can work with you to create a legal document that will protect your assets. Contact The Brown Law Firm, LLC at (303) 339-3750 or send a message online to learn more about the best ways to protect your estate and your unique situation.