When drafting wills and other estate planning documents for clients, we always discuss tangible personal property. What is tangible personal property? It’s all of your “stuff” – Cars, furniture, appliances, antiques, wedding bands, tools, equipment, dishes, and knicknacks, just to name a few. Many clients want to ensure that certain items are passed onto particular individuals, often for sentimental reasons. Many have kept a list, or even labeled those items discreetly throughout their home.
The question is, how can the client make sure these items end up in the right hands after they are gone? Does all that “stuff” have to go into the will? The answer is to create a Memorandum Distributing Tangible Personal Property along with your will. This way, you can make these decisions in the comfort of your own home, even years after your will has been executed.
Here are the basics:
Lastly, and most importantly, using a Memorandum Distributing Tangible Personal Property is not a substitute for updating your will and other estate planning documents. You should review your estate plan every year, or anytime you have a life-changing event (a birth, death, marriage, divorce, major purchase, relocation, starting a business, significant change in net worth, or declining health) For more information about estate planning, see my Frequently Asked Questions on Wills and Estate Planning, or contact me.