A personal property memorandum can help to add additional context to your estate planning. This is a letter explaining how you want your personal effects to be distributed, such as furniture, clothing, electronic equipment, jewelry or collectibles. It is not a substitute for a will, but can make it easier to interpret the terms of your will when the time comes.
A memorandum of personal property details the people you want to receive these assets but it is not a substitute for your will, even though it is still a good idea to sign and date it. State laws regarding memorandums should be taken into consideration when creating this document.
Some states recognize memorandums of personal property as legally binding, but there are 20 states that don’t categorize them as legitimate legal documents, including West Virginia, Vermont, Texas, Tennessee, Pennsylvania, Rhode Island, Ohio, Oklahoma, New Hampshire, North Carolina, New York, Mississippi, Kentucky, Maryland, Louisiana, Illinois, Alabama, Georgia, and Connecticut.
However, even though the personal property memo might not be recognized as a legal document alongside other elements of your California estate plan, it can still help streamline the transfer of your estate assets by adding clarity to your intentions. You can discuss what you hope to achieve with a personal property memo directly with our Pasadena, CA estate planning law firm.
For more information on how to use a personal property memorandum and how it can work in conjunction with your will or other estate planning strategies, set up a time to speak with an experienced estate planning lawyer.
