What an Individual Property Memorandum Can Do for your Estate Plan

When you make a will as part of your estate plan there is a part that is booked for specific bequests or products that you wish to offer to a person. Instead of listing all of your personal property one by one in your will there is a way that will allow you to give items away to specific people in a much simpler method.

An Individual Property Memorandum that is offered in many states is a file that is different from a will that is referenced in a will that permits the maker of the will to deal with tangible personal property in a matter and time they later on wish. this means that when you make your will all you have to say is that there will be a PPM and it will be appropriate. Tangible personal property is property that you can touch such as home products as furnishings, but not property with a title, such as an automobile, or intangible physical products such as a stock certificate or money. The Personal effects Memorandum can be in your own handwriting or typed as long as it is signed and dated. You can alter or upgrade the memorandum at any later time without the requirement of a lawyer or notary public.
All household concrete property that a married couple own instantly pass to the surviving spouse in some states, so it is only necessary to include products on the memorandum that would not go to the spouse, such as a family heirloom to a child. For an unmarried individual all household concrete property would pass in the residuary of the will, or all possessions not noted as a specific bequest in the will, so it would only be required to call items not going to the individual listed as the recipient of the residuary under the will. You can gift products prior to you pass away, however after death products in the house can not be gifted unless as directed under the will or personal effects memorandum. Even if an item was designated verbally, such as a child needs to get my antique vase, has no effect unless it is consisted of in the will or memorandum. It is necessary to hand out items that have a high emotional worth to a specific person before you pass away or in a memorandum since these are the items that trigger the most family fights even when the products have a small monetary value.