FAQ Friday: Personal Property Memorandum
On Friday, January 17th, Juliana, the office technology helper, explains how to fill out your personal property memo to gift items to your loved ones after you pass.
This is a document that you will receive with your estate planning documents package if you hire our firm. It’s a way to organize and specify the sentimental items you plan to gift.
We provide this document both digitally and hard copy. If you fill out one hard copy and end up deciding to fill it out again later, just make sure to shred the first one so there isn’t confusion when the time comes.
One item we often see started with is a wedding ring. You would add the full name of the person it goes to, their relationship to you and also their address. Feel free to add email and/or their phone number if they are someone who moves often or may move before your passing.
The column to the right is where you place an asterisk if you want that item to only be gifted if your spouse has predeceased you. So, if you want your wedding ring to be gifted immediately upon your passing, whether your spouse is alive or not, you will not put the asterisk.
This document is also where you would designate whom you want to receive your pet, if you have one. This would be an important one to note whether the asterisk should be added if this is an equally loved pet between both spouses.
Crossing out remaining boxes unused on the page you are working on ensures nothing is written in afterwards without your consent.
Adding the page numbers, such as 1 of 1 and a date and signature is also important for maintaining updates through the years.
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