There are many things to think about when creating a personal property memorandum. The document is an essential part of estate planning and ensures that your assets are distributed as you wish after your death. And when things get out of hand, you can always hire a legal process server who can help you navigate your first journey in your legal case. But today, we’ll explain some helpful ways to create your personal property memorandum. We will also provide some tips on what to include in the document.
Choose Your Reliable Executor or Trustee
When creating a personal property memorandum, the first thing you need to do is choose a reliable executor or trustee. This person will ensure that your assets are distributed according to your wishes. They should be someone you trust implicitly and who can follow through on your instructions. You may also want to appoint a backup executor or trustee if the first person cannot fulfill their duties. Once you have chosen your executor or trustee, you need to provide them with a list of your assets.
Prioritize Your Items With Highly Specific Intent of Allocation
Apart from the list of items, you will also need to include your wishes for each item. It is where things can get a little tricky. You need to be highly specific in your allocations and give clear instructions on what you would like done with each item. For example, if you have a piece of jewelry you would like your daughter to have, you need to specify that in the document. You should also include a backup recipient for each item if the first person is unable or unwilling to take possession of it.
Learn That PPMs Are Separated From the Will
Note that a personal property memorandum is separate from your will. Your will controls the distribution of your real estate and other significant assets. On the other hand, the personal property memorandum covers your smaller valuables and sentimental items. You can include both types of things in a single document or create two separate ones. Just be sure to label each clearly so that there is no confusion.
Take Part to Avoid Family Confusion or Fights
Later on, family members often start to argue about who gets what from the estate. To avoid any confusion or fights, you should take part in creating your personal property memorandum. You should sit down with your family and discuss your wishes for each item. This way, everyone will be on the same page, and there will be no surprises later on. Creating a personal property memorandum may seem daunting, but it doesn’t have to be. By following these simple tips, you can ensure that your assets are distributed according to your wishes. And if you have any questions, be sure to consult with an experienced estate planning attorney who can help you create a document that meets your specific needs.…