As estate planning experts, we often see people make the mistake of assuming that their tangible personal property will be easy to deal with. They think they have taken care of everything because they have designated beneficiaries for their bank accounts, retirement plans, and life insurance policies. But what about their furniture, jewelry, art, collectibles, and other items with physical presence and value?

Unlike bank accounts, personal property can be challenging to divide among heirs. It may have sentimental meaning to kids entirely out of step with its market value, making it difficult to negotiate a compromise. For example, a painting you bought at a garage sale for $10 might be worth little to an appraiser but priceless to your daughter, who remembers it hanging in your living room since she was a child. Or a set of china that you inherited from your grandmother might be worth nothing to you but very important to your son who wants to keep it in the family.

That's why we encourage our clients to carefully consider whether they have any personal property that might be something their kids would fight about and potentially discuss it with their kids. You might be surprised by what they care about and what they don't. You might also discover that they have different preferences or expectations than you do. You can avoid misunderstandings and conflicts later on by having an open and honest conversation.

Of course, talking to your kids is not enough. You need to put your wishes in writing. You can do this by creating a personal property memorandum, which is a document that lists specific items of personal property and who you want to receive them. This document is separate from your will but must be referenced in your will and signed by you. The great thing about a personal property memorandum is that you can change or update it anytime without changing your will.

A personal property memorandum can save you and your heirs time, money, and stress. It can also help preserve the harmony and legacy of your family. If you need help creating one or have any questions about estate planning in general, please contact us today. We would love to assist you with this important matter.