Although estate planning advice generally focuses on investments, retirement, and other big-ticket items, it’s important to evaluate your plans for personal property, too. Things like furniture, china, and paintings all fall under the umbrella of personal property. This is critical also because people often have big emotional ties to these items, and this can cause friction between family members after a loved one has passed away. 

In many states, a will can authorize the preparation of a personal property memo, which is generally a separate and handwritten list of items and beneficiaries. This document usually does not require the presence of any witnesses or a notary.

If not list is written, the will could have a “default” procedure for a beneficiary to receive. A designated representative of the deceased could also be used to administer plans. No real estate or intangible items like stocks, money, or IOUs can be included.

If you’d like more information about how to plan ahead for these situations, contact us today for a consultation.