Your Estate Plan

If the will as part of your estate plan is the part that is reserved for specific legacy or items that you want to give a person. Rather than list all of your personal assets one by one in his will the way that will allow you to do things away to certain people in a much easier way.

Personal Property Memorandum which is available in most states is a document that is separate from the will that is referenced in the will that allows the creator to dispose of tangible personal property in question and the time they want later. This means that if your going to be all you need to say is that the pages per minute and it will be acceptable. Tangible personal property is property that you can touch, such as household items like furniture, but no property with the title, such as cars or non-physical objects, such as stock certificates or cash. Personal Property Memorandum may be in your own handwriting or typed while signed and dated. You can change or update the Memorandum at any later time, without the need for a lawyer or notary public.

All household tangible assets that the couple has automatically passes to the surviving spouse in some states, so it is only necessary to include an item in the memorandum that will go to the spouse, such as a family legacy to a child. For a single person household all tangible assets will pass to the other will, or any property is not listed as specific bequests in the will, so it would only be necessary to appoint an item goes to the person listed as a beneficiary under the will of others. You can gift items before you die, but after the death of items in the house can not be gifted, but if the instructions under the will or the personal property of the Memorandum. Just because it is subject to certain verbal, such as child should get my antique vase, has no effect unless it is included in the will or the memorandum. It is important to give the items that have a high sentimental value for a specific person before it dies or in the memorandum, because these are items that cause most family quarrels, even when subjects have little monetary value.

Evan Guthrie Law Firm is licensed to practice law in the entire state of South Carolina. In Evan Guthrie law firm practices in the area of ​​estate planning contingent bodily injury and divorce and family law.