The Personal Property Memorandum is a legal document used in conjunction with your Will and Trust.The Personal Property Memorandum allows you to designate how your tangible personal property (such as furniture, jewelry, collectibles, etc.) should be distributed after your death. This memorandum is referred to in your Will or Trust, giving you the flexibility to specify particular items and their recipients without having to amend the entire will or trust document.
Key Points:
The memorandum states that you signed your Last Will and Testament and Revocable Living Trust, both of which refer to this memorandum for handling personal property.
The document will be followed by the Executor of your estate or the Trustee of your revocable trust upon your death.
There is a section for you to list items of personal property, along with the name and address of the person who should receive each item, and their relationship to you.
This memorandum provides flexibility, as you can update it without needing to amend the more formal documents like your will or trust.