Clients often ask me how they can leave specific items of jewelry, art, furniture, or other valuable personal belongings to family members and friends. Although these items can be given to specific individuals in your Will, you would probably need an attorney’s assistance to make changes to those bequests, since a Will and any changes to Wills (also known as codicils) should be witnessed and signed in front of a notary. A simpler option, exists, however. Pennsylvania statute provides that you may give specific items of personal property to individuals named in a writing, separate from your Will, that has been dated and signed by you. This writing—referred to as a “Tangible Personal Property Memorandum”—allows you to name and change the recipients of these personal items without changing your entire Will.
Some tips:
- To ensure that the memorandum is valid, your Will should permit you to leave a memorandum and the memorandum should refer to your Will.
- The memorandum should not include items that are already mentioned in your Will.
- The memorandum should not be used for money or real estate—items like notes, deeds, securities, and property used in a trade or business should be given in your Will instead.
- You should date and sign the memorandum. If you list items on more than one page, date and sign each page. Your signature does not need to be witnessed or notarized.
- You should clearly describe each item so that it can be easily identified and not be confused with another similar item.
- Each recipient should be identified by his or her legal name and relationship to you, if any. If possible, the address of the recipient should be added if it is possible there will be any confusion as to his or her identity.
- If you want to change the recipients or items given, you should destroy the entire memorandum. Changes should be made by dating and signing a new memorandum—don’t just mark-up an existing memorandum.
- You should keep the memorandum in a place where it is likely to be found—preferably wherever your Will is kept. Like all important financial and legal documents, you should make sure that family or others that are likely to survive you know where to find it.
Finally, you should seek the advice of your estate planning attorney in using a Tangible Personal Property Memorandum to ensure that it complies with the requirements above.