One of the best ways to dispose of your personal property, heirlooms, or other items is by utilizing the flexible Personal Property Memorandum.
Section 732.515 of the Florida Statutes contemplates using this separate writing to identify how you want your tangible property (i.e., your stuff) to be distributed. Section 732.515 has a few requirements to make your personal property memorandum enforceable, primarily that the writing must be signed by you and describe the items and the people to whom it should go with reasonable certainty. There are also a few peculiarities with these documents, including that the writing may be prepared before or after you execute your will and that you may alter it after its preparation. If there is a dispute between different versions of the writing, generally, the conflict will be resolved by the most recent version of the personal property memorandum. For this reason, I advise my clients to sign and date each version and specifically provide in the will or revocable living trust that the most recent signed and dated version controls any dispute in your Florida Heirloom distribution.
For those residing in Tallahassee with heirlooms or other personal items, determining how to pass these assets down can be very important.
Generally, a Personal Property Memorandum is an auxiliary document that complements your will or revocable living trust. While the will outlines the general distribution of your assets, the PPM provides detailed instructions for specific personal property items. This includes jewellery, art, antiques, and other non-titled assets.
Why Use a Personal Property Memorandum in Florida?
There are several distinct advantages to disposing of personal property through a Personal Property Memorandum, including:
- Flexibility: Unlike the more rigid structure for amending or revoking a will, a Personal Property Memorandum allows for easy modifications without formal amendments.
- Clarity and Simplicity: The Personal Property Memorandum can reduce potential disputes among beneficiaries by providing clear item-by-item instructions and can be written in straightforward language to avoid any conflict or dispute.
Some Key Tips for Creating a Personal Property Memorandum
- Detail is Key: Describe each item thoroughly to prevent confusion, and clearly identify to whom the particular item should go. Don't just say, "Leave the piano to Bill"; list the specific piano, its location, and the first and last name of the individual receiving it. For example, you could state:
I give to Bill Person, my nephew, my Steinway Piano located in my living room at 123 Estate Planning Avenue, Tallahassee, Florida.
- Always Sign and Date: Although Florida law doesn't require notarization, signing and dating the document is absolutely essential.
- Safe Storage: Keep the personal property memorandum with your will or in a secure location. Ensure your personal representative knows where it's stored.
- Regular Updates: As your collection or preferences change, make sure to regularly revisit and update your Personal Property Memorandum.
For Floridians with heirlooms or other personal property, the Personal Property Memorandum offers a streamlined approach to ensure these items are passed down as intended. This document, though simple, plays a significant role in a comprehensive estate plan. Discuss this today with our experienced Tallahassee Estate Planning Lawyer.
