Florida is one of the states that permit you to add a personal property memorandum to your estate plan.
This is a supplemental document that must be referenced in your will or living trust and allows you to specify the items of personal property you wish to leave to your loved ones.
Although this information can be specifically drafted into your will or living trust, adding a personal property memorandum to your estate plan offers many advantages.
The benefits of a personal property memorandum
One benefit is you can modify a personal property memorandum much easier than a will or trust. If you change your mind, or something is lost, stolen, sold, or bought, you can modify the memorandum or replace it with a new one without having to engage an attorney or notary.
Since your personal property changes more often than your financial and real property assets, having a personal property memorandum can save you time and money.
A good personal property memorandum combined with a will or trust can do a lot for your peace of mind.
It is important to know our loved ones will receive specific items of personal property after our death.
A personal property memorandum helps clarify your wishes and make them legally binding.
What is considered personal property?
If you want to get started with a personal property memorandum in Florida, you should be mindful of which assets can be distributed and which cannot.
Among the common assets that can be included are the following:
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- Heirlooms
- Collectibles
- Books
- Furniture
- Jewelry
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Some assets that shouldn’t be included are:
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- Property such as a home, land, or timeshare
- Property with a title, such as automobiles, boats, and planes
- Intangible property such as bank accounts, royalties, stocks, and bonds
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To leave these types of assets, you should specifically include them in a will or trust.
The best way to begin creating your will or trust is to contact an experienced estate planning attorney.
Contact the law Offices of Hoyt & Bryan
If you are interested in learning more about writing a personal property memorandum, contact The Law Offices of Hoyt & Bryan at (407) 977-8080.
We are Central Florida’s leading estate planning and elder law firm. We are also the only Florida law firm with two attorneys board certified in both Wills, Trusts and Estates and Elder Law.
We have many years of experience helping people plan for their future and that of their loved ones.
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