How to Leave Personal Property (Part 3)

How to Leave Personal Property (Part 3)

In this 3rd blog post on this topic I continue a discussion about how to leave personal property when one passes away.  Last week I explained that when clients sign their wills, we also give them a personal property memorandum that they can complete at any time, designating to whom they wish to leave tangible items.  They can also do this by making specific designations in the will, but there are reasons the memorandum may be a better option.

When a will is probated, it becomes a matter of public record with the Surrogate.  Creditors, heirs and family members who may not be heirs can obtain a copy.  While the will does not include a list of everything the decedent (person who died leaving the last will) owned at the time of his or her death, including a list of tangible property and the person you intend to leave it to does create a record, at least as far as those items that the person owned at the time the will was signed.

This does not mean, of course, that the decedent still owned them at the time of death but it could lead to headaches for the executor (estate representative) who may need to explain that these items no longer exist or could not be located.  Disputes may arise among family members who insist that they saw mom’s diamond necklace in the last several years or that mom told them where she kept it.

There are other entities that may have an interest as well.  I am specifically referring to the State of New Jersey.  Next week I’ll explain what I mean.