How to Leave Personal Property When You Die (Part 2)

In last week’s blog post, I talked about tangible personal property and more specifically how the sentimental value attached to this property can cause issues after death in terms of distributing this property.  I explained that if you want to identify specific people to leave specific items to, making specific bequests (gifts) in your will is one way it can be done.  

Such a “laundry list” of items in your will is not, however, what we recommend.  Rather, New Jersey law provides that if your will directs your executor to distribute tangible property by way of a written memorandum, should you choose to create one, then you can make such a list and leave it with your will.  Very simply, the memorandum must identify the item and the person you wish to leave it to and must be signed and dated by you.

After your passing, provided the will makes reference to such a list, your executor is instructed to follow it and distribute the items to the named persons.  We also provide in the will that for any tangible item not on the list, or if no list exists, then these items are to be distributed per the residuary clause along with the rest of the estate.  So, for example, if I leave the rest of my estate to my 3 children, then the executor is to distribute the tangible items to my 3 children.  Typically, the executor will sell whatever has financial value or ask the 3 children if they want any items, most of which have very little to no monetary value.

In our office, we typically give clients, with their signed wills, a printed memorandum with 2 columns.  They can handwrite the item and the person they wish to leave it to, sign and date the memo and keep it with their will.  The memorandum can be completed at any time.  An old memorandum can simply be destroyed and replaced with a more recent one.  There is no need to redo the will.

Because the memorandum is a document separate and apart from the will it is not submitted to the Surrogate when the will is probated after death.  Next week I’ll explain why using a memorandum has advantages over placing these tangible items directly in your will.