If items are already addressed in the will or trust and you want to make a modification to those items, you need to amend the trust or modify the will in order to either remove those distributions or alter them.
Can the Memorandum Be Used to Dispose of Money?
Money is personal property, but if it’s in a bank account, then it should be properly titled in the name of the trust. If it’s not, or if there is no trust, then the will would cover where the money would be distributed, not the memorandum.
If the Will Doesn’t Mention the Personal Property Memorandum, is It Invalid?
The personal property memorandum is an appendage of the will or the trust. The will or trust needs to specifically authorize the use of the personal property memorandum. If you just create a list of personal items and who is to receive those items, the court might interpret that as a will and if it is not validly executed as a will, then the court might throw out those distributions of tangible personal property. If your will does not include a reference or an authorization to use the personal property memorandum, you should make a modification to your will or trust. Or, you could do a subsequent will.
Can the Memorandum Be Used to Dispose of Motor Vehicles, Trailers, Coaches and Other Motor Homes?
Vehicles are tangible, personal property and they can be listed in the personal property memorandum, with a designation of who is to receive each of those items.
Should I Provide an Alternative Beneficiary if the First Named Beneficiary Does Not Survive Me?
You should list a secondary beneficiary on the personal property memorandum. Also, if the personal property memorandum was executed several years ago, you want to revise it to make sure that we have alternate beneficiaries listed. Revisions are also necessary to remove someone who may have passed away or someone who no longer desires to receive a particular item of tangible personal property.
Can I Easily Modify the Memorandum at Any Time? Do I Need an Attorney to Do So?
The point of the personal property memorandum is that you can modify it at your leisure without requiring the assistance of an attorney.
Can the Memorandum Be Voided Without Affecting the Will?
You can terminate the personal property memorandum and revoke it at any time, while the provisions of the will would remain in force
Do I Need an Attorney to Draft and Make a Legal Personal Property Memorandum?
When the will or trust is being drafted, the personal property memorandum should be drafted at that time as well, to make sure that it has all the essential elements which go towards ensuring that the individuals listed receive the items and that it’s not thrown out by a court or disregarded. The assistance of an attorney is recommended for drafting a will or trust.
For more information on Items In Personal Property Memorandum, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (615) 628-7775 today.