Tangible Personal Property u Items you can touch

Tangible Personal Property u. Items you can touch, feel, and carry u. Jewelry, books, furniture, watches, computers u. Not stocks, bonds, bank accounts

Tangible Personal Property Why is it important? u. Has sentimental value u. Unlike money, does not divide u. Most likely dispute amongst beneficiaries

Tangible Personal Property Solutions u. Give items away during lifetime u. Specific designation in will / trust u. Personal Property Memorandum

Tangible Personal Property Memo u Separate document from will / trust u Lists each item and who gets it u Detailed as possible to eliminate ambiguities, include pictures or serial numbers u Simple to execute - sign and date u No notary or witnesses

Tangible Personal Property Estate Attorney App (estateattorney. app) u. Mobile app for our clients for generating and maintaining memo u. Available on i. OS and Android u. Find our profile by u Name: [FIRM NAME] u Phone: [FIRM PHONE NUMBER]

Tangible Personal Property Deciding who gets each item u. Discuss with family what items they want u Creative ways to settle dispute over items: u “Auction” – each person has fixed amount of fake money to bid on items u Drawing straws – longest straw picks first

Tangible Personal Property u. Change by generating new memo and signing and dating new memo u. Store with will / trust u. Important keepsakes and heirlooms, write down history or significance