Answer: The best method for passing on keepsakes is to use a Personal Property Memorandum.
The State of Hawai‘i allows you to make your own list of beneficiaries of tangible personal property. Just hand-write the list of property and the beneficiary, sign it and date it.
What are the Benefits of Creating a Personal Property Memorandum?
Passing on keepsakes to those we care about and who we know will cherish them can be a meaningful experience. We hope that the recipient of these items will continue to find value and meaning in the keepsake long after we are gone.
• It can help reduce any conflict that might occur between siblings after parents die. A parent’s death can be a very stressful time as people are asked to deal with assets while they are grieving. This can strain relationships. A parent making the decision rather than leaving it up to the children to decide can greatly reduce conflict.
• It can reduce legal fees. A Personal Property Memorandum does not require the assistance of an attorney, thus eliminating attorney costs.
• Enrich your relationships by fostering communication now. It can bring relationships closer when you engage in a conversation with each beneficiary, in person, to tell the story and value of the item you intend to leave for him or her.