Question: Should I write instructions regarding my jewelry and other personal assets in my will?
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.
STEPHEN B. YIM, ATTORNEY AT LAW
2054 S. Beretania St., Honolulu, HI 96826
808-524-0251 | www.stephenyimestateplanning.com