QUESTION: Should I write instructions for my jewelry and other personal assets in my Will?
ANSWER: Yes. The best method to use is a “Personal Property Memorandum.”
State of Hawai‘i law allows you to legally make your own list of beneficiaries of tangible personal property. It is as simple as making the list in your own handwriting, signing and dating it.
Why make a Personal Property Memorandum?
Passing on keepsakes to those we care about and who we know will keep them can be a meaningful experience for each of us. And we hope that the recipient of these items will continue to find value and meaning in the personal keepsakes long after we are gone.
What other benefits in preparing this Personal Property Memorandum provide?
Helps reduce conflict. It reduces 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, causing strain in relationships. A parent making the decision can greatly reduce any conflict that might arise.
Reduces legal fees. A Personal Property Memorandum does not require the assistance of an attorney, thus eliminating attorney costs.
Enriches relationships. By fostering communication now, it can bring relationships closer when the giver engages in a conversation with each beneficiary, in person, to tell the story and the value of the item intended for them.
Stephen B. Yim, Attorney at Law | 2054 S. Beretania St., Hon. | (808) 524-0251 | stephenyimestateplanning.com