Question 1: What is the personal property letter?
A personal property letter, also called a personal property distribution letter, is a document you create that accompanies your last Will and testament. The document itself sets out who you want to receive your personal property, a category that includes such items as family heirlooms, books, photographs and other assets not specifically accounted for in your Will.
Question 2: Why should I use a personal property letter?
Because personal property is so easily transferred, lost, and acquired, it can be difficult to change your choices if you state them explicitly in your last will and testament. Your Will has to comply with specific state laws, and changing it requires strict adherence to these laws. With the personal property letter, all you have to do is change the letter without meeting the same requirements you would if you were changing the Will itself.
Question 3: How can I create a personal property letter?
You usually cannot simply decide to create a personal property letter if you already have a last Will and testament. Your Will must specifically allow you to create such a document. The Will should also have a clause that states what happens to your property in the event you never create a letter or in the event the letter is lost. If you’ve already created a Will, you need to speak to your estate planning lawyer about creating a new one that includes a provision for personal property letter.