Last Updated: Aug 10, 2026
Read Time: 1 mins
Transcript:
There are a few ways you can handle sentimental family items in your estate plan. The first way would be to establish or create a personal property memorandum. A personal property memorandum is a simple document that specifies which of your personal items goes to which beneficiaries. That personal property memorandum is a document that is separate from your will or your trust thereby allowing you to make changes and updates to that memorandum without formally or legally amending your will or your trust.
Another way of handling sentimental family items is to gift them during your lifetime. Finally, I will say just from an administrative point of view, any gift of tangible personal property, if its fair market value exceeds the annual gift tax exclusion for that year, you will want to make sure that you file a gift tax return to report that gift to the IRS. So, if you gift an item of personal property to somebody now and that item of personal property exceeds $19,000, just make sure you timely file a gift tax return to report that gift.
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