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BY BERNARD A. KROOKS, CERTIFIED ELDER LAW ATTORNEY

SPECIAL GUEST CONTRIBUTOR: JOEL KROOKS, ESQ.

When people think about estate planning, they often focus on major assets like real estate, investment accounts, and life insurance policies. However, tangible personal property—items such as jewelry, artwork, collectibles, furniture, vehicles, and family heirlooms—can carry both emotional and financial value. Planning for how these possessions will be distributed after death is an important yet often overlooked part of a comprehensive estate plan.

These items may or may not have high monetary value, but they frequently hold deep sentimental significance. Disputes over tangible items are common among heirs because personal meaning can outweigh market worth. A grandmother’s wedding ring, for instance, might cause more tension than a bank account because of its emotional connection.

One way to handle tangible assets is through a personal property memorandum. This document, referenced in your will or trust, allows you to list specific items and designate who should receive them. Unlike a will, which typically requires formal execution to make changes, a memorandum can usually be updated more easily without legal formalities. This flexibility makes it ideal for items that may change hands, be sold, or be newly acquired over time. However, it is important to note that in New York a personal property memorandum is not legally binding, and it simply shows the Decedent’s wishes regarding their tangible personal property. 

Another option is to distribute tangible personal property through specific bequests in a will or trust. A specific bequest names a particular item and the individual who should receive it. For example:

“I give my diamond engagement ring to my daughter, Jane Doe.”

“I give my antique piano to my nephew, John Doe.”

By including language like this, you remove ambiguity and give your executor clear legal instructions. These specific bequests are binding and enforceable under your will or trust, ensuring that your wishes are carried out as you intend.

It’s important to describe each item clearly to prevent confusion or disputes. Include identifying details—such as brand names, serial numbers, or distinguishing features—especially for valuable or similar-looking property. If you later sell or give away an item that you’ve listed in your will, your estate plan should be updated to reflect that change. Photographs are another excellent way to clearly illustrate which tangible personal property you are describing. 

Tangible personal property should be coordinated with the rest of your estate plan. For example, if valuable items are part of a trust, ownership may need to be formally transferred to the trust to avoid probate. Additionally, specific items left in a will should align with the terms of any trust or beneficiary designations to prevent contradictions. Items with significant value—such as rare collectibles—should be documented carefully for estate valuation purposes.

Tangible personal property estate planning is more than just deciding who gets what—it’s about preserving family relationships and honoring sentimental ties. By creating a detailed memorandum, communicating clearly with loved ones, and integrating personal property decisions into your estate plan, you can reduce the risk of disputes and ensure your possessions end up exactly where you intend. 

Bernard A. Krooks, Esq., is a founding partner of Littman Krooks LLP. He was named 2021 “Lawyer of the Year” by Best Lawyers in America® for excellence in Elder Law and has been honored as one of the “Best Lawyers” in America since 2008. He was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils (NAEPC). Krooks is past Chair of the Elder Law Committee of the American College of Trust and Estate Counsel (ACTEC). Mr. Krooks may be reached at (914-684-2100) or by visiting the firm’s website at www.littmankrooks.com.