A will covers your big assets, but a Personal Property Memorandum (PPM) handles the little stuff—jewelry, furniture, artwork. It's a flexible, easy-to-update document that can avoid family fights over sentimental items.
Key points:
- Not valid everywhere: States like Minnesota accept PPMs, but others like New York don’t. Know your state's rules.
- What it covers: Tangible items—not real estate or financial accounts.
- Easy to change: Unlike a will, you can update a PPM without formal legal steps.
Why use a PPM:
- Flexibility: Update it as needed.
- Clarity: Prevents disputes over who gets what.
- Saves money: Updating a PPM is simpler and cheaper than revising a will.
Downsides:
- Not valid in every state: Check your local laws.
- Limited scope: Only for personal belongings.
A PPM gives peace of mind. It's easy, specific, and keeps family harmony intact.
