Georgia Memorandum Distributing Tangible Personal Property
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How to fill out Memorandum Distributing Tangible Personal Property?
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FAQ
Summary: Georgia's new estate planning law allows for a separate document to be incorporated into a Last Will and Testament as the will is being executed. This separate document could be a Personal Property Memoranda, a Letter of Instruction, or some other written item.
For a will to be valid in Georgia, it must be written either typed or by hand. (Georgia Code § 53-4-20). Oral wills, or wills that are recorded by audio or video, are not valid in Georgia. Holographic wills, which are wills that are written but not signed by two witnesses, are not valid in Georgia.
A properly prepared personal property memorandum will be specifically referenced in your trust or will and will be prepared in the testator's own (ideally legible) handwriting and signed. No witness or notary signatures are required. The memorandum can be revised or replaced as often as the testator desires.
Take turns saying which item you want from the list. Once you or your spouse reaches half of the value of the list, the remaining items go to the other spouse. You and your spouse can also divide the property into what you agree are two piles of equal value. Then, flip a coin.
When dividing your possessions, try to agree as much as you can with your ex-partner and be prepared to compromise....It's likely that one or both of you have a significant emotional attachment to your possessions, such as your:furniture.music collection, or.shared family car.
Tangible personal property means: articles of personal or household use or ornament, for example, furniture, furnishings, automobiles, boats, airplanes, and jewelry, as well as precious metals in any tangible form, for example, bullion or coins.
Here are a few methods:Draw lots and take turns picking items.Use colored stickers for each person to indicate what he wants.Get appraisals.Make copies.Use an online service like FairSplit.com to catalog and divide personal property in an estate.More items...?
A Letter of Wishes, sometimes called a Memorandum of Wishes, is a confidential document addressed to your executors and trustees that accompanies your Will. It is not legally binding; instead, it guides your executors and trustees to ensure your personal wishes are carried out.
