What's a Personal Property Memorandum and How Does It Work in New Mexico?

Have you ever thought about who should get your favorite necklace, that old family rocking chair, or maybe a special painting after you’re gone? In New Mexico, there’s a simple way to make sure your personal stuff goes to the right people without a lot of fuss. It’s called a personal property memorandum, and it’s like a wishlist you can add to your will. Let’s break it down in an easy way!

What Is It?

A personal property memorandum is a piece of paper where you list out specific things you own—like jewelry, furniture, or keepsakes—and say who you want to have them when you pass away. It works with your will, but this list is just for personal items that don’t usually have a title, like a car or a house does. Think of it as a way to give little gifts to the people you care about.

In New Mexico, the law says you can use this memorandum to tell your family and friends what you want, as long as you mention it in your will first.

How Does It Work?

Here’s how it goes, step by step:

1. Write It Down: You grab a piece of paper—or type it up—and list the things you want to give away. For example, you might write, “My blue quilt goes to my daughter, Maria,” or “My fishing rod goes to my grandson, Jake.” Be clear so everyone knows what you mean!

2. Link It to Your Will: In your will, you need to say something like, “I intend to leave a personal property memorandum to decide who gets some of my things.” This connects the two papers and makes your list official.

3. Sign and Date It: Put your name and the date on the memorandum. This shows it’s really from you and when you wrote it. New Mexico doesn’t make you get it notarized (signed by a special official), but it’s smart to keep it with your will so it’s easy to find.

4. Change It Anytime: What is particularly helpful about this memorandum is you can update it whenever you want! If you change your mind or get new stuff, just write a new list, sign it, and throw out the old one. You don’t need a lawyer for this part, which saves time and money. Again, just make sure to keep the new copy with your will.

Why Is It Helpful?

• It’s Flexible: Life changes, and so can your list. You don’t have to redo your whole will just because you want your cousin to get your cowboy hat instead of your brother.

• Keeps Things Clear: It stops fights by saying exactly who gets what. No one’s left guessing!

• Saves Money: Since you can update it yourself, you don’t have to pay a lawyer every time you tweak it.

What Can’t Go on the List?

Not everything can be on your memorandum. It’s only for personal property—stuff you can touch, like clothes, books, or dishes. Things like money, bank accounts, or your house don’t belong here. Those go in your will or other plans.

A New Mexico Example

Let’s say Grandma Rosa lives in Albuquerque. She writes a will referencing he written memorandum and writes the memorandum saying, “My silver earrings go to my niece, Sofia, and my old guitar goes to my son, Luis.” She signs it, dates it, and keeps it with her will. Years later, she decides Luis should get her cookbook instead, so she writes a new list. When she passes away, her family finds the latest memorandum, and everyone knows what she wanted. Easy and simple!

Final Thoughts

A personal property memorandum is a convenient tool that makes sure your special things end up with the people you love. In New Mexico, it’s a smart way to plan ahead without extra hassle. If you’re not sure how to start, you can always talk to someone who knows the law, but once it’s set up, you’re in charge. So, what would you put on your list?

References

• New Mexico Statutes, Section 45-2-513: This is the law that says you can use a personal property memorandum with your will in New Mexico.

• New Mexico Probate Code (NMSA Chapter 45): This set of rules explains how wills and property work in the state, including personal items.