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Understanding Tangible Personal Property Memorandum (TPPM) and Its Importance
Definition & Meaning
A tangible personal property memorandum (TPPM) is a legal document that specifies items of tangible personal property, such as jewelry, artwork, or furniture, along with the individuals designated to receive these items after the owner's death. This document serves as a guide for the distribution of personal belongings and is distinct from the owner's will. A TPPM can be handwritten or typed, and when referenced in a will, it is considered a valid testamentary disposition.
Table of content
Legal Use & context
The tangible personal property memorandum is primarily used in estate planning. It is relevant in various legal areas, including probate law and estate law. Individuals creating a will often include a TPPM to clarify their wishes regarding personal property distribution. Users can manage this process themselves with the right tools, such as legal templates from US Legal Forms, which are drafted by qualified attorneys.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A person creates a TPPM listing their antique furniture and specifies that their niece should receive these items after their death.
Example 2: An individual includes a TPPM with their will, stating that their jewelry collection should go to a close friend (hypothetical example).
State-by-state differences
State
Details
California
Allows TPPMs to be handwritten without witnesses.
New York
Requires TPPMs to be referenced in the will for validity.
Texas
Permits TPPMs to be included as part of a will or as a standalone document.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Will
A legal document that outlines how a person's assets should be distributed after death.
A will covers all assets, while a TPPM focuses specifically on tangible personal property.
Trust
A fiduciary arrangement allowing a third party to hold assets on behalf of beneficiaries.
A trust can manage assets during a person's lifetime, while a TPPM only takes effect upon death.
Common misunderstandings
What to do if this term applies to you
If you need to create a TPPM, consider listing your tangible personal property and the individuals you wish to inherit these items. You can use templates from US Legal Forms to draft your memorandum effectively. If your situation is complex or you have significant assets, consulting a legal professional may be beneficial.
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