PROPERTY SEPARATELY FROM YOUR WILL
Do you have heirlooms, antiques, art objects, jewelry or similar unique items that you may want to leave to specific relatives or friends, but you aren't ready to decide what goes to whom at the time your Will is drawn, or the risk of your death in the near future is remote?
A practical solution offered by Arizona law is the power to cause the distribution upon your death of tangible personal property (not cash, securities or evidence of indebtedness) to those persons you identify in a written statement or list that is separate from your Will. This statement or list may be prepared before or after the date of your Will, and it may be changed or rewritten before you die without redoing your Will.
Such a statement or list has the same effect as if it was contained in your Will, but it has the advantages that it can be modified as you change your mind, or as property is sold, given away or discarded. It also avoids a possibly distracting itemization in your Will of numerous items of personal property of varying, and sometimes minimal or unknown, values from the Will's more critical dispositive provisions.
The legal requirements for such a statement or list are that it must be in your handwriting or signed by you, and your Will must make reference to the fact that such a statement or list may exist. In addition, the following guidelines are recommended for its use:
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1. The statement or list should be dated so that its finality can be verified.
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2. The statement or list should not include items otherwise specifically bequeathed by you in your Will.
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3. You should clearly describe each item with reasonable certainty and so that it is easily identified and not confused with another similar item.
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4. The use of such a statement or list does not apply to the disposition of money, evidence of indebtedness, documents of title or securities.
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5. Each beneficiary should be identified by his or her proper name and relationship to you. The address of the beneficiary should be added if the beneficiary is not closely related to you so that proper identification is insured.
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6. You should consider providing for an alternative beneficiary if the first named beneficiary does not survive you. If you do not, most likely it will become part of the residue of the estate disposed of by your Will.
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7. You may change the beneficiaries or property designated in the statement or list, or revise or revoke the entire statement or list. Preferably, changes should be made by a dated new statement or list in your handwriting or signed by you, and the old one should be destroyed.