The Last Will and Testament allows a person to make gifts of their personal property. Personal property includes tangible things such as jewelry, furs, artwork, or automobiles. It does not include cash, stocks, bonds, accounts, life insurance,or other intangible assets.
Personal property can be extremely valuable, and it can also represent items with little economic value but with tremendous sentimental value, such as heirlooms and items with family importance.
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Typically, personal property can be designated generally to a person or to be split among a group of people. The Will can make reference to a separate memorandum that will appoint specific items to different individual beneficiaries. This way, the memorandum can be changed without the necessity of preparing a new Will.