Initializing Property with read/write modifiers

I have the following declaration in a class (example only)

property Name: String read private write; notify;
How do I specify an initialization value?
I have tried the following but it does not work:
property Name: String := ‘Smith’ read private write; notify;
also tried property Name: String := ‘Smith’; read private write; notify;
Is the only way to initialize in this scenario with read write modifiers to do it in the constructor?