You have spent a lifetime accumulating your possessions, and many of them mean something to you. This is a beautiful thing, and when you are thinking about your legacy, passing these items along may be a very meaningful act.
Without question, there are probably family heirlooms and other items that certain family members are fond of, not all items fall in this category.
In these rapidly changing and challenging times, lifestyles are evolving, and you should take this into consideration when you are evaluating your belongings.
Residential Property
The place that you call home is very special on a number of levels. It may be the house that you raised your family in so your children would feel an emotional connection to the property.
Beyond this, you selected that particular home because it appeals to your sensibilities so you view it as one-of-a-kind. For this reason, you may want to keep the home in the family when you are devising your estate plan.
In many instances, this is not a good idea. Your children probably feel the same way about their own respective homes, and it is impracticable to expect them to share ownership of the property for sentimental reasons.
If you have one child that would definitely like to inherit the home, you can build a plan from there; but many people are not in this position.
You may recognize that downsizing would make sense at some point, and you should not let impractical sentimentality stop you from moving on if it makes sense.
Of course, if you are going to stay in the home for your own reasons, you can plan your estate with the expectation that your children will sell the home and split the proceeds.
Vacation Home
A vacation home can seem like the ideal piece of property to leave to your children. There would be no one living in it full time so they can all enjoy this shared family treasure, and it can be passed along to your grandchildren.
This is a nice idea, and for some people, it can be the right choice. That being said, if you are wondering how you are going to send your children to college or pay down your credit card debt, partial ownership in a vacation property may be impractical.
If you find that you are not spending time in the home yourself late in your life, it could be time to consider selling the property if the market value is right.
Collections
A lot of people have collections of different types; and if you are one of them, you may have spent many years searching for rarities. The items are very difficult to find so they are your prized possessions.
Your children may see them in a different light, though, even if they understand that there is value there. As anyone who has watched American Pickers knows, children who inherit collections are sometimes placed in very difficult positions.
When an inheritors do not have the experience to understand what each item is worth, they are at a disadvantage; and it is time consuming to try to figure it all out. As a collector, you are well-positioned to liquidate the items in advance, and your children will be the ultimate beneficiaries.
Accentuate the Positives
At first, it is hard to wrap your head around the concept of letting go of things that you have worked hard to accumulate. Of course, in a broader sense, this also applies to the stark reality of human mortality.
If you accept the inevitable and envision the situation your children will be in after your passing, you may see that liquidation is a good idea. You will be doing your loved ones a favor, and the reduced clutter can actually enhance your life on a day-to-day basis.
We Are Here to Help!
Our doors are open if you are ready to work with an Ashland, Kentucky estate planning lawyer to put a plan in place. You can schedule a consultation appointment right now if you call us at 606-324-5516. Our office in Florence, Kentucky can be reached at 859-372-6655.
The number in Charlotte, North Carolina and Huntersville, North Carolina is 704-944-3245, and you can use our contact form if you would like to send us a message.
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