Assets You May NOT Want To Transfer Through A Florida Estate Plan
When you think of the different mistakes people make with estate planning, the first that comes to mind is not doing anything at all. Details from an estate planning survey conducted by Caring.com reveal that this oversight is far too common, as 2 out of 3 adults in the US have not taken steps toward making a will. Other common oversights include not complying with the legal requirements for making a will, failing to prepare advance directives and powers of attorney, and not making your wishes known about end-of-life care.
However, there is one mistake with estate planning that is rarely addressed: Distributing items to loved ones who may not need or want them. People often assume that their children will want real estate and treasured items, but you might be surprised to learn that you could be creating a new set of headaches. A Dade City estate planning lawyer can help with decision making on the assets that may deserve special consideration.
Assets You May Not Want to Pass Via Estate Planning
Whether you are working out distributions in your will or structuring a trust, you will address all assets to determine how they are handled at your death. Carefully consider items with higher net worth and personal attachment, as you could be saddling your loved ones with unintended burdens:
- The family home may be quite impractical to bequeath to your children. There is limited likelihood that siblings will share in occupancy, so one will need to buy out the others. They could potentially lease it for rental profits, but doing so can be the equivalent of running a business.
- You may want your vacation house to continue providing wonderful family memories long after you are gone, but giving it to your children can lead to financial woes. They may not be prepared for the burden of maintaining a second home, and might not have time to enjoy it.
- Over your lifetime, you may have many personal collections and valuables – which may not carry the economic value you expect. Plus, your hobbies may not carry over to those close to you. Your loved ones may end up selling your treasures because they do not have the same emotional investment.
What to do About Unwanted Assets
To make your estate administration as easy as possible, start by asking family members about specific items. Start selling unused or unnecessary belongings that have value and consider donations. When it comes to going through items that have personal value, share stories and take pictures – knowing that decluttering will streamline your final affairs AND free up space in your home.
A Florida Estate Planning Attorney Can Advise You on Details
As you can see, there could be a major gap between what you want to see happen to your things and what beneficiaries want from them. To learn more about considerations when distributing assets, please contact The Law Office of Laurie R. Chane. You can call 352-567-0055 or go online to set up a consultation at our Dade City location.