When it comes to estate planning, you have to decide who will inherit the items you leave behind. However, you can’t assume your children will want everything you’ve collected over a lifetime. Items that require their time or money for upkeep, not to mention the cost of storage space, may not be the inheritance they want.
Inheriting Real Estate Comes With Responsibilities
Believe it or not, a number of retirees hold onto property for the sole purpose of leaving it to their children. For example, though a vacation home is an asset that appreciates in value, it also requires paying for maintenance, taxes and utilities that may be draining your retirement nest egg. Once you pass it on, your kids may not want the responsibility of covering the expenses and taxes required to keep the property in the family.
Family Treasures Are In The Eye Of The Beholder
You may consider great-grandma’s Singer Sewing Machine a treasured heirloom but your adult children may see it as a burden they have to store. The same goes for sets of special-occasion and formal dinnerware, silver-plated flatware and serving plates they’re unlikely to use when entertaining.
Times have changed and with it family lifestyles have changed. Even if your kids appreciate your sentimental attachment to certain items, they may not want to inherit:
- Book Collections & Old Photos
- Porcelain Figurines & Collector Plates
- Heavy Furniture & Persian Rugs
- Vintage Table Lines & Bed Linens
You have to accept that your family may not share your passion for items you’ve treasured over the years and there’s only one way to find out: ask them.
“Make it clear that your feelings will not be hurt if no one wants your collection of Precious Moments™ Figurines or your vintage Nancy Drew books.”
Hold A Family Estate Planning Meeting
First, take an inventory of everything you’ve planned to leave behind as your legacy. Then hold a family meeting to review it all. If your kids live out of state, set up a Zoom meeting. Make it clear that your feelings will not be hurt if no one wants your collection of Precious Moments™ Figurines or your vintage Nancy Drew books. Once you’ve confirmed who wants what, and which items no one wants, you can look at other options.
Start Selling “Orphaned” Items Of Value
From real estate and furniture, to collectibles of value, whatever the kids don’t want, sell it, now. You can add the cash proceeds to your children’s inheritance. Or, perhaps you want to splurge on yourself. Other items can be sold online, in a yard sale, or donated to Good Will and the Salvation Army.
