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Tips for handling the passing of your assets

| Apr 21, 2021 | Estate Planning

California residents who are sitting down to start their wills need to think about the assets they have. If you’re like most people, you have an idea of who you want to leave particular assets to. To ensure that your heirs get those intended assets according to your will, here are some tips you’ll want to follow.

Be mindful of passing down your home

One aspect of making an estate plan is determining who you want your house to go to. While you may want to give your house to your children, you might want to think twice. Unless there is some sort of sentimental attachment to the home, it’s best to consider just selling it. This way, they can just inherit the proceeds.

You need to realize the fact that passing down a home comes along with taxes and maintenance fees. Unless your child wants to move into the home, it’s unlikely they’ll want to pay for it to sit there empty. In addition, they likely won’t want to have to deal with getting rid of your personal belongings. Things like your clothes can cause your children heartache as they pack up your items and then have to worry about where to take them. Having an estate sale can help to take care of these items for your children and provide them with some cash.

Be selective in items you do pass down

Before you put any heir’s name on an item, you should ensure that they want it. Speak with them about whether they desire to have it before putting it in your will. By having your heirs on the same page as you, you can save them a lot of work after your passing.

Handing down your assets is a necessary part of life. As you undergo the estate planning process with the help of an attorney, you should be taking the time to ensure that you’re mindful of the long-term view. Just because your children say they love your home doesn’t mean that they’ll want to deal with all the responsibilities that come along with inheriting it.