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How to handle unwanted assets in your estate plan

On Behalf of | Apr 26, 2021 | Estate Planning

Florida inhabitants who are looking to start their estate planning should consider all of their assets. Most people get so focused on their bigger assets like their home and their savings that they forget about all the smaller items. It’s important that you address all your assets, big and small, in your will.

Take a moment to list your assets

The best way to start the estate planning process is to list out your assets. Once you have your list, put a beneficiary next to each item. If there are items that you believe no one wants, specify what you wish to do with them. For example, you could donate your clothing to charity, or you may just want it sold as part of a larger estate sale.

Now, it’s time to speak with your chosen beneficiaries. You may be surprised to find out that they are not interested in receiving the particular asset that you were going to bestow on them. Whether they don’t want to handle the financial burden of taxes or they just have lost interest, you’ll need to cross their name off the list for the item they don’t want.

Be mindful when discussing assets with beneficiaries

Your daughter may have always expressed interest in inheriting your family home. However, it may not really be a feasible decision for her finances or lifestyle. Many times, owning the asset may seem like a better idea on paper than in real life. Unless your daughter wants to live in the house, it’s unlikely she’ll want to pay for the consistent upkeep and property taxes each year after your passing. Take a moment to identify all the unwanted assets on your list.

It’s important to plan out what should happen to your estate upon your passing. Talk it over with your beneficiaries and ensure that they’re actually interested in the items you want to give them. If not, consider putting all of those unwanted items in an estate sale that will have its proceeds dispersed among your heirs.