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Do your children want your assets?

On Behalf of | Feb 21, 2024 | Estate Planning

Most people leave the majority of their things to family members when they die. While hardly anyone will be upset about receiving a cheque from your estate, some may be less thrilled about certain items you plan to leave them.

Your loved ones are unlikely to have identical tastes to you. While your daughter might enjoy listening to Led Zeppelin just as much as you and be thrilled to receive your LPs, she might not have any interest in your collection of antique crockery.

While your son might crave your collection of woodworking tools, he may not want to inherit your 1952  Harley Davidson that has lain in pieces in your garage for the past twenty years. Even if he appreciates its classic status, he may not have space to keep it, time to rebuild it or the desire to ride it when he has two young children reliant on him.

Asking people can help you decide how to allocate your possessions

It can be nice to surprise a beneficiary by leaving them something they will cherish. Yet other emotions could dominate if they discover they inherit something they don’t want.

They might feel guilty about feeling ungrateful. Or uneasy because they know their sibling would have loved to have had it. Or they might wonder how they will explain to their spouse that they need to find a place for the painting you left them, even though it clashes with the decor scheme.

If you ask people upfront what they want, it allows you to create an estate plan that leaves everyone happier. In some cases, the best option may be to pass items to someone outside the family or sell them and leave the profits for your kids. Getting help to create your estate plan increases the chance that each item arrives in the correct hands.