People tend to procrastinate when it comes to inheritance planning. This is primarily to the fact that dying is the last thing on your to do list. At the same time, it is one of the inevitabilities of life. Therefore, it is wise to take the right steps to facilitate efficient asset transfers after you are gone.
Places of Residence
Some people hang on to their large homes for sentimental reasons. This is true even after they have been empty nesters for years. They can envision passing it along to their children. The thought being that they can go through everything and relive all of their memories.
On the surface, this can sound like a fine idea. However, it is not very practical for most families. First, your children may not have the same sentimentality that you have when it comes to the property.
Secondly, if the value is going to be split among multiple children, it has to be sold anyway.
If you want to stay in the home for your own comfort, that is well and good. However, you would probably be doing your children a service if you liquidate the property while you are living.
The dynamic is different when it comes to a vacation home, because multiple families can share ownership. However, a lot of younger folks are not in a financial position to enjoy this luxury. This is particularly true when their interest in the property could be put to much better use.
Collectibles
It can be truly rewarding to pass along a limited number of family heirlooms to the ideal caretakers. When you know that a loved one has always admired a certain piece, giving it as a gift can be a beautiful thing.
This being said, if you are an avid collector of antiques, classic cars, musical instruments, records, books, or some other items, your children may not share the same passion.
If you have watched American Pickers on the History Channel, you have probably seen adult children that are overwhelmed by large collections. They know little-to-nothing about the objects, they don’t want to keep them, and they do not know what they are worth.
Of course, you spent years trying to find your cherished items, and you accumulated them because they mean something to you. They are like the contents of a treasure chest, so it is naturally going to be hard to let go of them.
From a practical perspective, you know the value of the items, and you are in the best position to liquidate them.
Enjoy the Process
You do not have to view downsizing as a gloom and doom task. For example, with regard to the collectibles, you will be sharing them with passionate enthusiasts that will enjoy them as much as you did. This is actually a very special opportunity if you look at it right.
With regard to your home and the items that do not have monetary value, it can be fun and cathartic to go through everything and relive some of the memories. In a real sense, this can be viewed as a metaphor for the letting go that will be necessary when you pass away.
When you take this step, you are giving a gift to your loved ones. They will be grieving when you are gone, and it is difficult for multiple people to coordinate the liquidation efforts. You will be making their lives easier if you streamline your living situation.
Access Our Free Worksheet!
If you want to learn more about estate planning, we have a fantastic resource that you can access right now. We have prepared an inheritance planning worksheet that you can complete to gain a more thorough understanding of the details.
There is no charge to obtain this worksheet, so you should definitely take advantage of the opportunity. To get your copy, visit our worksheet access page and follow the simple instructions.
Need Help Now?
Our doors are open if you have already learned enough to know that it is time for you to work with a Tulsa, OK estate planning lawyer to put a plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 918-615-2700.
We also have an office in Oklahoma City that can be reached at 405-843-6100.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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