You may want to think twice when you are engaged in your inheritance planning efforts.
When you have lived in your home for many years, it is a repository of countless important memories. It is more than a piece of residential property, because it is representative of your family history.
If you would like to keep the home in the family, this is totally understandable, but your heirs may look at the property in a different way. First, if you have multiple children, how are you going to divide its value without selling the home?
Yes, you could give the home to one child and try to balance the inheritances in other ways, but this will not work for some people. And there is the simple fact that the children may not want to live in the property for one reason or another, and they may be reluctant to let you know.
Obviously, each situation is different, but a lot of people have a hard time letting go, even if it is the right thing to do. At some point, if downsizing makes sense, you may be doing yourself a disservice if you remain in the home for the benefit of your children.
The dynamic is different when it comes to a vacation home, and it can give you a warm feeling to envision your children spending time there together with their families. This being stated, is that really going to happen very often?
An ownership interest in a valuable piece of vacation property that is sold can potentially pay for a child’s college education or provide funding to start a business. It may be best to let your children decide how they want to use their inheritances when the time comes.
Most people have seen the popular American Pickers television show on the History Channel at some point. If you have watched a number of episodes, you have invariably seen people that inherit huge collections from their parents.
Though they are aware of the fact that the items have value, in many instances, the heirs do not share the same passion for these collectibles. They may appreciate them, but they are not prepared to negotiate fair prices, and they have no interest in keeping the objects.
If you are a collector, you should carefully consider the situation that your children will walk into if you do not liquidate your collection while you are alive. Yes, it can be difficult to part with these curated items, but this is a reality that all collectors must face eventually.
Accentuate the Positives
When you go through your belongings with liquidation in mind, it does not have to be a sad experience. Memories will surface when you are handling them, and you can ask your family members if they would like to have any of the objects before they are sold.
From a psychological perspective, letting go of physical things that you are attached to can help prepare you for the inevitability of your own passing. On a practical level, when the process is completed, your living space will be less cluttered, and this can actually provide a sense of relief.
Access Our Free Worksheet!
You came to this site because you are looking for information about estate planning, and you are definitely in the right place. In addition to the blog posts that we share on an ongoing basis, there are other written materials that you can access at any time.
One of our resources is a planning worksheet that you can go through to gain a more thorough understanding of this important process. It is being offered free of charge, and you can get your copy right now if you head over to our worksheet page and follow the simple instructions.
Need Help Now?
If you already know that it is time for you to work with a Cincinnati estate planning attorney to put a plan in place, our doors are open. You can send us a message to request a consultation appointment, and we can be reached by phone at 513-721-1513.