You may have a beautiful home, family heirlooms and other treasured possessions that you want to pass on to your children in a will or trust. However, what if your children do not feel the same way? Sometimes a person simply does not want to inherit the personal possessions of their parents. What do you do then? Estate planning can help.
Dealing with the family home
Many adult children may certainly appreciate the upbringing they received in the family home, but that does not mean they want to inherit it. Especially if you have more than one child, the question of “how do my kids share one home” inevitably arises. Friction may arise if one child uses the home more than others who have an equal share in it. The same can be said for vacation or beach homes. In this situation, it may be better for you to have the home sold and the proceeds divided between your children.
Amassing a collection of a favorite item can be both emotionally satisfying and financially rewarding. Many people have a collection that has, if not a lot of financial value, a lot of sentimental value. However, your children may not have the same passion as you do for your collection. In this case, it may be better to sell the collection and split the proceeds between your children in your estate plan.
Options to selling
You may be a bit hesitant to sell the family home, vacation home or treasured collection to a complete stranger. In this case, you do have option. You could donate possessions to charitable organizations or museums. In addition, decluttering with your children and passing on memories can be emotionally satisfying if you do intend to sell your home or possessions. Finally, enjoy the results. You may not only find you have more space once items are donated or sold, but you may feel a weight has been lifted off your shoulders knowing your possessions are appreciated and in good hands.
Learn more about estate planning
Ultimately, this post is for educational purposes only and does not contain legal advice. To learn more about estate planning in Missouri, you may wish to review our firm’s website for further information.