Have you carefully made a list of all your treasured family heirlooms and who will inherit them? You may be in for a surprise! A new report from Kiplinger found that most children don’t want their parents’ belongings – and need help getting rid of stuff their parents spent a lifetime acquiring! In real life, after their parents die most children begin to research how to get rid of all the “stuff” left in the family home. Whether it’s the family home or vacation retreat, treasured collections or family heirlooms in many cases, the kids simply don’t want it, don’t have room for it or can’t afford to own it.
As a parent who has put time and thought into creating a solid estate plan, what can you do to make sure your heirs actually want their inheritance? And, how can you provide for your heirs after you are gone? According to Kiplinger, there’s a lot you can do today to make life easier for your loved ones after you are gone.
1. Have A Family Inheritance Meeting
If you don’t know if your family wants your family heirlooms, ask them! Call a family inheritance meeting and ask who wants what – and make sure you’re ready to accept that what you value and treasure may not be important to your children and grandchildren.
Don’t make them feel guilty: your goal is to simplify life and protect your loved ones – not your stuff!
2. Sell Your Valuables
There are many online and brick and mortar places to sell your valuables, collections, antiques and heirlooms. If no one uses the family vacation home, sell it. If your children don’t want to live in the family home after you are gone, speak to a local realtor so your children can easily sell the home when you no longer live there.
3. Donate
Some valuables over time lose value and simply are sellable. Donate your things to a local charity where someone who needs them will truly appreciate them.
Lombard estate planning attorney Mario Godoy said he has seen many instances where heartbroken children are faced with selling their parent’s home and belongings after their death:
Handling your parents’ estate is very stressful. Parents who want to protect their childrens’ future often inadvertently cause they grief and stress when they need to organize an estate sale or other resources to dispose of their parent’s things. Good estate planning includes having a conversation with your heirs to find out if they want your things after you are gone.
Protecting your family after you are gone is the foundation of estate planning. Call us at 630-864-5835 as soon as possible to update your estate plan and make sure your loved ones are protected.
The Estate and Probate Legal Group Serves Cook, Dupage, Kane, Lake, and Will counties in Illinois.
