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How to approach estate planning the right way

| Apr 8, 2021 | Estate Planning |

California residents who undergo estate planning end up willing their items to their children. While this may seem like a nice thing to do from the perspective of the grantor, many times, this creates a headache for the grantees. By understanding what happens after your death, you’ll likely have a new perspective on how you’re going to handle the assets in your estate.

A look at real estate

One big asset that you’ll need to handle as part of your estate planning is your home. It’s common for parents to think that their children would like to have possession of their family home once they pass. However, willing your home to your children can be the start of a disaster. This holds especially true when you have more than one child because it’s hard for children to split the house.

Apart from hashing out issues of who will take care of the house and who gets to stay in it at certain times, there are other issues that your children would have to deal with. These include paying taxes and performing maintenance. In most cases, you’re better off having the house sold and the proceeds given to your children. This is less chaotic for your children to deal with and doesn’t throw a lot of responsibility on their shoulders.

A look at your stuff

Apart from the big assets like your home or vehicles, you’ll need to think about all the remaining stuff that you have in your estate. This includes all the little things inside of your home, including your furniture and any treasured collectibles. After you pass, your children will have to deal with cleaning out the home and all of these items if you don’t specify otherwise.

While you may want to pass down some of your assets to your children, you need to think about the entirety of this situation. It’s a good idea to take the time to actually ask your beneficiaries whether or not they would like the asset and on what terms. This can help to alleviate some issues that may come up after your passing and help to ensure that there’s a smooth transfer of assets or money to your beneficiaries.