What to Consider When Passing Assets on to Your Family Members – Part I

There are many different considerations when thinking about leaving behind your assets to your loved ones. Read on to learn more about the first of the four major reasons you should consider in this four-part blog post series.  Most people do not realize just how many belongings and assets they have until they sit down to inventory everything.

Sentiment is one of the primary reasons that individuals consider passing on belongings to their loved ones to begin with. Not all assets or thoughts are about the money. For example, certain assets may have decades of memories attached to them or perhaps may have been passed down by previous generations.

Homes and vacation homes are a prime example of sentimental assets that may be passed from one generation to another. The decision on how to leave behind these complicated assets that can present liquidity problems to your heirs is conflicted and often very personal.

Determining how to maintain and bequeath the family vacation home alone is often complex enough to become a separate project for your estate planning attorney. The disposition of these kinds of assets should be discussed well before an individual passes away in order to avoid conflicts after the fact. Reach out to a New Jersey estate planning attorney today to learn more.