When writing out your will, you may think of many options for items and assets you want to hand down to your children or other people in your life after you die.
Part of estate planning is knowing what to pass on to each person in your life. Some assets may need a bit more consideration before you start to make your estate plan.
Small or family-owned businesses
According to Kiplinger, your children may face burdens you did not realize if you leave them the family business without telling them. Various family members may all feel entitled to run it, which can cause arguments and financial strife between relatives in the months after your death.
Being open and honest about what you expect the next owner to do in the future can help you determine the best fit before fights start.
Homes on other properties
When you own a vacation house or a timeshare, you may feel excited to pass this piece of property down to your loved ones. However, the contracts attached to timeshares can often be hard for people to end if they do not want to continue paying for them at some point in their lives.
If you want to give your children any rental, you should make sure they want to keep paying off a mortgage. Additionally, some siblings may feel left out if you gift a large piece of property to one child but not the other. Thinking carefully about the benefits and drawbacks of those assets can help you as you plan your estate.