Tennessee residents who want to ensure that they leave no burden on their loved ones will develop an estate plan. This plan is comprised of various legal documents that help to describe what a person wants to happen to all of their assets after their passing. If you’re thinking of developing an estate plan for the first time, there are some things you need to deal with.
What assets do heirs actually want?
The first step in the estate planning process is determining who your heirs will be and what you want them to receive. This can be done by looking at the assets that you have to give away. This asset list will include things like your house, cars, bank accounts and so forth. You should link all your heirs to the potential assets that they may want.
The next step you’ll want to take is one that many people tend to overlook. You’ll want to talk to your heirs and see if they actually want the assets you want to give them. In reality, you may find that your heirs don’t want some of the assets that you intended to give them.
What to do with these unwanted assets
One of the best decisions you can make in regards to the assets that your heirs don’t want is to have them sold. All the items left in your estate can be put up at an estate sale after your passing. Then, all the proceeds, after deducting any liabilities that you owe, can be dispersed to your designated heirs. You should have it clearly stated in your will which items are non-assets and should be sold so that there are no questions upon your passing.
Dealing with your assets could be a big burden for family members after your passing. It’s a good idea to construct an estate plan that deals with what is supposed to happen to all of your assets. This makes it simpler for everyone to understand upon your passing.