What is considered a legacy? Well, a legacy is something you leave behind for your loved ones, something to make the world a little better than how it was. A legacy is a part of you that you leave behind. While some people decide to donate money to charities and foundations, most people would leave all they have to their family, with real estate being the most common. So, how can you ensure that your family receives the legacy of your inheritance without a hitch?
Prepare a will
Despite how well your family gets along, it is always best to prepare a will as early as possible to avoid any family dispute over asset distribution. Don’t think of preparing a will as bad luck that invites early death, but instead a will is a legacy you leave behind to ensure each one of loved ones is well taken care of in the future.
Anticipate and minimize inheritance conflict
You may want to see the best in your loved ones; that is a natural feeling, but it is also important to anticipate conflict when it comes to inheritance. This is even more so for families that have special circumstances like stepparent-stepchild relationships. To minimize conflict within the family, make it clear from the start to keep things civil between all parties during life and after death.
Address personal properties separately
Sometimes, personal belongings are more of a sentimental value than monetary value. Whatever it is, it is best to leave a separate list of personal property like trinkets and jewellery with detailed instructions as to who will inherit the items. This will prevent conflict among family members, even more so if these personal items are of great value.
What is estate planning? For one, estate does not only include real estate, but everything you own as well such as your car, investments, personal possessions, insurance, and savings. So, estate planning involves planning out who is to receive your estate and what they inherit when something happens to you. Good estate planning does not only include what is to be given away, but what is not given away such as the debts that go with it. Good planning also allows you to provide the transfer for your business in the event of retirement, disability or death.
Keep things private
Should you give a copy of your estate planning to your children? Well, many professionals think otherwise. There are times when changes need to be made to a will, and should you disclose your estate planning to your beneficiaries at an early stage, when you make changes, disputes might happen later to disgruntled parties.
Should you think there would be too much discontent amongst the beneficiaries of your legacy, or maybe you think you would be unfair or lacking in real estate to bequeath your loved ones, you can always liquidate your assets, and then distribute the amount fairly amongst all your loved ones.