The task of handling a loved one’s estate can be very overwhelming physically and emotionally. Any of the heirs to your estate might have to take time away from work or even be involved in important planning tasks like the funeral. There is also all of the items that belong in your estate planning inventory that could be sorted through. You can do your due diligence and make things easier for your loved ones by creating an estate planning inventory in advance. This will make it simpler for your loved ones to find the necessary information and to navigate the challenging aspects of closing up your affairs.
Since there are so many things on a personal representative or an executor’s list, including filing a final tax return and paying down other debts, it’s important to think about what you can do to plan in advance for your family possessions. Trends might be changing when it comes to family possessions that traditionally would have been absorbed by heirs.
Younger generations are approaching typical life milestones like homeownership or marriage later on in life and might not have the space or interest to store an antique of your own. This is combined with the popular rise of minimalism, meaning that many people don’t want to absorb additional materials anyways.
Some of the steps that should be taken immediately after a love done passes away include:
- Appraising items to determine their total value.
- Evaluating documents, such as titles.
- Separating emotions when selling if an heir decides not to keep the item.
- Selling the item.
You can have some conversations in advance with your heirs to discuss what items they might want and which ones they are fine with leaving behind. The more work you can do now the easier you will make it for your executor to transfer this ownership and assets. Talk to a NH estate planning lawyer to create a plan for your belongings.