10 Items You Should Keep Out of Your Children’s Inheritance
Outdated Technology Including items like old computers, outdated phones, or obsolete electronics in an inheritance can be more of a burden than a benefit.
Collections with Questionable Value Unless they are highly valuable and appraised, collections of items like stamps, coins, or antiques may not hold the same value to your children
Timeshares Timeshares often come with ongoing maintenance fees and restrictions that can be cumbersome for heirs.
Unpaid Debts Ensure that any debts or loans are settled before passing on your estate. Leaving debts for your children can create financial stress and complicate the inheritance process.
Heirloom Furniture Large, bulky furniture may not fit into your children’s homes or lifestyles. Unless specifically requested, it’s better to sell or donate these items.
Specialized Hobby Equipment Unless your children share your hobbies, specialized equipment (like fishing gear, woodworking tools, or musical instruments) may go unused and take up space.
Personal Items Personal items like clothing, accessories, and old photos should be sorted and distributed or disposed of before passing on the estate.
Real Estate with Complications Properties with unresolved issues, such as legal disputes, environmental hazards, or significant repairs needed, can become a burden.
Pets Unless previously agreed upon, leaving pets as part of an inheritance can be a significant responsibility for your children.
Jointly Owned Property Joint ownership can create legal and logistical challenges. It’s often better to resolve ownership issues and provide clear, individual assets to avoid conflicts.