It’s important to be specific about assets when estate planning

| Nov 8, 2018 | Estate Planning

When the terms of a will are unclear or the will does not address a specific asset at all, it can leave a Colorado family in disarray as they try to figure out what to do with that piece of property. Many people address things like real estate, stocks and liquid assets in their will, but it is smart to also include hard assets as well. When estate planning, it is prudent not to overlook these important issues.

Hard assets include things such as heirloom jewelry, valuable pieces of furniture, art and more. In many cases, these things have monetary value, but in others, they may just be sentimental. Regardless, it is important to include these things in a will. When thinking about what should happen to a specific asset, it may be useful to first have it appraised. Knowing its true value can prove beneficial if the asset is later sold and the profits shared between heirs. 

When addressing hard assets in a will, it is prudent to evaluate who would want that asset, as well as how best to pass the asset to that specific person. It is possible that it is ultimately best to pass the asset to the heir, then allow the heir to decide whether to keep the asset or sell it. If the heir is not able to take care of the asset or is a minor, it might be necessary to place assets in a trust for later use.

Drafting a compete and thorough will is an important part of the estate planning process. Colorado families will  be less likely to find themselves embroiled in disputes over specific assets or unsure of what the decedent would have wanted. It might be helpful to seek guidance when making important decisions pertaining to a will.