Estate planning for major assets likely feels simple. You can write a will leaving your home to your children. You can add in things like investments, vehicles, bank accounts and more.
But what about smaller assets? Most people own thousands of dollars worth of odds and ends that they couldn’t name even if asked. Do you have to include every single item you own in your estate plan?
Focusing on what is most important makes estate planning easier
What you choose to do is up to you. Some people make exhaustive lists of their assets and include them in their plans. Others simply instruct their children to divide up whatever personal items they have. Much of the time, heirs take the heirloom items they want and then hold auctions or estate sales to get rid of everything else, dividing up the money they make after the fact.
What you should do is focus on the things that are most important. These may be valuable items, such as coins or artwork held in collections. If you know something is more valuable than the average person would expect, you want to plan for it.
Additionally, you may want to talk to the children about the family heirlooms. Many of these are worthless financially, but they’re very important to your heirs and can cause disputes if you do not give them instructions regarding what they should do.
You don’t have to figure out your estate plans all on your own
You don’t have to list every single asset, but you do want to address anything that may lead to confusion and/or disagreements. Be sure you know exactly what steps to take to create such a plan for your family.