Assets That Are Difficult to Inherit in Tampa

If you want to leave your beneficiaries various assets, you might assume that they will be overjoyed to receive them. However, some assets are incredibly complex to inherit – and you might leave your beneficiaries with nothing but stress. If you have any of these assets in your estate, you might consider discussing alternative strategies with your Tampa estate planning lawyer.

Timeshares

 Timeshares are complex enough to own – much less inherit. If you plan to leave your timeshare to your beneficiaries, you might be leaving them nothing but financial stress. You might be perfectly happy with your timeshare, but many see these properties as a burden. You should know that if the timeshare costs increase in the future, your beneficiaries will be responsible for paying them.

However, the real stress begins when your beneficiaries try to get out of the timeshare. This may involve complex legal steps, lawsuits, and other costly processes. Remember, your beneficiaries may have never wanted the timeshare in the first place. Consider getting out of your timeshare during life rather than leaving it to your loved ones.

 Collectibles 

Collectibles can also be tricky to inherit. The obvious reason is that your beneficiaries may be completely unaware of its true value. For example, you might leave your grandson a priceless, first-edition book. This book might be worth $10,000 to the right investor – but your grandson might be oblivious to this fact. As a result, they may hand it over to the local second-hand bookstore for a few dollars.

If you’re going to leave behind collectibles, make sure your beneficiaries know how much they’re worth. You should also ensure your beneficiaries know where these assets are located – as they could be difficult to find after your passing. Consider getting your collectibles properly appraised before adding them to your Will.

 Firearms 

Firearms can also be problematic for beneficiaries. In Florida, gun laws are relatively limited – allowing beneficiaries to inherit firearms even if they do not have licenses/permits. However, you might have a beneficiary in a different state – and they may be subject to tougher gun laws. In addition, your beneficiary might become ineligible to possess firearms in the near future due to legal issues.

You may possess firearms that were legal when you purchased them – but these guns could be heavily restricted in the modern era. A clear example is a fully-automatic weapon. For these reasons, you might want to consider transferring firearms while you’re still alive. Alternatively, you could sell high-value firearms so that your beneficiaries can inherit the money instead.

Can a Tampa Estate Planning Lawyer Help Me? 

If you have assets that are difficult to inherit, an estate planning lawyer in Tampa may be able to help. These legal professionals can implement various strategies that make it easier to transfer your wealth to the next generation – without causing unnecessary headaches. To learn more about your options, contact Knudsen Law today.

Source:

 kiplinger.com/retirement/inheritance/worst-assets-to-inherit