For many Philadelphia families, the focus of estate planning efforts is on achieving a smooth transfer of wealth from one generation to the next. However, it is also important to give some consideration to the tasks that will be required of the person who is handling the estate. Gathering assets and distributing wealth to the designated heirs can be a stressful process, but families can take steps to make the task easier to accomplish.
One of the most important considerations when structuring an inheritance is to create a comprehensive list of personal property. This includes items both large and small, as items of seemingly little worth are often highly valued by loved ones. Creating a list of all items of personal property can help the person handling the administration of the estate know which items should go to which heirs.
In addition to creating the inventory, individuals must also take care to update that list from time to time. As the years pass, items of property are acquired, lost, sold or otherwise removed from the estate. Having an up-to-date list can make estate administration easier to accomplish.
This may seem like a minor task in the scope of estate planning, but it is often the smaller details that lead to trouble once a loved one passes away. By creating an inventory of personal property, Philadelphia residents can provide loved ones with a road map for gathering assets, and the peace of mind of knowing that all items of property have been addressed. They will also be assured that the resulting distribution of assets is in line with the intentions of the deceased party.
Source: realtor.com, “7 Estate Planning Tips You Should Know Before You Die“, Jamie Wiebe, Aug. 29, 2016