In the course of preparing their estate plans, some Florida residents may wonder how to deal with assets that may be more difficult to properly evaluate or divide between multiple beneficiaries. While assets like bank accounts or investment funds are easy to divide, some items may have emotional resonance as well as financial value. By thinking ahead about how to deal with specific assets, people can help to avoid family strife before it takes place and protect the assets that they want to pass on to their family.
In many cases, families do not know the real value of items like jewelry, art or some types of real property. They are not often evaluated, and family members may have different opinions about how best to deal with these items. Some people may want to sell off assets and distribute the funds, while others may feel strongly about a particular family heirloom.
However, understanding the fair market value of each item can help the owner to see how it fits in the overall estate plan. Many items have sentimental value that carries more weight for one beneficiary than another. In addition, people should also consider how to pass on the asset; in many cases, it is better to allow a beneficiary to inherit the item rather than selling it first.
When people think about the future, they want to ensure that their family members and loved ones are taken care of. An estate planning attorney can help clients to develop a detailed plan while creating key documents that lay the foundation for a successful transfer of wealth.