Many people procrastinate when planning an estate in Michigan. Others leave out important, valuable items that their family members end up fighting over. There are certain assets that stir up the most trouble when it’s time to settle a deceased person’s estate.
Fights often occur over rare and expensive valuables, such as jewelry or silverware, that are passed down to future generations. One child may feel that he or she is more entitled to an heirloom than any other family member. The likelihood of a dispute increases if the item’s value is higher. There is also a sentimental value attached to heirlooms that increases the emotional aspect of an argument.
For many heirs, inheriting a timeshare is like inheriting a locked container with no key. The timeshare is usually difficult to cancel and requires undergoing a long, complicated process. There are costly annual fees due during the term of the plan, so many people do not want to inherit timeshare properties at all.
Collectibles include artwork, furniture, antiques, stamps, jewelry and other personal items. Deciding which family member gets a certain item could lead to heated arguments and rifts within the family. A dispute that enters the court system will make estate administration more difficult. Appraising an item and determining its value is also a complicated process.
Make your final preparations carefully
Some assets are easy to pass along from one family member to another, but others require more time and planning. The more valuable the item, the harder it is to inherit properly. Planning for years in advance and considering the thoughts and feelings of your family members are the most important steps to take when planning your estate.