A recent survey of over 2,000 Americans shows that although an expected asset tops the list in terms of most desired inheritances, you may be surprised by other things that people find most important.
A total of 65% of respondents said receiving a house or property was the most important thing they’d like to receive as an inheritance. However, 59% of people wanted to inherit pets, which was more than the 58% of respondents who indicated money was valuable. Over half of the survey respondents indicated their interest in inheriting things like a vehicle or collectibles.
Talking with your loved ones about the assets that make the most sense for them to receive, as well as what you wish to protect in your own estate plan, can provide clarity and reduce the possibility of estate conflicts when you pass away.
Although you may not have expected pets to top the list of things people may want to inherit, it is really important to have a plan for your furry friends if something happens to you. An emergency care plan and funds set aside to support them if you become injured or ill can give you peace of mind to ensure that they’re cared for during a short-term issue. You may also want to discuss whether you want anyone in your family to provide long-term care if you were to pass away.
A fully structured estate plan helps you accomplish your individual goals, but also supports your loved ones and minimizes challenges such as the impact of unexpected taxes or delays in transferring assets to your chosen beneficiaries. Work with an estate planning attorney in Pasadena today to create or update a plan.