You have made an estate plan. Your kids get an inheritance. Your nephew gets your baseball cards. But there are some things that aren’t quite as easy to pass along.
A story on time.com says the trickiest items include vacation homes, pets and airline miles.
If you stipulate that your vacation home is to be shared, that can cause conflict. Anytime more than one person owns property, that can be a headache. Talk to your kids first and find out their preferences. Then, put the home in a trust.
If you give your friend Joe $10,000 to take care of Fido, what’s to stop him from spending the money on himself? Best to set up a pet trust.
And when passing on airline miles, better check with the airline first. Some airlines don’t allow it.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
