Illinois residents who are getting ready to go through the estate planning process have many different decisions to make.
While you likely have many assets in your mind that you want to be passed down to your children or family, there are also other things that you need to think about.
There are many different assets that you’re not likely going to want to pass on to your children or family, like your clothes. It’s important that you figure out what you want to be done with these items so that your children are not stuck having to decide what to do with them.
Estate planning allows you to sit down and outline what you want to do with all of your assets. When it comes to belongings that you own that you don’t want to pass down to anybody, an estate sale can be a great way to get rid of them. This has a wonderful bonus of being able to split the proceeds from the estate sale among your heirs.
Another thing you can do to pass on a legacy of giving to others is to donate those unwanted items to different charities. For example, you can ask for all of your clothing to be donated to a local thrift store or donation center. Depending on the specific types of assets that they are, you should be able to find some sort of donation program for them. You want to include the specific center that you want them donated to so that there’s no confusion when that time comes.
While most of your estate planning process is going to revolve around the valuable assets that you want to pass down to your heirs, it's still important to consider what needs to be done with the rest of your items. Two great options are to have an estate sale or donate the items. It’s a great idea to have this outlined in your will. That way, you’re surviving family doesn’t have to deal with making decisions or wonder about what you would want to do with your belongings.
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As a blog exclusive, we also have some free estate planning resources for you! View our life planning guide and our estate planning checklist below to either begin your estate planning or check to be sure you're up-to-date on your documents.
Sivia Law presents a six-step checklist to create your own “Life Planning Guide.” This guide helps you advise your loved ones so that they can honor your wishes for your health care desires as well as for the distribution of your estate.
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When it comes to planning your estate, having a checklist and important documents in hand is a key part of the process.
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