Planning for the future is an important and prudent step, regardless of a person’s income level or the size of his or her estate. When moving forward with the process of estate planning, it may be beneficial to consider what will happen to specific valuable assets. This includes what many call hard assets, such as valuable jewelry, collectibles, art and more.
In Arkansas and elsewhere, assets such as stocks, savings and more liquid assets are usually accounted for in detail in a will, but this is not always the case for hard assets. In fact, many people do not keep a specific inventory of this kind of property. This can lead to complications with beneficiaries and heirs in the future as they are trying to split up property and settle an estate.
When including hard assets in an estate plan, it makes sense to first find out how much they are truly worth. This allows the person make the right choice regarding where they should go, especially if he or she wants them sold at some point. After this, the person drafting the plan may want to consider who really would want or use specific assets. In some cases, passing them to a designated individual is useful, while in others, it may be smart to leave instructions for the assets to be sold and the profits shared.
In estate planning, do not disregard the smaller yet valuable items. A person who very specific and clear regarding his or her wishes for an estate plan will reduce the chance of complications and disputes between heirs, beneficiaries and/or with Arkansas family members. When a person worked hard to build an estate, that individual should have a the final say over what happens to it.