Preparing for the unknown, death for instance, is very important, especially so since no one can really tell what the future has in store for us. Here are some tips on how to leave your priced possessions to your loved ones.
1. Discuss your assets
Communicating about your money and other assets to your family members, or to your children when they are old enough to understand, will be a good thing so that they can have an idea of what you will be leaving them. You need not tell everything that you have, or get into too much details, but talking about a great portion of it, such as the house, can be beneficial.
2. Allow them to choose
Once you have discussed your assets, you may ask them which among your properties and other possessions they would prefer to have. It is better to ask them this while you are alive to avoid, or at least minimize, the possible conflict and discord when you are gone already.
3. Set the distribution yourself
If you prefer not to ask your children what they want, it may be better for you to specify what each child will receive, rather than leave the decision to somebody who has no idea what each of your descendants should get.
4. Do some explaining
If you opt to leave a greater portion of your estate to a particular child at the expense of the others, you should be able to explain why. It may be because one has stayed by your side for a long time while the other decided to live independently, or one is earning less than the other in his/her profession. Whatever reason you have, make sure that you will be able to cite your reasons.
5. Let them share in the responsibilities
While there may be some exceptions to this, suggesting that your children will take at least one specific role or part in the management of your estate after you are gone, is a good way of making them be directly involved in the management of your estate. This will make them feel how much you trust them in managing the cherished possessions you have left them.
