Don’t Pass These 17 Things to Your Kids: What to Handle Before You Go
Planning for the end of life is hard, but leaving things unfinished makes it even harder for those left behind. By handling these important issues now, you’ll spare your children from the unnecessary stress and confusion of sorting through unfinished matters, old paperwork, or unclear instructions.
Here are 17 things you can take care of now to ensure your children don’t have to carry extra burdens in an already difficult time.
Unorganized Financial Documents
Leaving a mess of bank statements, loan records, and financial documents will make it tough for your children to understand your assets and liabilities. Keeping everything organized in a secure, accessible place helps them manage your estate with clarity.
Outdated Legal Documents
If your will, power of attorney, or living trust are outdated, your children might face legal challenges. Regularly updating these documents ensures your wishes are clear, minimizing disputes and confusion.
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Hidden Debts
Surprise debts can be a huge burden. Make sure your children know about any outstanding loans, credit card balances, or personal debts.
It’s better to be transparent so they’re not caught off guard.
Personal Conflicts or Family Grudges
Unresolved family issues can resurface and complicate matters. Addressing conflicts while alive or leaving clear wishes in your will can help avoid tension and allow for smoother transitions.
Unclear Burial Instructions
Funeral arrangements and burial preferences should be clear. Leaving written instructions for your desired arrangements can prevent disagreements and relieve your children from guessing what you might have wanted.
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Collections with No Documented Value
If you have valuable collections (coins, stamps, or art), ensure they’re appraised and documented. Without guidance, your children may not know their value or how to handle them, leading to potential financial losses.
Disorganized Photos and Keepsakes
Leaving boxes of unlabeled photos and keepsakes without context can be overwhelming. Sorting through these items or labeling important ones can save your children the emotional labor of trying to piece together memories.
Untidy Digital Footprint
From social media accounts to email and subscriptions, your digital life needs organizing. Leave instructions for how to handle your digital presence, so your children aren’t left guessing passwords or dealing with unwanted subscriptions.
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Unfinished Projects
Whether it’s a half-built cabin or an unfinished memoir, consider wrapping up projects or clearly stating your wishes for their completion. This will help your children make decisions about what to do with these incomplete undertakings.
Items with Sentimental but Little Financial Value
Often, people leave behind possessions with sentimental value, assuming they’ll be cherished. Be mindful that not everything will hold the same meaning for your children. Consider speaking to them about specific items so they understand your intentions.
Assets Without Beneficiaries
Neglecting to add beneficiaries to accounts or assets means they’ll have to go through probate, which can be time-consuming and costly. Designating beneficiaries ensures a smoother transfer process for your loved ones.
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Old, Incomplete Medical Records
Medical records can be essential for understanding family health history. Organize important documents and dispose of outdated or irrelevant information to make this easier for your children to access if needed.
Password-Protected Devices
Leaving behind locked devices without a way to access them can be frustrating. Store important passwords securely so your children can access your devices without difficulty.
Property Maintenance Issues
Leaving behind a home in disrepair or with deferred maintenance can create a burden. Address issues or leave clear instructions and resources for dealing with property upkeep, so they aren’t left with costly repairs.
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Unclear Heirloom Instructions
Family heirlooms can be a source of pride—or conflict. Leave clear instructions on who should inherit particular items to avoid misunderstandings and ensure they go to the right hands.
Unpaid Taxes
Unpaid taxes can become a financial and legal headache. Ensure your tax records are up to date and paid off, so your children aren’t left facing unexpected bills or penalties.
Unresolved Business Affairs
If you own a business, leaving it without a clear succession plan can create confusion. Make arrangements for the transition of ownership, whether through a sale or a designated heir, to avoid disrupting your children’s lives.
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