Assets like timeshares, vacation homes, and rare collectibles are among the more problematic assets to leave to your heirs. Complicated assets may come with difficult-to-break contracts and maintenance costs, and determining their value might be challenging because of their niche market. So, what kind of inheritance should you leave your heirs? Cash. Piles and piles of cash.
Practically, we don’t have piles of cash lying around; however, many of us have retirement or investment accounts, bank accounts, and insurance policies. These assets are highly desirable because they are easy to value. Retirement accounts and insurance policies are directly payable to your named beneficiaries, bypassing your estate and probate. Individually titled checking, savings, and investment accounts do not bypass your estate unless you proactively create “payable-on-death” or “transfer-on-death” designations.
Read the full article here
