“The Hidden Costs of Family Treasures: 12 Heirlooms That Could Become Your Biggest Burdens!”
If you plan to leave your children an inheritance (or you know your parents or grandparents are considering leaving one), you may want to reconsider these assets.
1. Assets with No or Insufficient Insurance
Receiving a significant asset is wonderful, and many people would be delighted to be the new owners of the little house on the hill (or wherever it might be). However, if the property is damaged and there is no insurance coverage, there may be significant financial consequences. The replacement or repair expenses, legal fees, and possible loss of income or property value can be debilitating, taking the benefits out of the inheritance.
2. Digital Assets
There’s a lot of intangible wealth today stored up online in cryptocurrencies and other forms of digital assets. Unlike houses and bank accounts, digital assets are trickier to inherit, especially if the beneficiary doesn’t have sufficient knowledge, hasn’t shared their information with anyone else, or if the digital asses or the benefactor forgets their passwords. Without the right knowledge, accessing these assets can become a total nightmare.
3. Timeshares
Lovers of traveling who signed up for vacation ownership may want to transfer these timeshares to their loved ones as an inheritance. While this is a sweet gesture, timeshares come with their fair share of inconveniences—they frequently have restricted flexibility and expensive maintenance costs.
