Matthew S. Payne is a Chicago-based attorney with a 20-year record of success in civil litigation, real estate law and estate planning.

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What to do with your unwanted assets when you die?

| May 10, 2021 | Estate Planning

Illinois inhabitants who are getting ready to go through the estate planning process have many different decisions to make. While you likely have many assets in your mind that you want to be passed down to your children, there are also other things that you need to think about. There are many different assets that you’re not likely going to want to pass down to your children, like your clothes. It’s important that you figure out what you want to be done with these items so that your children are not stuck having to decide what to do with them.

Consider having an estate sale

Estate planning allows you to sit down and hash out what you want to do with all of your assets. When it comes to belongings that you own that you don’t want to pass down to anybody, an estate sale can be a great way to get rid of them. This has the added bonus of being able to split the proceeds from the estate sale among your heirs.

Consider donating items

One thing you can do to pass on a legacy of giving to others is to donate those unwanted items to different charities. For example, you may ask for all of your clothing to be donated to a local thrift store or donation center. Depending on the specific types of assets that they are, you should be able to find some sort of donation program for them. You want to include the specific center that you want them donated to so that there’s no confusion when that time comes.

While most of your estate planning process is going to be revolving around the valuable assets that you want to pass down to your heirs, you still need to consider what needs to be done with the rest of your items. Two great options are to have an estate sale or donate the items. It’s best to have this outlined in your will. That way, you’re surviving family doesn’t have to deal with making decisions about what to do with your belongings.