Mention the word “inheritance” and most people envision money, stocks and bonds, expensive jewelry, a life insurance policy, or perhaps the family home. When a loved one dies, though, it’s often the less traditional assets they leave behind—and often the least valuable—that loved ones truly treasure.
Every family has closets filled with belongings that are passed from one generation to the next. These items hold meaning for your loved ones, and sometimes they can become a source of hard feelings when divided among heirs.
Decisions about how to distribute certain personal items are often more challenging than decisions about cash assets. A savings bond worth $100 is $100, no matter who receives the money. But the value of your parents’ wedding album is determined by more than the type of paper and binding used.
Learn more about inheritance planning.
