How To Prepare The Assets You Want To Leave To Your Posterity

Posted on: 19 February 2015

There are probably several schools of thought on what individuals should leave behind for their children and grandchildren. One of them is to simply enjoy spending your money and let your posterity make their own fortunes. However, if you're the kind of parent who wants to leave assets for your children to enjoy after you have left this earth, consider these suggestions.

Sentimental Gifts - Even if you're not leaving much behind in the way of material wealth, you probably have possessions that you would like to bequeath to your loved ones.

  • One way to make sure that each person receives something they will truly appreciate is to have a day when you list your special belongings and have a system where those things are divided. One way to do that is to draw numbers and the highest number gets to choose first, continuing the rotation until everything has been selected.
  • If you have special memories of certain children or grandchildren enjoying a particular item, perhaps a tea set or an antique doll, it would mean a lot to both you and the recipient to know that that object was not randomly selected.
  • If there is a meaningful story that goes behind the objects you are bequeathing, consider writing it down and making sure your children know where to find your notes.

Things Of Monetary Value - This part of your bequeathment may be a bit more complicated.

  • If there is land involved that you want to leave behind, it would be very wise to have a family council to discuss the best way to divide the land. One thought is to sell it and divide the money among your loved ones. If you own vacation property, consider setting up a system whereby your family will still get to use it after you have passed away.
  • If you have collected gold and silver coins or if there is gold jewelry in your estate, a good way to handle that disbursement is to find a gold buyer who will pay cash for these valuable assets. Find a buyer that has been in business long enough to have established a good reputation. 
    • You'll know that you have found an excellent source when the gold buyer has taken the time to give you information you know is important.
    • Gold is measured in troy ounces. Make sure the buyer is being consistent when weighing your gold and be sure the appraisals are done in front of you.
    • Don't hesitate to take damaged jewelry to be appraised.
    • If you have fine antique gold jewelry, the buyer will take that into consideration.

Congratulations on getting your assets ready to leave to those you love. If you're looking for a gold buyer in your area, visit Certified Rarities.