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Addressing physical assets in an estate plan

Louisiana adults often spend their lives earning, saving and accumulating assets. After a benefactor’s passing, loved ones and beneficiaries must decide what happens to a decedent’s physical assets. In many cases, those left behind don’t want or need the possessions of their loved ones, and they are left with the task of deciding what to do with them. This is why it is prudent for an adult to be specific about valuable and important assets in an estate plan. 

Who gets it? 

It’s very common for parents and older individuals to want their homes and treasured possessions to go to family members. They assume that loved ones will want these things, and they don’t plan for otherwise. An estate plan should carefully address wealth as well as physical assets. This includes the home, collections, furniture, jewelry and more. 

An estate plan can include details regarding wishes for dividing physical assets or selling them so loved ones can divide the profit. Other important assets to address specifically include vacation homes, valuable collectibles and antiques. It may be helpful to discuss these things with Louisiana family members to determine if a specific person is interested in having these assets in the future.  

A thoughtful plan 

An estate plan should be thoughtful and detailed, including terms on both tangible and intangible assets. It is wise to be specific about important assets to ensure control over what happens to personal possessions in the future. Planning well can provide security and peace of mind for the entire family well into the future.