The Trickiest Items to Pass on to your Beneficiaries

People who write wills who are of sound mind can of course choose to pass on a variety of weird and wonderful bequests and requests, but some assets can prove to be trickier than others to bequeath.

Here we take a look at the assets that can be difficult to pass on and what you can do about it.

Holiday homes

A holiday home sounds like a lovely gift, but conflicts can arise when one sibling lives further away than another and so can’t take advantage of the holiday or a short break as often, or if one person wants to sell his or her share in the property. Leaving property outright in equal shares is a tricky thing to do, as issues are bound to arise.

Experts advise that you talk to your children to learn what their preferences are, then put the holiday or second home in a trust and make your heirs the beneficiaries. This allows you to spell out the conditions that apply should one of your children wish to sell, or when the house can be used, who pays for upkeep and council tax etc. It can also be useful to leave extra money that can be used to cover various costs so that the holiday home proves to be a really useful bequest indeed.

Air miles

Here is something you might not have considered as part of your estate – air miles. If you are a frequent flier, you may have accumulated a considerable number of air miles that could be very useful for your family members.

However, it depends on your carrier. Some carriers state explicitly that you cannot pass on air miles when you die, so check with your airline to see if this is the case or not. Even if it isn’t, it might be worth checking as some airlines review it on a case-by-case basis.

Your social media accounts

You might not have the financial potential of Kim Kardashian’s Twitter mentions (rumoured to be thousands of dollars per Tweet), but thinking about what happens to your digital accounts after you die is vital.

Most will writers recommend creating a digital will, which gives your nearest and dearest the details of all your accounts and what should happen to them after you die. Some of those accounts could, for example, include copyrighted material – such as blogs with photos, or chapters of novels.

Pets

And finally, pets… Here at Finders International, we would personally welcome a dog or cat (not so much a snake perhaps), but certainly inheriting a pet isn’t universally popular. Most responsible pet-owners want to ensure their pet will go to a loving home when they die, but it’s vital to check that your relatives feel the same way about your beloved pooch or moggie. If they agree, you can then insert a care clause in your will – and ensure you leave the financial provision for that care.

If you don’t have children, or relatives who want to take care of your pet, certain animal charities run schemes where they organise for homes to be provided for pets after their owner’s death.

Here at Finders International, we are always happy to help with free advice on most probate issues (and intestacy if this applies). Please feel free to get in touch on 020 7490 4935 or email [email protected]

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