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Trends could change your estate planning

If you're thinking of simply leaving your possessions to your children, one thing to consider is the way current trends are going around the time you'll pass those items on. They could have a huge impact on whether or not the kids actually want the stuff you've accumulated.

Parents often assume that children will want their possessions. They imagine a dinning room table at their son's house or a set of dishes from their wedding going to their daughter. They think of their grandchildren sitting around on the same chairs from their living room, watching TV or reading books.

This may work out; every family is different. But experts have found that the kids are often far less interested than parents assume. They have their own desires and they want their own things, not a bunch of outdated goods from their parents.

One woman said that young people don't want formal china, for instance. She said she had a trio of sons and they were all very uninterested in everything she had loved. Formal china was once trendy and respected. If it's not, though, kids may think it's worthless -- no matter how much you paid for it.

Right now, for example, Midcentury Modern furniture is very much in. Older furniture is out. Once considered beautiful, it's now just considered old, and it doesn't fit with more modern items many people have already bought on their own.

As you do your estate planning and consider the legal steps you need to take, it can be wise to talk with your kids. Find out what they want, what they don't want, and how you can create a plan that works best for everyone.

Source: Forbes, "Sorry, Nobody Wants Your Parents' Stuff," Richard Eisenberg, accessed June 08, 2017

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