Tag Archive | Jewelry And Inheritance

Jewelry And Inheritance

When someone passes on, sometimes its expected and sometimes its not. Even when it is expected, the death may occur more quickly than anticipated. Its because of this, it is important to have a will. Another option is to give valuables that you dont use to those who you want to have them while youre alive. Preparing for someone or yourself to pass away can be difficult, painful, and emotional. Preparing ahead of time is one of the best ways to make sure your belongings go to the people you want to have them. Jewelry is an asset that not only is valuable financially but also will have sentimental value. Jewelry is a good place to start when making decisions about who will inherit or receive assets.

Inventory

The first thing to do is to take inventory of what you have. It should be sorted by cash value, use, and sentimental value. The jewelry that you dont use should be given away if possible to those who you believe want it, if it has no sentimental value and there is not anyone to pass it on to, consider selling the jewelry and using the money for investments or gifts. If you want it to go to someone who may not be old enough to own it yet, add it to the will. For jewelry items with high sentimental value, a will could stipulate that it should never be sold, only passed along to family members.

Discuss with family

Jewelry you thought someone might be interested in owning might not care to own the jewelry. The jewelry can then be sold and the money could be used to purchase jewelry that person would enjoy wearing and remember you by. Some jewelry may not have cash value, but means a lot to a family member, but they never told you. Talking with family will eliminate hard feelings later. Remember, it may be hard for some people to talk about, so it will be important to understand.

Final arrangements

Jewelry that is used regularly should be included in the will. After you pass on, it can be given to individuals or the will can have instructions for an executor to sell it and split the money among family members. Anything that can be given away or sold ahead of time should be.