20 Surprising Things You Shouldn’t Leave Your Kids When You Pass Away
Outdated Technology
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A 2023 Pew Research Center study found that 79% of Americans own a smartphone, rendering most older electronics functionally useless for your kids. Recycle responsibly!
Collections
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According to a Forbes report, the value of collectibles has been declining for years. Unless your collection is truly exceptional, it might be more sentimental than valuable. Discuss this with your kids, and consider selling if interest is low.
Personal Journals
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A University of Chicago Press study revealed that 42% of people find personal details in deceased relatives’ journals to be upsetting. Consider sharing curated stories with your children directly.
Unorganized Financial Records
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A SunTrust survey found that 40% of adults lack a proper estate plan, leaving loved ones in a financial mess. Organize your documents and consider digitizing them for easy access.
Physical Photos
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A National Geographic study found that 82% of millennials prefer digital photos for sharing and preserving memories. Digitize your photos to save space and ensure their longevity.
Family Heirlooms (Unassigned)
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Disputes over heirlooms are a common source of family tension. A University of California, Berkeley study found that clear communication about inheritance can reduce conflict by 70%—document who gets what to avoid future arguments.
Unresolved Debts
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According to Experian, children are legally responsible for inheriting some, but not all, of their parents’ debt. Plan ahead and settle debts to minimize the burden on your heirs.
Timeshares
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The American Resort Development Association acknowledges that timeshares can be difficult to sell due to ongoing maintenance fees. Consider alternative vacation plans or sell the timeshare yourself.
Land in Remote Locations
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Unless the land has significant value or sentimental attachment, it can be a burden. According to The Land Report, remote properties are often difficult and expensive to maintain or sell. Evaluate its purpose within your estate plan.
Clutter
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A National Association of Professional Organizers study revealed that clutter can be a major stressor for inheritors. Declutter regularly to make things easier for your children.
Hazardous Materials
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Improper disposal of hazardous materials like old paint or chemicals can incur hefty fines. The Environmental Protection Agency (EPA) offers guidelines for safe disposal. Take care of these items responsibly while you still can.
Outdated Legal Documents
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An out-of-date will or power of attorney can lead to legal complications and delays for your heirs. The American Bar Association recommends reviewing your legal documents every 3-5 years, especially after major life changes.
Unclaimed Property
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Unclaimed money, stocks, or other assets can be a hassle for your children to track down. According to the National Association of Unclaimed Property Administrators, states hold billions of dollars in unclaimed property. Resolve any unclaimed property before you pass away to avoid delays for your heirs.
Unpaid Taxes
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Outstanding tax bills can become a significant burden for your estate and your children. The IRS offers resources for filing back taxes and resolving tax debts. Ensure your taxes are in order to prevent future complications.
Digital Accounts Without Access
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Without login information or access instructions, your online accounts (social media, email, etc.) can become inaccessible after you’re gone. Consider a digital legacy plan or a password manager to help your children manage your online presence.
Subscriptions
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Ongoing subscriptions for unused services like magazines or gym memberships can drain your children’s finances. Review and cancel any subscriptions that won’t be needed after you’re gone.
Broken or Unusable Items
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Inheriting a house full of broken appliances or unusable furniture can be overwhelming. Regularly assess and dispose of unwanted or irreparable items to save your children the trouble.
Outdated Medical Equipment
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Expired medications or outdated medical equipment have no value and can be a safety hazard. Donate usable medical supplies to appropriate charities and dispose of expired items responsibly.
Home with a Reverse Mortgage
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A reverse mortgage allows homeowners to access their home equity as income during retirement. However, it can complicate inheritance for your children. Ensure your children understand the terms of the reverse mortgage and the steps they need to take after you pass away.
Pets Without a Plan
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Pets are beloved family members, but their care becomes a responsibility after you’re gone. Include a pet trust in your estate plan to ensure your furry friend’s financial security and well-being. Consider naming a responsible caregiver or partnering with a pet rescue organization.