Assessing The Value Of Property And Assets When Creating A Will In Tampa

One of the first steps in Tampa estate planning is compiling a list of all property and assets you currently possess. You will need this inventory when creating a will and detailing how it is to be divided among beneficiaries. Our Tampa estate planning lawyer explains how to estimate the value of each item and why it is important, both for you and for those you love.

Determining The Financial Value Of Property And Assets In Tampa Estate Planning

To create a will, trust, or other estate planning documents in Tampa, it’s essential to have a complete list of all your property and assets. This includes not just your homes, cars, and furniture, but also your personal belongings, money in bank accounts, investments, and shares in businesses.

Once you have this list, the next step is to assign a value to each item. This is an important task that can have serious consequences in high-asset cases. If you estimate values too high, the Internal Revenue Service could impose estate taxes. If you estimate too low, individual beneficiaries could end up owing money. The best way to get an accurate estimate is to review a variety of sources:

• For homes, look at recent appraisals and what houses are currently selling for in your area;
• For vehicles, look at both blue book and owner resale value;
• For furniture and personal items, consult resale sites such as eBay;
• For shares in businesses and digital assets, consider current value and what it is likely to be worth in the future.

Consider a formal appraisal when calculating the value of artwork, antiques, collectibles, and other items that can vary significantly in worth. This will benefit you not only in creating a will but also in getting a general estimate of your financial worth.

Calculating Sentimental Value When Creating A Will In Tampa

Not all of your possessions have financial value. Part of creating a will in Tampa is determining what has sentimental value, both to you and certain beneficiaries. In fact, this is one of the most common places for family disputes to arise.

It is not uncommon for potential beneficiaries to get into fierce battles over the rights to photos, writings, certain knickknacks, and other property that is part of your estate. To avoid potential problems, follow these tips:

• Consider what items in your possessions might have sentimental value to you and others;
• Make a list of each item, its financial value, why it is important, and who is the intended recipient;
• Discuss your intentions with the future beneficiary;
• Make sure your personal representative is aware of these items and is careful to secure them in the event of your passing.

Request A Consultation With Our Tampa Estate Planning Lawyer

Bubley & Bubley, P.A. provides residents of our community with trusted, local legal guidance in all aspects of estate planning. For help in creating a will and other important documents, request a consultation with our experienced Tampa estate planning lawyer today.

Source:

irs.gov/businesses/small-businesses-self-employed/estate-tax