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Virginia Beach Estate Planning Lawyer / Blog / Estate Planning / Estate Planning: What If My Asset Types Are Not Equal in Value?

Estate Planning: What If My Asset Types Are Not Equal in Value?


If you have a spouse and multiple children, there is a good chance you may want to account for each of them in your estate plan. It is hard to divvy up assets in an estate plan if you don’t first start by creating an inventory of all of your assets and liabilities. Assets inside your estate cannot be distributed to your chosen beneficiaries until all debts, creditors and taxes have been paid.

There are multiple different kinds of asset types that may determine how your assets are passed on to your loved ones.

These can include things such as a personal residence, your investment, real property, cash accounts, and investment accounts. Many people have even more types of asset accounts. It is very unlikely, however, that your different asset types all have an equal value or the same liquidity. For example, you may pass on your primary property to a loved one who lives out of state.

This can make it challenging for them to receive access to this benefit as quickly as possible since they may need to coordinate selling that property, which could take months or even longer. This is very different from someone who may receive access to your cash or investment accounts or life insurance policy payout relatively quickly.

You’ll want to talk with an experienced attorney about how to do distribution of your estate and how to consider these different facets and the needs of your individual beneficiaries.

You may make decisions such as placing certain assets inside a trust to protect a child who may not be financially responsible, for example. Working with a Virginia Beach estate planning professional is critical for protecting your rights and assisting you with your next steps.

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