We all dream of leaving something behind for our children, a legacy that secures their future and helps them build wealth. But some things might become more of a burden than you intended.
From outdated collections to questionable investments, here are 15 things you might want to think twice about leaving your kids.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Timeshares
You may love your Los Cabos timeshare, but inheriting it could be a nightmare.
Timeshares have maintenance fees, contractual obligations, and politicking to get “good” dates — assuming your kids have enough PTO and financial means to travel more and plan a trip there.
Collectibles
You love your baseball cards and state souvenir spoons. And you know they’re quite valuable. You’ve seen the eBay listings, and your cousin Tom’s friend’s neighbor is an antique dealer and has seen one just like it go for thousands of dollars.
This could be true, but it’s not that likely. And even if your collection is worth a bundle, there’s a niche market for collectibles. This requires in-depth knowledge (and interest!) to get top dollar — not to mention the time-consuming work of selling the items individually.
You’re better off selling the collectibles as one lot to a dealer or asking the executor of your estate to do so. You’ll get less money, but avoid passing on the frustration.
Storage unit
Clear out your storage unit now — or hire someone from TaskRabbit to do it. Your kids don’t want to. If there’s anything of sentimental value in there — like old photographs — go with your kids now to retrieve them.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
China dinnerware
Unless the kids have expressed an interest in the china, don’t stick your kids with it. Most people don’t use china when they entertain, and most sets have little value on the secondhand market.
Unfortunately, you can find spendy Mikasa sets — now dustables — with $5.99 price tags passed over in thrift stores. Gift, sell, or donate your set now.
Piano
Old family pianos are money pits, especially if they've sat idle for decades. Leaving an old piano can cost your kids money, either for removal fees or major restoration, which often costs more than just getting a new piano.
Trending Stories
Vacation property
Like timeshares, vacation property is impractical and fraught with major expenses. Your kids may argue over who gets it when and who pays for upgrades, repairs, maintenance, and taxes.
Ask your kids now if one of them wants to buy out the others or make a plan to just sell it and split the proceeds.
Family business
The business you’ve built up is your legacy, and it’s natural to want to pass it on. But that’s only a good idea if your children are interested in inheriting it, have the competence and training to do so, and you can decide who will be the next one in charge.
Successful businesses worth millions can go under in a matter of months. And unsuccessful businesses mired in debt are a burden you don’t want to leave behind.
Books
If you’ve got a classic that’s been in the family for generations, by all means, pass it along. Determine who it’s going to and why, and make it clearly known.
But for other books — like paperback novels — don’t stick anyone with the mess of having to dispose of them for a dime a piece at a garage sale or boxing up heavy loads for donation.
Clothing
Similar to books, unless it’s an heirloom your children have expressed interest in (i.e., Grandpa’s World War II uniform or a genuine vintage Chanel tweed suit), don’t leave your old clothes for the kids to clean up.
Downsize now and donate what you’re not wearing. No one wants them.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Guns
Leaving firearms can be problematic. Laws vary significantly by local jurisdiction, and transferring ownership can be complex.
There are also safety concerns, like what if your child with small kids inherits guns but doesn’t have a gun vault? Or they may have mental health issues you’re unaware of.
Plus, your kids may lack the interest and expertise needed to own guns safely, or it could go against their values. They may also be unable to meet the related financial burden of ownership: safe storage, insurance, maintenance, and associated membership fees for shooting ranges.
Traditional IRAs
Roth IRAs are great, but traditional IRAs have major tax implications and can be quite complicated for an heir to deal with. Converting a traditional IRA to a Roth can be a smart move — especially for estate planning purposes.
Outdated technology
Unless it’s museum-grade quality — that an actual museum would put on exhibit — outdated technology is usually a bulky, heavy, dust-magnet of a nuisance.
This includes VCRs, 8-track cartridges, and aerobics vinyl albums. Some antique technology, like phonographs, record players, or jukeboxes, might be interesting — but only if they work and your kids are interested in them and able to maintain them.
Overleveraged investments
Assets that are heavily financed or leveraged may not retain their value and could be a major financial liability. Think mortgages, leveraged ETFs or investment portfolios, or margin accounts with outstanding loans.
Vehicles with high upkeep
Your kids might be drooling over your classic Corvette, but inheriting a luxury vehicle may be like inheriting a sack of bills. These cars require significant maintenance and insurance costs, not to mention special storage considerations.
Bottom line
Inheriting assets can mix financial gain with unforeseen burdens in terms of associated debt, upkeep, and in-family bickering.
A meaningful financial inheritance should help your children get ahead financially, not empty their pockets or add hours of work and stress.
Talk to your kids now about any hard-to-inherit assets or any other legacy you intend to leave. Get their feedback and incorporate it into your planning.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.