15 Assets You Should Never Leave Your Children (And Why)

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From outdated collections to questionable investments, here are 15 things you might want to think twice about leaving your kids.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.