<![CDATA[Law Offices of Jeffrey C. Nickerson - Blog]]>Thu, 14 Feb 2019 17:45:17 -0800Weebly<![CDATA[No Kids? Why You Still Need an Estate Plan]]>Thu, 14 Feb 2019 20:40:43 GMThttp://jeffreycnickersonlaw.com/blog/no-kids-why-you-still-need-an-estate-plan
Written by Robert T. Nickerson

Estate planning is not a process where one style will do for anyone. It's very personal that requires each one to be customized. Perhaps with the exception of a significant other, it can become intimidating to figure out those tough decisions when there are no close family members. It's more common then people realize, which makes a lot of people put off their strategy to finish their estate plan or not even at all. If your having trouble, here are some ideas that can put you at ease.
Plan for Incapacity
Everyone should have someone ready to direct their decisions for health care and a power of attorney. This is best done through an advanced directive for healthcare document. This be able to legally determine how your demands are carried through, in the event where something bad (car crash, coma, etc…) prevents you from making those decisions. Without this piece of paper, not even your wife can make legal choices for you. Without it, your relatives with be dealt with a bureaucratic court proceeding to plan out a guardianship or conservatorship to appoint someone to make these decisions (which could end up as someone you don't know)
Consider a Trust
This is a legal document that can used to manage your assets and help carry out your decisions in the event of your death. Its has two elements in your favor. A trust will avoid a probate issue and it allows you to give out an inheritance in a protected manner. 
Probate is a court development that figures out who is entitled to an asset in your name when your dead. The American court system will send out notice to your closed relatives, known as heirs. If your not married or ever had children, then your closest would be your parents. Don't have parents? Then your sibling get control. No brother or sister? Then it's be your grandparents, then great aunts, uncles, and cousins. It’s a possibility that your closest relative on paper could be someone you've never met or don't want in charge. 
If you don't have at least a will, the "state determined closest relative" will be the one to inherit your stuff. Though even with the will, they still have a chance to interrupt, find out about the worth of your assets and go to court to try and change that. 
The best strategy is to have a trust created. You should plan to have your assets own within the trust, thus avoiding a potential probate issue.
Whose is Charge?
Each trust needs someone to be the leader once your gone, which is called a "trustee". A trustee can either be a real person or a business like a financial institution. A trustee ensures your assets are distributed to the guidelines you’ve set into place. This is why it's important to chose someone or something that is responsible and trusting. 
If there isn't anyone one you trust, then your best bet is to select a professional, such as an attorney, accountant, or a trust company. These people will charge you for their services, but it’s often worth it to know that your assets are in good hands.
What to Do with Your Assets
Let's say you have parents you want to be sure are taken care of. Or someone else in the family or even a friend. It can be difficult to figure out just how one is benefited from your assets. Your attorney can review the best way to be carried out. Again, a trust may be the best way. 
Charities can also be included in estate plan. If the gift to the charity is…generous, then the organization can be contacted before to ensure that the contribution is going to the area you desire. 
Don't Forget the Animals
We don't want to keep Rover or Lassie out of your plan. Of course we want to make sure that your pets will be cared for after your gone. This can be done by leaving them with someone who can be a good owner. Or a pet trust can also be set up. It's just important to plan out for your pet, just as a parent would for a 
<![CDATA[Wildomar Library hosts fraud prevention workshop]]>Thu, 07 Feb 2019 20:28:25 GMThttp://jeffreycnickersonlaw.com/blog/wildomar-library-hosts-fraud-prevention-workshop
Written by Jeff Pack

​Fraud prevention experts provided insight Saturday, Jan. 26, to a room of roughly two dozen attendees at Wildomar Library at an event sponsored by the Friends of the Wildomar Library.

Attorney Jeffrey C. Nickerson, who specializes in estate planning with a focus on special needs trusts spoke at length about elder abuse and fraud.

He told the crowd that $40 billion is lost in telemarketing fraud each year. 

He said, worldwide, nearly 35.6 million people live with dementia and that the number of people suffering from the disease will double by 2030 and more than triple by 2050, according to the World Health Organization. 

A person in the U.S. develops Alzheimer's disease every 66 seconds. 

"That's because people are living longer," he said. "So it's important to recognize that those elderly people are vulnerable to things like fraud and abuse."

Nickerson said that according to the National Council on Aging – 1 in 10 Americans aged 60 and older have experienced some form of elder abuse.

The National Center of Elder Abuse said that in 2010 there were 5,961,568 elder abuse cases brought in the United States.

"But this is a really underreported crime," Nickerson said. "Most of the time, if a family member is suspected of doing something like this, the victim mostly just wants someone to go in and make the family member stop abusing them. They don't want their son or grandson arrested."

Nickerson said that California has the highest number of reports of elder abuse and that Riverside County had 71 cases last year. 

"Although I think that number is relatively low," he said. 

First, Nickerson said, the most important way to minimize the chances of an elderly person in the family suffering from abuse or fraud is to visit them often and consistently. 

Nickerson identified "anyone" as a perpetrator of fraud, but said more often than not, people that take advantage of the elderly are caretakers, friends and most often, relatives. 

He shared stories generated from his office that surrounded family members "making up stories" to get money from parents or grandparents.

"They call and say they forgot to make a mortgage payment and they are going to lose the house," Nickerson said. "If they don't get $3,000 or $4,000 today, the bank is going to take it."

Obviously, Nickerson said, that parent or grandparent doesn't want to see their grandkids without a place to live, so they get the money to them. 

He said one indicator of fraud and abuse is exploitation and suggested that family members pay attention to sudden changes in their loved one's financial situation and changes to their personality and mood. 

"They may seem uneasy or almost scared," he said. 

He said another big indicator is the behavior of the caretaker. 

"Sometimes you will go to visit a loved one in a care facility and the caretaker says the family member is asleep or isn't feeling well," Nickerson said. "Isolation is a big one. These people will isolate the victim from family members that could discover the crime."

Nickerson shared resources and information for people that suspect that a loved one is being taken advantage of and abused. 

Adult Protective Services can be reached at (951) 791-3250, and the Riverside County Office on Aging and Disability Resource Center is available at (951) 867-3800. 
<![CDATA[When Should You Consider Suing a Nursing Home?]]>Fri, 01 Feb 2019 00:21:58 GMThttp://jeffreycnickersonlaw.com/blog/when-should-you-consider-suing-a-nursing-home
By Morton J. Grabel, Esq.
Although no one really wants to sue a nursing home or elder care facility because it is a place of good intentions and a provider of care primarily to the elderly. However, there are times when the facility should be held legally accountable for their negligent and/or abusive conduct. For example, a lawsuit should be filed when:  1] negligence, 2] neglect, or 3] abuse on the premises causes injury.

What Kind Of Actions and/or Failures To Act Should Lead To the Filing Of A Lawsuit?
There are numerous accidents, willful and/or  intentional acts, and failures to act that may cause  a health care facility to be legally responsible; either based on the conduct of an employee or on a policy, procedure or on-going practice in the facility. Here are a few examples:

  • Failure to keep the premises reasonably safe and free of hazards when: dangers in the facility and its staff are aware of, those dangersorthey should be aware through proper attentiveness. This includes everything from preventing slip and fall accidents to preventing one resident from attacking another resident.
  • Negligent hiring, training or negligent supervisionof an employee who ends up neglecting, abusing, or otherwise intentionally harming a resident. For example- not properly screening prospective employees who subsequently steal from residents or commit sexual acts upon the residents and have a record of prior criminal acts.
  • Negligent supervision of residents who  fall and injure themselves. Here is an example- resident is given a "Risk Assessment" during the admission process and was determined to be a high risk for falls. The resident is admitted and the facility did nothing  to protect the resident from falls. The resident falls and breaks a hip.
  • Failure to maintain adequate health and safety policiessuch as keeping clean and sanitary conditions in resident rooms and in common areas such dining halls. 
  • Failure to provide adequate medical treatment that meets the medical standard of care under the circumstances. When the provision of sub-standard medical care causes harm to a resident, there may be a case for medical malpractice against the nursing home facility and/or against a medical professional.

There Are Regulations On The Standard of Care in addition to State of California Statutory Scheme:
In addition to state laws, if a nursing home accepts Medicare, the facility must follow Federal Regulations that establish the standard of care. One of these regulations is 42 CFR sec. 483.25 (h) which provides:
  •  The resident environment remains as free of accident hazards as possible; and
  • Each resident receives adequate supervision and "assistance device" to prevent accidents.
If the nursing home fails to comply with these regulations and a resident is injured, the nursing home is liable .

Proving Liability Can Be Complicated

When a resident is injured at a care facility, it is not always obvious what exactly went wrong and who might be legally responsible. The evidence available is often incomplete or medical records may be self-serving for  the nursing home.  Examples such as medical record pages either "disappearing" and or  re-numbered or being re-written to camouflage negligent conduct or overt abuse. In cases like these, your best first step would be discussing the situation with an experienced attorney like Morton J. Grabel, a former Nursing Home Administrator and Hospital Administrator.
*This office sues nursing homes and related health care providers/facilities. This office has recovered millions of dollars for residents of the Inland Empire.
Please note: the information provided herein is general and not be relied upon for your circumstance. For further information or if you have any legal questions please call the Law Offices of Morton J. Grabel, in Temecula at (951) 695-7700. Mort originally from Philadelphia, PA is a graduate from an ABA Law School, has an MBA, a California Nursing Home Administrator's License & a California Real Estate Broker's License [both active and in good standing]. 

<![CDATA[For Young Adults: How to Adult with Estate Planning]]>Wed, 23 Jan 2019 22:52:07 GMThttp://jeffreycnickersonlaw.com/blog/for-young-adults-how-to-adult-with-estate-planning
<![CDATA[Happy New Year! Five Essential Estate Planning Goals]]>Thu, 10 Jan 2019 22:54:34 GMThttp://jeffreycnickersonlaw.com/blog/happy-new-year-five-essential-estate-planning-goals
Written by Robert T. Nickerson

It's now 2019. We like to see January 1 as the beginning of something good. This is the time to look into the clutter and figure out what needs to be cleaned up and up to date. One of those things should be your estate plan. Even if this is something that can't be done today or tomorrow, when is a good time to do this. Here are five easy things you can accomplish to have a better ease of mind for your estate plan.
1. Sign your Estate plan.
You'd be surprised by how often a lot of people put off something simple as using a pen to make the estate plan official. Perhaps now is a good time to give your attorney a call to get that out of the way. Let's give you a situation; someone close to you has just passed away. You'd probably get into contact with whoever did your estate plan to ensure that everything was good to go for their plan and yours. Any will and trust attorney will be able to meet, discuss, redraft, and finalize those ideas, get it down on paper, and be ready for you to dot the line. All you'd have to do then is sign and you could better in a better state of ease.

2. Call Your Attorney if you have nothing planned
Now is the best time to look through your local directory or even Google search to figure out how to serve your needs the best. Yes, getting around to making these decisions can be difficult, but it's better to tackle the stuff now rather then face a flood of problem in the long run.

3. Be sure your have the right successors on paper
If you do have something prepared, you may want to get them out the check and see if the people set to run your estate are still the people you want. This also includes personal representatives, doctors, lawyers, and anyone else you see playing a key figure. You want the right people making the right decisions if something should happen to you.

4. Think about your beneficiaries
Did you name your spouse as a beneficiary? What about your brother or your sister? Your children maybe? Just somebody that you want to receive something? Now is the time to look into your bank and retirement accounts to see who is a confirmed beneficiary as what you have down on an estate plan may not be in sync with your financial department. Make sure that your institution is aware of who you want as a beneficiary.

5. Write a digital asset instruction letter
Law offices typically have this form and your attorney can help write one with you. In this day and age, people use Facebook, Instagram, Snapchat, and a variety of types of social media, along with the login information for other useful websites like banking, health care providers, online shopping, and more. If your one of these people who like to stay connected, then you should let the people you want to have a way to gather that information of usernames and passwords once your gone. You'll have to decide that if you have an Instagram account whether you want it closed or not once your gone. If you figure this stuff out in advance, your family and friends will know what their supposed to do. 
Call Our Office for More Information

<![CDATA[The Estate of the Grandma That Got Run Over by a Reindeer]]>Wed, 19 Dec 2018 23:04:28 GMThttp://jeffreycnickersonlaw.com/blog/the-estate-of-the-grandma-that-got-run-over-by-a-reindeer
Written by Robert T. Nickerson

How may of you recall the famous Elmo & Patsy Christmas novelty song "Grandma Got Run Over by a Reindeer"? The one where a drunken grandmother abruptly leaves a Christmas Eve party, gets run over by reindeer belonging to Santa Claus and the family still tries to go on with their annual holiday festivities. A good question would arise; what would be the legal consequences from this odd tragedy? 
Here's some other details not in the song. Grandma is taken to the hospital where she is unconscious, has shattered ribs and a broken hip. The doctors declare grandma legally incompetent. So how would the family go about with her estate plan in this Christmas Eve? Here are a few options.
The first option would be that grandma never had a health care plan ready to go. This means either the issue was never addressed in a will, or one was never drafted. Grandpa is told that he cannot bring his wife home as he has no legal authority to make any decisions for her. He instead would have to go to probate court to make his case about being her power of attorney. This will make the process time consuming and very complicated. Even if an emergency temporary guardianship was made, there would be no way for grandma to come home in time for Christmas. It can take many months and thousands of dollars for grandpa to sign and finalize a guardianship. Since grandma never made a Durable Power of Attorney, grandpa wouldn't be able to take money out of her account to pay for her care. Grandpa would have to go back to probate court to file to become a legal conservator, file again for a financial plan on how to spend grandma's money and even permission to be protected from a Medicaid lein. So with the thousands of dollars putting financial stress on the family, what would grandpa do? Sue Santa Claus of course. But even with a potential settlement, grandma would have still needed to put it into a trust. You wouldn't be able to image the estate taxes needed to play without a shelter. What a Christmas, huh?
The second option is that grandma got a health care proxy so that grandpa is able to make legal medical decisions. With some smart choices, grandma is able to come home for Christmas. She'll need some care, but she'll still be there with the family. At the same time, an ambulance chaser is tying to persuade grandpa to make a big lawsuit against Santa. Grandpa doesn't want to sue Santa, but the medical bills are high and isn't sure that he'll be able to pay for them. Though he considers going through with the lawsuit, he finds something better. Using grandma's power of attorney, grandpa is able to take money out of grandma's account in order to pay for those bills. He's also able to use that money to hire a proper attorney to protect their assets and still use their medical coverage. Grandpa ultimately never sues Santa. He and grandma had an estate plan and will have a happy holiday even if she did get run over by a reindeer. 

Be sure that your family is protected. 
<![CDATA[Why Christmas and the Holidays are a Good Time to Talk to the Family About Estate Planning]]>Fri, 14 Dec 2018 20:07:21 GMThttp://jeffreycnickersonlaw.com/blog/why-christmas-and-the-holidays-are-a-good-time-to-talk-to-the-family-about-estate-planning
Santa Claus is coming to town and Christmas is in full swing. A time for joy, a time for holly, and of course, a time for family and getting together with them. There are a lot of things to bring up with them. Perhaps it's time to take the opportunity to build a new or update an estate plan and talk to the family about it. According to a recent CBS article, "Our Families: The Important Papers", in the event of an unfortunate event, the best gift you can give is an ease of mind by making sure your financial and legal affairs are prepared for the ones you love the most.
If you need assistance or have questions, we are here to help. Call us at (951)-200-4921
So what needs to be done?
Be Organized
The first and most important thing to do is to gather all your personal and important documents. They need to be placed in a secure place (a safe or a locked file cabinet) Along with them should be a list of people and contact information. This should include close family, physicians, and attorneys. And of course, you should create a set of instructions on where this stuff can be found and distribute it to those you want with that information. Having someone else that can get to this will make it easier should something happen.
Ensure Your Wishes will be followed & are up to Date
If you don’t create a Will or a guardianship for your children, the state has a plan, but a complicated one. The family will end up with a lot of red tape and bureaucracy. If something should happen to you or you become incapable of making decisions, you don't want your children to be placed in custody of relatives you don't trust or the wrong people in general. Think about people who you think could be good backup parents. You may want to check your will and estate plan to be sure the people you have on paper are still the same you want with that responsibility. If it's been more then three years, you may want to check with your attorney.
Plan Your Legacy
If your children are very little, their already going to want to know a lot from you and about you. Memorializing your legacy will play a big part of a will or estate plan. Think outside the box of a traditional setup and give a present of a legacy video or letter. Your own words and passion will be something that your family can cherish forever.
No one can love your family like you can, so be sure that your wishes are reflected and can be legally enforced. Contact a professional that you know can handle an important matter.
For more information, give our office a call and we can help you plan your legacy.

<![CDATA[Things Divorced Women Should Consider When Thinking about an Estate Plan]]>Wed, 28 Nov 2018 21:31:04 GMThttp://jeffreycnickersonlaw.com/blog/things-divorced-women-should-consider-when-thinking-about-an-estate-plan
Written by Robert T. Nickerson

​No one ever said that the process of divorce was going to be easy. It require an amount of time to pick up the pace, but for woman, they can be targeted as the most affected financially. As said in a report by the UBS Global Wealth Management, about 56% of married women rely on their significant others to deal with financial arrangements and investments. Because of this, it's easy for many women to feel overwhelmed during a divorce.
Emotion will cloud a lot of more rational decisions that need to be made. It's important to stay focused on maintaining certain issues. This includes making financial choices, especially if you still have children, regardless of age. 
There are a lot of other problems that will arise, such as custody and property distribution that'll require immediate attention. The future and your plans for it are just as important and also need to be looked into. It's never too early to approach to deal with this task that's often pushed aside (do it for your children). So here are some good pitfalls to avoid that many divorcing people do. 
1. Not Reassessing Their Current Will
Now that your no longer married, you'll have to look at your old will to see what needs to be changed. This applies to assets and an update will reflect that. If your significant other was a beneficiary, then that will need to be changed to avoid trouble in the long run.
2. Not Looking Again at Your Children's Guardianship Plan
None of us like the idea of seeing someone else raising our children. However, this is crucial in order to plan for the worst. If a guardian is not selected, it's hard to tell which person, even if their close, would acquire custody of the kids of you were to die. If your husband had made a guardianship plan before, it may be a good time to rethink that. The previously chosen guardian may be a former spouse's family member or a close friend.; someone that your no longer confortable with. Your now in a position where only you can make that decision. This is something that needs to be decided on before something should happen to you. If you don't want that person to be a former spouse, you need to find someone else immediately.
3. Not Planning for All Assets
Chances are, you may be awarded a portion of your former spouses deferred savings, like a 401, IRA, or some other savings plan. Many divorced woman are not aware with how many assets they had when they were married.
Once you have a better look at your fair share, it's needed in order to plan the exact amounts for your beneficiaries for those assets, which is already a crucial part of your estate plan. 
4. Failing to Incorporate Trusts Into Their Estate Plan
You never know what's going to happen and trusts can help prepare your assets in various situations, especially if you have adult children. For example, your adult children may have credit issues or their own divorces. Having a trust ready can guarantee that your cash will still go to whomever you want it to go. Trusts can even be used for other things like postponing distribution until your children are eighteen.
5. Failing to Plan at All
The single biggest mistake someone can make is having nothing planned at all. According to a 2016 Gallup poll, Nearly 60% of Americans don't have a will or an estate plan in place. There's a lot of people that believe that their assets will automatically go to their next of kin, which is untrue. Unless if something is set up, the assets will go into probate, which is a timely and costly process. This will set up your children into spending a lot of money in order to see any of those assets. All this will do is cause more pain. While various states have their own probate laws, most are left to either receiving little or no assets at all. It's always important to have an estate plan in place, even if that’s not on you mind. 
6. Not Seeking Help from a Professional
A lot of woman who are unfamiliar assume they can do it by themselves. A financial advisor who understands estate planning can be valuable during this time. It's also advised that you seek out an experienced lawyer who specializes in estate planning. Avvo and Justia are good places to begin looking and can even narrow your search based on your location and needs. Without a professional, this could make you overlook area you could benefit from. 
<![CDATA[Stan Lee, his Estate, and Questions You Should Ask]]>Thu, 15 Nov 2018 19:55:26 GMThttp://jeffreycnickersonlaw.com/blog/stan-lee-his-estate-and-questions-you-should-ask
Stan Lee, the creator of Marvel Comics and several superheroes like Captain America, Iron Man, Hulk, and Spider-Man died with a lot of problems left behind. Not even Spider-Man can untangle this web.
The 95-year-old former publisher and chairman had a lot of problems, wren with his surviving 68 year old daughter J.C. Lee. His wife of 70 years died in July 2017, was accused of sexually harassing his home staff and nurses, and around 1.4 million dollars when missing from his accounts. He accused that some of the money, around $850,000, was misappropriated to buy a condo.
During this time, he had developed relationships with business advisors and attorneys and broken up with them. To quote from an interview with the Dailey Beast, "I learned later on in life, you need advisors if your making any money at all", adding that he did little money management in the beginning of his career. He also said, "But then, a little money stared coming in, and I realized that I needed help. And I needed people I could trust. And I had made some mistakes. And my first bunch of people were people that I shouldn't have trusted. 
Estate Planning can be a hard, nerve wrecking process with a lot of emotional decisions needed to me made. Whether he had a will or trust in place in uncertain. Several late celebrities such as Prince and Aretha Franklin failed to plan, forcing their families or beneficiaries to deal with the complicated court system. This alone can take years to figure out a solution. 
For most normal people, estate planning is uncomplicated. There are some rules that everyone planning their will or trust should understand. This includes disability or incapacity, re-considering beneficiaries, and composing defining documents (like a power of attorney).
Making a plan is one thing. Keeping up with it and making sure it's updated as the person in question can be more difficult, as natural decline in cognitive happens, or at least someone in the family or business world accuses them of so. Unfortunately for Stan Lee, the Marvel Comic creator had been a victim of similar accusations. Back in February, he signed a document that said his adult daughter spent too much money, had been yelled at and made acquaintances with three men who had every notion to take advantage of him, the Hollywood Reporter said. Once the document was notarized, Lee vetoed the piece of paper. It's best to communicate with the whole family so that a similar situation doesn't happen with yours. Seniors become less self-reliant, and it becomes easier to get inspiration from people that may have other intentions. It's much easier to set up a plan for the long run.
It's likely that Stan Lee's family will have to deal with the numerous documents flying from several places, thanks to his years of relationships and business enterprises he originated. This could result in many people coming forward to claim "I'm supposed to be here for this" or "I was promised this thing from Stan Lee".
Even if your not a millionaire or made a bunch of superheroes should be willing to prepare for tomorrow. When working with financial advisors, money managers, and attorneys, here are some questions to consider asking;
  1. How are we going to figure out and make my assets simple?
  2. What kind of trusts and accounts are there and how can we manage them?
  3. If I get sick or end up dead, will you work for my trusted contact?
  4. How is cognitive decline detected within me? Who will make my decisions when that happens?
  5. How do I uses checks and balances while financial planning my estate?
  6. How often do we need to review it?
  7. Do I work with a team of advisors? How often do I need to consider them?
  8. When should my family come in to will and estate conversations?
<![CDATA[Questions to ask about Physical Assets for Your Trust]]>Thu, 08 Nov 2018 20:19:10 GMThttp://jeffreycnickersonlaw.com/blog/questions-to-ask-about-physical-assets-for-your-trust

With the baby boomer generation about to transfer most wealth into Generation X and Millennials, many are figuring out how to initiate the movement of their original property to their children and any other trustees. 
While some assets like money, bonds and stocks are common and rarely a problem, physical property like homes, art, and gold can be more complicated. As people don't usually keep track on record about their assets, it's worth is either dated or not even known. Family members often have different ideas on what next steps to take. They don't even know how to have a sit down to figure it all out.
Because of this notion, these physical effects are overseen, even with it's potential worth. Like with stock and bonds, certain assets require a plan that starts with decision makers, advisors, and possible outside sources. In order to figure out the course of action, here are some questions to answer.
How Much is it Worth?
You need to come across a market value of a piece of property, no matter if you want to pass down the asset itself or profit some the sale of it. This is the root for a lot of plans, because it attaches a locked number for something that could have changed in value over time. 
For example, lets say a collection of gold coins was worth around $20,000 when it was appraised. Calculate an additional thirty years of time, making it somewhere around $90,000 once its owner is ready to retire. Not only is it important to get an idea of its current worth for insurance purposes, but also with estate planning, ensuring accurate details that won't become a problem in the long run.
When the time is right, check your local listings for a professional appraiser, especially for material like art or anything can be seen as collectable. Believe it or not, there is a financial risk to setting values that could evolve into something bigger. Do simply go to Wikipedia or a free online guide written by a college-aged troll who may not understand apprising, due to misinformation. 
It is essential to find an appraiser who is certified by accredited organizations, such as the International Society of Appraisers or The Appraisers Association of America. It's more important for a large accumulation; the price of an appraiser is worth it in the long run to understand value and how that could impact an estate plan.
Who Wants It?
Going further then property value, we have to consider it's emotional or nostalgia value. Consider something like a vacation home that may have a strong attachment to you, it may have a bigger connection your children who had a lifetime of memories there. 
In the case of multiple beneficiaries are going for the same asset, you'll need to think about how it can be split up. If an agreement cannot be made, then you'll have to figure out how to divide your other property to make up for it. In a lot of cases, it may be easier to organize a buyout situation that would legally transfer ownership to the trustees what desire it. 
Remember that markets for physical assets can be periodical, so time is also a factor for the marketability of a sale. Going back to the summer home, let's imagine that the beneficiary was given the home by his grandparents. The one who designed the home may have been a friend and though the grandson know it was valuable, but had no idea of it's worth. It's possible that the designer was popular and it's appraiser knew it was more worthy then expected. In this case, the grandson was able to sell it in a good market and generate a higher number of liquid assets.
How Can it be Passed on?
You have a number of options to pass on physical property. It's usually the better choice to allow a beneficiary to inherit the asset. That asset will receive a boost in cost that can help with the capital gains tax burden, even if its sold. It's also doable to put the property into a trust, a family partnership or an LLC and set the ownership of it in an efficient way for taxes, saving more in later estate taxes. In the worst case, if you don't feel like you can trust your heirs to take on that responsibility, then you can sell it yourself, pay the tax, and hand it over as a liquid asset.
Because of the emotional stress of deciding physical assets, families will often put off this conversation until it's too late. But ignoring these things can create problems in the long run. Talking about these plans can make the process easier once the time comes.