We all do it, we buy the “stuff” and sometimes we even justify it with an I will leave it for my kids when I am gone, it will have more value then.
While that is a noble idea, it is unfortunately not reality. Our families and friends don’t want our stuff. When the day comes that your “stuff” is theirs, I can assure you in most cases they are overwhelmed and they will say to the Estate Liquidator or Junk Hauler just to “Make it go away”.
It is really not that they don’t want it, it’s just most people have a very hard time processing grief no matter if it is real, financial, or physical loss. Handling a loved one’s collections and possessions is very overwhelming.
The question is how do we prepare our estates for the inevitable, the disbursement of our “stuff”?
Plan ahead, ask your family and friends to be honest and be prepared for some hard answers both good and bad. Not everyone feels the same about your collection whether is it a Picasso or Cabbage Patch Doll Collection.
Think about divesting any real-valued collections when speaking with an estate attorney or financial planner, decisions can be made during these conversations on where your beloved pieces should go and if they are sold who would benefit from the proceeds.
Start divesting now, while a difficult task a good estate sale liquidator can assist you through this “Downsizing” and you can enjoy the proceeds or Gift your ”stuff” how you would like. I have many clients that preplan their estate sales proactively years before they need to.