Don’t take downsizing personally, when their adult children decline your furniture and other possessions.
The Street’s recent article entitled “If You Think Your Kids Want Your Stuff, Think Again,” says that baby boomers are getting ready to pass trillions of dollars to their heirs in coming decades.
Most of the money will pass from wealthy parents to their already well-off children. However, the inheritance many people will have to deal with is unwanted china, unfashionable furniture and memorabilia that reflects someone else’s memories.
Understandably, younger generations hate the thought of sorting through a parent’s lifetime accumulation, since many parents think their children will change their minds, or their grandchildren will want this stuff someday.
However, the reality is that lifestyles have changed. Younger people typically don’t have the time or the inclination to polish silver, hand-wash china, or iron linens. They don’t usually want heavy, dark wood furniture. Neither do buyers, because the values for old furniture have dropped.
While there probably is a hutch-loving millennial out there somewhere, but parents should ask what their childen want. They also need to listen to their answers.
People with things their children don’t want can ask extended family members if they’d like them, prior to deciding whether to sell or donate, that is if a charity will even want them.
You can research the potential value of possessions by looking at the “sold” listings on eBay - Get Report or other auction sites.
You can also hire a personal property appraiser. You can get referrals from a Cincinnati estate planning attorney.
It’s important not to put this off. The older people get, the harder it can become to clear out all the clutter.
The thinning-out process should happen sooner not later.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: The Street (July 22, 2020) “If You Think Your Kids Want Your Stuff, Think Again”