Question: My house is full of stuff! This includes things I inherited from my mother and grandmother. Other items are art I have collected over the years, books, and expensive clothing. I have a grown son and daughter, both of whom are kind of minimalistic. They say they may want a few things but certainly not everything. My daughter will be my executor. I feel I should not leave all this for her to deal with but, frankly, I am overwhelmed and not sure where to start. How do other people handle this kind of thing?
Answer: I am sure your daughter would be extremely thankful if you addressed your “stuff” before you pass away but yes, it can be a daunting task. There really are just three things you can do with personal property: pass it on to family or friends, sell it, or donate it to charity.
Start by finding out what your son and daughter want to keep. If they choose items that you are not using or enjoying daily, see if they are willing to take those items now. If you have friends or other family that you think may like something, reach out to them to see what they want and, similarly, if they would be willing to take the items now. If you would prefer they not take the items immediately, prepare a list that identifies what they want and give the list to your daughter so she can distribute it accordingly after you are gone.
You are right, these days many “kids” are leaning toward minimalism. If you ever shop thrift or secondhand stores, you will see set after set of fine china dinnerware for sale at absolute rock bottom prices. This is because china, crystal and silverware are just not used in our casual California lifestyles. On the East Coast, families are still passing on the family china, but even there it is becoming less important. If your kids do not want such items, the online seller, Replacements.com, buys and sells china, crystal and other collectibles. Similarly, clothing can be donated or consigned for sale at local consignment stores.
You can also consider donating items to a local charity that has a thrift shop; you may get a tax deduction and also benefit a favorite charity.
If you have family heirlooms, art or antiques, it would behoove you to have an appraiser come in and give you an idea of what these items are worth. You may find that having an auction house handle the sale of some stuff is worthwhile, but you should know what it is worth before you consign.
If you cannot find an auction house to sell valuable art, consider a donation to a hospital, museum or university. Keep in mind that most of these kinds of institutions will ask you to acknowledge that after a certain period of “display,” the institution has the right to sell the art. Overall, it is a win-win again given the possibility of a tax deduction along with the benefit to the hospital, museum or university.
Finally, there are professional organizers that will come into your home and help you downsize. They can help arrange for appraisals, donations and consignments. It is great you are willing to tackle this now and not leave everything to your daughter to handle. I am sure she will thank you!
Liza Horvath has over 35 years experience in the estate planning and trust fields and is a Licensed Professional Fiduciary. Liza currently serves as president of Monterey Trust Management. This is not intended to be legal or tax advice. If you have a question, call (831) 646-5262 or email liza@montereytrust.com
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May 30, 2021 at 12:37AM
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Liza Horvath, Senior Advocate: ‘I have too much stuff’ - Monterey Herald
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