Your home can house a lifetime of mementos and tchotchkes. Your things have heart and soul, and bring you comfort, security and happiness. Though each has a story and a memory for you, it may be different for your kids. They may not like or want your possessions, or simply won’t know what to do with them should they inherit them. To help resolve these issues, here are some ideas for how to prepare your treasures and beneficiaries for the future.
Ahead of the Game
Now is the time to work things out while you have plenty of time to make decisions. Figure out who will appreciate certain items in your home – and which items are possessions non grata. Do the legwork now to figure out what they want, and what you can sell or donate as you plan your legacy.
What You Really, Really Want
Look over your things and give each the third degree. Do you love it? Need it? Use it? Answer yes to one of these, keep it. Then give your loved ones the right of first refusal on things that didn’t make the cut.
What They Really, Really Want
When you spend time together, ask your children or other loved ones which items bring them joy. If you’re so inclined, allow immediate and extended family to take turns “staking a claim.” As you take inventory together, share stories about the items and what they mean to you. If you can’t do it in person, use your smartphone to create videos that give your possessions history, meaning and value. That alone would be valued by your family.
Letting Go
Next, it may be time to let go of items with no takers. If you want to sell, do online searches (e.g., kovels.com or ebay.com) to see if there is a market for your art, furniture, jewelry, china or silverware. Sell it if it has value. If you’re sure your items aren’t worth much, make a charitable donation and move on. This applies to furniture, jewelry, clothes, even random kitchen gadgets you’ve acquired over the years.
Your Lasting Legacy
It’s important to leave clear instructions in your estate plan for any tangible personal property that remains – to whom it will go and when. Successfully passing on wealth and assets can be complex, both emotionally and practically. View the planning process as a chance to engage your spouse and heirs with deep, meaningful conversations about health, wealth and the future.
Article Source: Raymond James
If you have questions regarding financial planning or investment management, give Garry a call at 858-450-9711 or email at garry@kachkovskyandfisher.com. For more information, visit http://www.kachkovskyandfisher.com/
This post is sponsored by Certified Financial Planner (CFP) Garry Kachkovsky. Kachkovsky & Fisher is a Registered Investment Advisory Firm. This information is general in nature, is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results. Investors should consider the investment objectives, risks, charges and expenses associated with savings plans before investing.
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