It happens all too often. An older relative passes away and leaves their cherished possessions to their heirs. But the problem is that those heirs either don’t want, can’t use or have no room for their loved one’s legacy gifts.
Nobody wants that. So, how can you create a lasting legacy and forgo leaving heirs things destined for the rubbish heap or Goodwill?
One person’s treasure may be another person’s trash
There is no after-market for Hummel or Precious Moments figurines despite the size of many collections. Ditto for all those special-edition commemorative plates people bought for way too much money.
Some collections, however, can have value to those interested in acquiring the items. Some pieces of rock ‘n’ roll memorabilia can command high sums, but you must be familiar with that market to properly value the collection.
Gen X-ers are uninterested in many heirlooms
Your grandmother’s china was lovely in its day. But when was the last time your Gen-X grandchild drank out of a porcelain teacup? Likewise, sterling silver flatware has an intrinsic value that fluctuates with the world markets. But silver-plated flatware has no resale value and is burdensome to keep shined.
Antique furniture may be welcomed by some heirs, but many will find it cumbersome, uncomfortable or not their design preference. Better to arrange for it to be sold off and the profits distributed among your heirs.
Focus your estate plan on things of real value
There is nothing wrong with leaving a couple of cherished mementos to your loved ones. Ask now what each one would like to have from your estate and include that in your will. But also consider putting assets like cash or real estate into a trust for your beneficiaries.