Succession planning for everything you've built/acquired/collected

[RedTailHawk]

Everyone has clearly spent a lot of time, money, effort on their interests (i.e. Work shops, tools, toys, etc).

Has anyone discussed succession planning to make sure these efforts don't go to waste once we are gone one day? As much as I want my kids to learn about taking care of our cabin, ATVs, guns, property, etc...well they are kids with other interests at this point in their lives. Anyone have any tips on getting kids involved so that everything we've done doesn't end up similar to this funny quote I found on a hunting forum?:

"My greatest fear is that when I die my wife will sell all of my hunting gear for what I told her I paid for it."






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[PelicanPines]

Rather large yard sale...

 

[77Ford]

Nope......I do it to make me happy while I am here.

What they do with it after I am gone is their business....plus I plan to out live them all. [emoji4]





DeWalt

 

[sublimate]

You can't force people to value things the same way you value them.

Probably a good reality check that you can't take it with you, and all you've built/acquired/collected is not worth as much to anyone else.

Focus on doing things, not acquiring things.

 

[Busted_Knuckles]

Having no children, Ive instructed the better half to contact my " brother from a different mother " who knows what everything I own is worth, and what it does, to contact an auction house, and have a well advertised Saturday sale, overseen by my buddy.

My whole mess, would be gone, in 48 hrs +-, and probably a fair amount raised by the sale. Two birds, one stone. ( Remove the mess, and recover $ from it )

 

[nadogail]

The thought of what my kid would want to do with my stuff is depressing.

When I get old, I guess I will have to address the issue, but it am only 76; that discussion can wait until I am an old man.

 

[macgyver37]

This has come up a few times in the past here an other forums I am on.

App 15 yrs ago a good friend died and left an enormous number of motorcycles and parts etc that was his retirement plan. He got pancreatic cancer and wasn't around but a few months. His family and friends were left with trying to get rid of it all and they knew he valued them but they didn't know anyone else that did. This was before it was easy to get online and find like minded people and they dealt with trying to sell of the stuff for months. It was very hard on them and us looking in that weren't greedy and didn't want to take advantage.
I think in that case they should have had an auction. For me, I have many tons of machine tools and also cars/trucks/bikes. I have kept the wife in the loop on what range the things are worth on the open market, but I have also started to get things written down to help. I do expect that at some point I will start to sell off the stuff if I have a choice. If not, I will have a few things for certain people, then the rest I suggest have an auction.

I am working towards only having the necessary things to accomplish the jobs I need and want to do. I run my shop for a living so the volume of stuff is pretty high, but I have been going through it this past year to get rid of unused stuff and keep it organized and better documented. I am getting projects wrapped up and put together so that there are not multiple machines or trucks in pcs.

Anyway, I think it is a good idea to make a plan and not just leave it to family to deal with without any clue what to do. It make sit much easier to handle a death if the persons stuff has a plan vs many cubic yards of things to sort and get rid of.

 

[mikeyr]

I use a app on my phone to log what I pay for toys instead of what I tell my wife I paid for it so when I go they will at least have a idea of what to ask at the garage sale. Kind of scary, I have over $4k in reloading stuff, I would hate for my wife to sell those presses for $50. All the big stuff in the garage like lathe, lift's (yes plural), other big tools my wife knows what they are worth. Its just the small stuff that she would need help with and I have a good handle on that, she knows what she has to do to get a inventory. And I have a will for everything else of value.

Like someone else said though, once you’re gone it does not really matter what they do with your stuff.

 

[RedTailHawk]

I guess my point was that rather than having all your stuff sold off (for which they'd never recoup the true value), any thoughts on indoctrinating kids, grandkids, etc to learn these passions and carry the torch (not because they'd feel obligated to, but because its in them, just like it is in us).

I was never into this stuff (insert hunting, woods, cabin, tractor, ATVs, or whatever) as a kid. In fact I didn't get the bug until I was 43. So I suspect my kids will one day appreciate these things too. In the meantime, I don't want to force it on them, but I do try to expose them to all these great crafts/skills/hobbies/interests, etc. It would make it all seem more meaningful rather than having done all this to fulfill one's own selfish pleasure, but instead it becomes a long term family tradition (regardless if it is for work or hobby, but still for fun or passion).

Just looking to see if anyone has had success with this approach and how to go about it.

 

[Steevo]

A big-*** auction.

 

[madison069]

My wife would probably just ignore it all, and if it gets in her way she will set it out on the curb. Or she will find someone new and he will deal with it.

 

[UpNorther]

For me, as far as my tools/toys/material possessions go. I have instructions to sell/auction it all away. If that means an auction house, I'll be glad my descendants don't have to deal with the heartache of doing it.
With that being said, I do have a list of things that MUST be kept and handed down through more generations.. I have some tools that have been passed down up to 4 generations before me and they have to keep going

 

[ozyborn]

Everything in my garage belongs equally to both of my boys. Everything. It is theirs. I just use it until I no longer can. I teach them how to use the tools and take care of them. Wife is not part of it. The stuff is my boys not hers. My dad was the same way. Spelled out in my will the same as well.

 

[rburke65]

No children here. My wife hastily erected when I die shewillloadthe '65 Impala with "all my ****" and put it out on the side ofthe road the night before Trash Day.......

 

[RedTailHawk]

I have some tools that have been passed down up to 4 generations before me and they have to keep going

Do you have pics or a thread on these 4th generation tools?

 

[rob1200]

I guess my point was that rather than having all your stuff sold off (for which they'd never recoup the true value), any thoughts on indoctrinating kids, grandkids, etc to learn these passions and carry the torch (not because they'd feel obligated to, but because its in them, just like it is in us).

This search may give you some ideas:

https://www.google.com/?q=kids+site:garagejournal.com

 

[ltusler]

You can't force people to value things the same way you value them.

Probably a good reality check that you can't take it with you, and all you've built/acquired/collected is not worth as much to anyone else.

Focus on doing things, not acquiring things.

I do things with things.

 

[csampson]

I shall take everything with me to the afterworld in my tomb along with my embalmed family and household pets.

 

[Richard Cranium]

I went to our local trade school and talked to them about leaving my tools and boxes to them. They didn't want them, they have a contract with snap on, The only tools they have for students to use is snap on, and snap on supplies the tools as a gift to them. So that the students will buy their tools from snap on.

 

[Richard Cranium]

I hope that if I find out that I will die, that I have enough time to sell as much as I can so the wife don't have to mess with it.

 

[930dreamer]

When I die, my family can have everything.

 

[Playwme]

If it's a sudden and unexpected death I assume all my mates will be told to bring cash to the funeral. The Eulogy can be an Auction and the wake will be trailer loading time. My mates know what I've got, they know what they want, they know what it's worth and they'll give the wife a fair price and do all the hard work.

 

[MushCreek]

Now in my 60's, I'm thinking about this more and more. I've had several friends and friends that were younger than me up and die, so it's a sobering thought. So far, I'm actively working on thinning the herd. We recently moved, so I got rid of a lot of stuff, but I still have tons to go. Some of my old hobbies are losing their relevance, so I'll start by getting rid of that stuff. I'll never part with the tools, and my son knows what they are and what they're worth. It's up to him if he actually wants to keep them. I'd like to think he would keep my lovely oak Gerstner tool box, but who knows?

The main thing we are focused on is trying to pass our property along to him. I spent 4 years building this place on my own, and with 7 acres of land, it's a pretty nice place. He could either use it for a vacation place or sell it. The problem is that if either of us wound up in a nursing home for an extended period, everything we have would be gone, including the property. I've tried to learn a bit about trusts, but information seems hard to come by. There used to be 'tricks', such as selling the place to your kid for a small amount, but they are wise to that now, and could make him pay the real value difference. I need to find a lawyer that specializes in this stuff.

 

[bad_idea]

My wife has already said she will shut the shop light off and close the door. I keep telling her to sell it off and buy herself something nice. Not looking to amass an empire, just have a good time while I'm here.

 

[Aberdale]

Nope......I do it to make me happy while I am here.

What they do with it after I am gone is their business....plus I plan to out live them all. [emoji4]


DeWalt

+1

I did not collect all of this stuff to pass on to someone else. I did it to meet my needs and make me happy. In the end it's just stuff. The stuff that lasts longer than I do will go to someone else that sees the value in it when it gets sold at auction.

Come to think of it, maybe I should plan the auction before I die, so that I can throw one big last party . . . .

 

[arrowhead]

A woman at my office has pictures of her deceased husband and his perfectly restored Packard he built. One day shortly after she started working here she was telling me about him and the car. When I asked what happen to the car, a big smile came over her face and she said "I got a new kitchen!". We don't get along very well.

 

[rockwithjason]

I guess my point was that rather than having all your stuff sold off (for which they'd never recoup the true value), any thoughts on indoctrinating kids, grandkids, etc to learn these passions and carry the torch (not because they'd feel obligated to, but because its in them, just like it is in us).

I was never into this stuff (insert hunting, woods, cabin, tractor, ATVs, or whatever) as a kid. In fact I didn't get the bug until I was 43. So I suspect my kids will one day appreciate these things too. In the meantime, I don't want to force it on them, but I do try to expose them to all these great crafts/skills/hobbies/interests, etc. It would make it all seem more meaningful rather than having done all this to fulfill one's own selfish pleasure, but instead it becomes a long term family tradition (regardless if it is for work or hobby, but still for fun or passion).

Just looking to see if anyone has had success with this approach and how to go about it.

You have very little influence over it. They either have an interest or they dont. If your desire is to build a dynasty that will last generations you will probabaly be disappointed. Invite them to participate and hope they want to, that is the only way

 

[bubinga]

No, and I need to.
don't have much family, not married, No kids, just a half brother, and a niece.
guess Id leave the things to him, but hope him and his wife, (who runs the show, and him,) don't come in and just sell the tools and equipment at a yard sale, and just
"give the stuff away"
Don't have to tell you guys how much "blood, sweat, and tears, not to mention time and gas money, went into getting and restoring this stuff.

Edit,
(Maybe that's not what you really meant OP)

Edit, guess you did mean that.
"My greatest fear is that when I die my wife will sell all of my hunting gear for what I told her I paid for it."

 

[HoosierBuddy]

I have not discussed this at any length with anyone...and really I should.

On one hand, my wife and boys might not value my tools that much and they might just sit and rust or they might sell them off for a few dollars. That would be sad.

On the other hand, they (the boys) might all "covet" the same item. Then you could end up with them arguing over something and maybe holding a grudge.

I've known A LOT of families over the years that have had SIGNIFICANT falling outs over "who gets what" after a loved one passes. Some of them basically never speak again. Sad, sad, sad.

Phil

 

[Boilerhouse]

Life expectancy is mid 80's (roughly). Peoples lifestyles begin to slow significantly mid to late 70's. So I figure I've got 5 to 10 years to unload most things. That is if things go to plan, if not - not a bad idea to have an inventory list with suggested values for insurance reasons. That can be a guide for heirs.

 

[countryroad82]

I've told my wife several times that when I go there are 2 lines of thought to it. 1. Ask the girls (I have 2) if they or (hopefully) husbands want my junk. If they do let them pick through what they want/need but it HAS to be used or my wife does option 2. Option 2. Get an appraiser out to the shop and have my junk appraised, then do her own homework on the values of some of the items the appraiser called out just to make sure they aren't full of ****. Then sell it all! Either auction it, eBay it, sell as a lot, just clean it all out!

She has told me though that when I go she's going to keep the KRSC46 box, take it in the house, and turn it into a makeup box!!! I see it as a good use for her lol.

 

[LeeG]

Most of my stuff, I bought myself, and it can be sold, or be given to whomever wants/needs it. Some stuff has personal or family significance. That stuff needs to be documented as to what it is and the story behind it. That .22 bolt action rifle doesn't look like much to even the most knowledgeable gun collector, but the story of how my dad spend an entire summer vacation during the summer of 1948 working in a canning factory to buy it in time for squirrel season, and all of its family history since makes it something I want to be sure goes to a family member who can appreciate it.

I use an iPhone app (MyStuff2) to keep track of what I have for insurance purposes. Other than that, I have documented several family heirloom items and keep that list with insurance and other important papers.

 

[RedTailHawk]

Edit, guess you did mean that.
"My greatest fear is that when I die my wife will sell all of my hunting gear for what I told her I paid for it."

It was just a joke I had heard before, but it makes a startling realization that everything you've poured your heart and sole into won't be cherished by others.

So what can we do now to encourage interest, promote learning the skills, etc? It doesn't have to be a bootcamp to make them appreciate your stuff, but rather just including others in your efforts as an introduction now in hopes of letting them carry the torch (if they want, not because they have to) when you are gone.

Otherwise it seems a waste to put so much time and effort into something that will disappear the moment you are gone. I'd like to think I'm doing this stuff not just for my enjoyment/betterment now, but to give my kids, grandkids, etc a head start on these "things" for the future.

Note: I'm not just referring to the materialistic part of this issue (handing over tools, tractor, property, etc), but the art, passion, interest, skills, etc

 

[HoosierBuddy]

Update to my previous response:

I spent about 10 minutes and wrote out a list of all of my major tools (milling machine, lathes, rolling boxes, Table saw, welders) and wrote a kid's name next to each item. Same with my firearms. I put the list in an envelope and gave it to my wife. Told her she gets my mustang, and she actually needs to drive it. Kind of awkward conversation, but hopefully it will help someday.

Lots of talk about life expectancy. However, when you have a sample size of 1, statistics don't really apply.

Phil

 

[bubinga]

How I know I understand it was a joke or a quote you once heard but it's true. Hi no they just they don't Sherry things like we do so all we all we can do is enjoy them while were here. I commented to my doctor one time I was not ready to die Dr I was enjoying my hobbies too much and he sort of laughed I said not trying to be funny Dr..... Lol

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[matt_i]

What I hope is the stuff that I acquired (found me?), will find someone else who wants to enjoy it as much as I did. That said, a simple "for sale" pathway fits that the best.

Where I worry a little is that nobody else would have a clue what is what, for example, could the tool blocks that fit the lathe and are stored in a drawer rejoin the machine, or would they go in scrap?

Where I worry more is I have a large number of machine tools. They mostly all are a multiple of 1000 lbs, up to 10k. I rigged every one into place, but its not the job for an amateur to reverse. There are pros, but they are quite proud of their work. I would expect someone to require the new buyers to hire their own pros, just like an auction.

I think some kind of list or file, populated with a lot of pictures would be best. Hopefully my wife is not so well funded with life insurance that there's no driving financial interest and the scrappers are called in (!?!?!)

 

[Stuart in MN]

The best solution for your heirs may be to auction everything off and then split the proceeds. That way there's no fighting over who gets a particular item. If they really want something, they can bid on it at the auction along with everyone else.

This is essentially how my family handled our parent's estate. We each got to pick a couple items beforehand, but then the rest went on the auction. It worked out well, and we avoided any fights or hurt feelings.

 

[crewchief888]

i'm in my late 50's, wife is mid 40's. i have no kids of my own, she has 3 in their early/mid 20's. we've been married less than a year, but have been together since '99....

once i'm gone...

wife keeps whatever she wants

my stepson has already expressed an interest in my harley, it's his if he still wants it, along with some tools if he still doesnt have anything.
oldest girl has "helped" doing a few repairs to my truck, so the truck is hers if she wants it. 3rd girl is a "girly" girl and has never expressed any interest in what i do, so it's the wifes choice on what she gets.

i have (very) few friends, and most are mechanics, but theres one that i hope she'd offer a few things to, especially my guns & reloading equipment.

whatever she dont give away or keep, she can call an auctioneer.

 

[sberry]

Hopefully old enough my kids get to fight over it.

 

[77Ford]

i'm in my late 50's, wife is mid 40's. i have no kids of my own, she has 3 in their early/mid 20's. we've been married less than a year, but have been together since '99....



once i'm gone...



wife keeps whatever she wants



my stepson has already expressed an interest in my harley, it's his if he still wants it, along with some tools if he still doesnt have anything.

oldest girl has "helped" doing a few repairs to my truck, so the truck is hers if she wants it. 3rd girl is a "girly" girl and has never expressed any interest in what i do, so it's the wifes choice on what she gets.



i have (very) few friends, and most are mechanics, but theres one that i hope she'd offer a few things to, especially my guns & reloading equipment.



whatever she dont give away or keep, she can call an auctioneer.

Cradle Robber.......[emoji18][emoji18][emoji18][emoji18][emoji18]


DeWalt