Do you have plans for your tools in your will ?

[K-Dog]

I have a huge Snap-On box damn near full. I have been doing collision repair for over twenty years. I have quite the collection. I have one and only one child. A daughter, who most certainly will not be entering the automotive field.
So I was wondering about my tool collection after I am done with them once and for all. ( I die )

Do any of you have any thing in your will regarding your tool collection ?

 

[Jason280]

Mine will be going to my two sons.

Sounds like you have a considerable amount *******, so you need to have a plan. If your daughter (or potential son-in-law) isn't interested in them, donate them to the local tech school or high school. If you don't want to do that, I'm sure you can find someone you feel is deserving of the tools...just make sure its in writing.

 

[canuckian]

mine will be left to my sons. included will be a list of what they're actually worth in case they have no interest in keeping them. I'd like them to have some idea of their worth so they don't get ripped off.

 

[Jeremy77]

Yeah, that's too nice of a collection for its fate to be left to chance. My grandfather had so many industrial tools from his fab shop when he passed away. He had 3 daughters and I was his oldest grandson but at the time didn't realize the worth, both monetarily and sentimental, of all of those tools and equipment. I ended up with a 36" Ridgid pipe wrench and a few other things but most of it was sold by my grandmother for pennies on the dollar. Including a 4x8 steel table with a big Columbian (pre Wilton) vise mounted to it. She had no idea what it was worth and no need for it. I know he would have liked those tools to remain in the family. My son is 5 and daughter is 6. Even if they have no interest in tools as the get older, I still want them to know their value so as to get maximum $ possible when selling them.

 

[defektes]

It will all depend on which of my kids is the least incompetent.

 

[littleponderosa]

Just like the guns - some to friends and most to my good brother and his brood. His boys are finally figuring out their Dad is a helluva wrench.
Bill

 

[gungatim]

yes, instructions but not leaving to anyone. wife has instructions to auction everything, or sell if anyone wants it, but at the right price. I have instructions on what is what, what stuff should be worth, parts for odd cars, what's a project, what's not, that kind of thing. When my Dad died, my mom let some guy give her a hundred bucks to clean out his shop. took damn near everything which I found out when I grew up was worth a few zero's more...don't want that to happen to my wife and kids...

 

[ozyborn]

As my father did with me. Everything is the garage is not mine. It all belongs to my sons equally. I have everything cataloged. I try to get duplicates of everything. Yes it is in my will and living trust. Wife knows as well.

 

[Marc Benjamin]

I think you guys might be overestimating the future value (if you're 20+ years in this I think your SAE's won't be worth much in 10 more) of your tools and underestimating how hard it is to liquidate property during probate.

I'd probably sell what I have myself once I hit 65-70 and then upgrade my wifes diamond and that's what the true heirloom would be for my son.

If I die suddenly, I told my wife to not stress herself out and just the highest bid for the lot that she finds within a month period and let it go.

 

[1950mercury]

Im going to be buried with mine

 

[Whitworth]

To the OP; your daughter may marry a "handy guy", so don't rule out a son in law, or grandchildren for that matter.

The value of most tools is both practical and monetary, maybe sentimental too. So it's more complex an issue than just holding a quickie estate sale.

 

[Jeremy77]

The value of some tools will remain high in the future. Especially if the trend towards making them cheaply offshore continues. Look at what people today will pay for a 60 year old U.S. made Wilton vise or even Vintage Plomb, Snap On ratchets. I don't plan on my Kobalt screw drivers having value 10-20 years from now but I don't want my wife/kids to sell the 36" U.S. made Ridgid pipe wrench or my 24" Crescent adjustable for $3 bucks each on eBay.

 

[coby65]

No kids
I'll be dead
Wife can do whatever!

 

[ssdave]

I've got about $87,000 of tools on my insurance inventory list, and I'm sure I've missed quite a bit of them. My wife is aware of their value, but thinks they're a pain in the rear. Her plan is to call the salvation army to come pick them up when I die. Of have a make offers yard sale. My kids don't care much at this time, maybe later they will. I'll be gone, so really shouldn't matter to me, but careful sale would probably give my widow and kids $50,000 or more. A yard sale operated by my wife probably would allow the buyers to walk away with it for $2000 or less. Just my sockets would bring more than that on ebay.

I don't know how to plan for anything different, if the recipients and executors don't care.

 

[Thumper68]

This is another reason I'm so glad that the shop is at the lake place which is in a trust for the future use of the decendants of my parents (We set it up that way 15 years ago, even though my sis did not have any kids or spouse).

So all the tools and equipment in the shop and sheds is there for future generations.

 

[malykaii]

I don't want kids. When I get to the age that I can't use my tools and am forced to drive an automatic car,but not old enough to be bed ridden and dying... I will sell them all. Since I will be old and bored, I will have the time to post each tool up individually on eBay.

 

[RedRabbit]

My grandpa is leaving me all his tools, which wasn't hard to decide, only other car guy in the family lol. But if he didn't have me I have no idea what he would do. Probably donate them or my grandma will donate them.

 

[PugetDude]

Since I will be old and bored, I will have the time to post each tool up individually on eBay.

Life is what happens while you are busy making other plans...

 

[MrJason]

I have a huge Snap-On box damn near full. I have been doing collision repair for over twenty years. I have quite the collection. I have one and only one child. A daughter, who most certainly will not be entering the automotive field.
So I was wondering about my tool collection after I am done with them once and for all. ( I die )

Do any of you have any thing in your will regarding your tool collection ?

I setup a living trust, and the estate documentation is updated periodically, as assets increase.

My sister gets my entire private tool collection, and the personal racing assets. She's the only one that would appreciate the value.

Jason

Jason

 

[justanengineer]

No, because wills are an antiquated piece of legal-eze not applicable to half of today's society. Give your stuff away while youre alive, or make dam sure its easy to get to shortly thereafter if you dont think there will be in-fighting over the goods. Those are your two choices unless you trust your possessions to chance.

 

[AmishFury]

whoever wants them will come forward and if more than one person wants them they must battle for them...

 

[PugetDude]

whoever wants them will come forward and if more than one person wants them they must battle for them...

You have a matched pair of Paslode Cordless Dueling Pistols?

 

[Toolfool]

No will, but I have instructed my wife that my brother in Pittsburgh and my best friend in Cincinnati can come and take what they want. Then the local guy I often work with, and trust, gets next pick, providing he helps my wife sell off everything else at fair prices. The wife just says, "Don't talk like that."

 

[paulsomlo]

As I accumulate more tools and machinery I think about this more and more. It drives home the fact that we really don't own anything - we just have the use of it during our lifetime.

 

[AmishFury]

You have a matched pair of Paslode Cordless Dueling Pistols?

all combat will be hand to hand

 

[colin39]

I told wifey if i cant use them or im DEAD then either sell em or scrap em and whatever ya get for them have a good holiday and get on with life and be happy.

 

[DenisG]

Nope.

 

[bobdell]

I was thinking about this recently and have no kids. There are people that do estate sales for a percentage, so getting higher prices is to their advantage.

I googled and found this
http://www.estatesales.net/estate-sale-companies/choosing.aspx

 

[bobcatdan]

I'm 32 years old. No children and no real plans other then leaving the option of having one by the age of 40. I'm an only child so the tree pretty much ends with me. On the GF's side I have a couple of nephews. If I grow close to them and the interest is there, I could see leaving stuff to them. Passing my tools on are not my biggest concern. Of all things is my Farmall H my great grandfather bought new. It is pretty much a family airloom and do wonder where it will go after me. There is hope there could be interest on that side of the family, many who still farm today may want it. But with much of the older generation gone, I'm left with distant cousins that I could easily fall out of touch with.

 

[RedF]

I think you guys might be overestimating the future value (if you're 20+ years in this I think your SAE's won't be worth much in 10 more) of your tools and underestimating how hard it is to liquidate property during probate.

I'd probably sell what I have myself once I hit 65-70 and then upgrade my wifes diamond and that's what the true heirloom would be for my son.

If I die suddenly, I told my wife to not stress herself out and just the highest bid for the lot that she finds within a month period and let it go.

I think that you are wrong on both accounts. SAE tools will always have value in industry. I use SAE easily 10X more than metric. My metric stuff is literally dusty while my SAE is used daily.

Your son should have some concept of the time you spent with your tools in your hands and what you did with them, and be proud that they are passed on to him.

But then again, if he's going to be an accountant or a computer programmer and live in a condo, your old tools will only be a burden.

 

[Lassen Forge]

As my father did with me. Everything is the garage is not mine. It all belongs to my sons equally. I have everything cataloged. I try to get duplicates of everything. Yes it is in my will and living trust. Wife knows as well.

That's what my dad did - there were 3 of us - myself, my younger sister, and my much younger brother. My sister (younger) had no interest in tools and made that clear, so dad split the tools between my baby brother and I to sort out - in fact his only instruction was to "split them up evenly". We each got a great set and, yes, it has a lot of memories as well.

My stepmom (no, make that my dad's 3rd wife) was trying to manipulate my half away with stuff like "Well, your sister didn't want any, so why do you?" and other stuff like that. Turns out she wanted first dibs to cherry pick and sell stuff. My dad's will - came to the rescue there (so yeah, wills have value...) because it spelled out his wishes. She tried to get a high dollar lawyer to throw it out (fun family, eh?) so she could sell more stuff, but was shot down. She was NOT amused.

So all the tools and equipment in the shop and sheds is there for future generations.

I like that idea. No, I *really* like that idea.

My sister gets my entire private tool collection, and the personal racing assets. She's the only one that would appreciate the value.

Not many people realize there are girls like us... that like getting our hands dirty, turning a wrench, driving fast cars/bikes/etc and making them faster, and living the good life! Somehow I get the feeling she's got one bada$$ "girl cave" as well.

 

[Heavy Metal Doctor]

I'm really on the fence about issues like this. On one hand I know there's value in things I own and, therefore, should be a plan for what happens to the stuff when I drop. On the other hand, I buy stuff for me and don't really give a **** what the world does after I'm gone since I won't be here to even know about it....maybe my tools will go to my son-in-law or future grand kids...or maybe some guy in 2050 will be posting on GJ about a huge haul of tools bought at an estate sale at my house......

 

[bobemmerich]

Nope. My wife will decide what to do with all my "****". It won't be my problem after I'm gone. Hopefully she'll get some $$ for a trip or something.

 

[devoncoolman]

As I accumulate more tools and machinery I think about this more and more. It drives home the fact that we really don't own anything - we just have the use of it during our lifetime.

This is a very true statement. This is something that bothers me very much. Mainly because i am pretty pasonite about my posessions. Mainly my tool colection. My grandfather just passed away two months ago and he left his extensive tool collection to my dad which in turn took a few pieces of equipmemt he didn't have and gave the rest to me. He was going to give them to my aunt which would have sold everything because shes money hungry.

I just had a son so all of my possessions that i don't sell off before i die will go to him. My father owns a chassis/engine shop and has lots of equipment including milling machines and all engine machining equipmemt along with a slew of race cars and muscle cars. I know hes leaving what ever he doesn't sell off to me. Its so much stuff i won't know what to do with it all.

 

[Gotcha640]

My family has moved around a lot (grandparents England to South Africa to Guyana to Massachusetts to Ireland, parents England to California to new York to Columbia to Texas, my wife and I Texas to Baltimore to Canada to Morocco) that we don't tend to hang on to much. My dad left two metal tool boxes, about as big as you would want to carry around, and I have a similar size collection that I've hauled around. The tools might not be passed on, but the stuff we build together will last, and the pictures and memories are more important to me anyway.