Succession plan for your tools?

[rust in the eye]

Mrs. rust in the eye says to me the other day; "I hope I die before you so I don't have to deal with all your stuff." Meaning cars and their bits and my tools.
No heirs to pass mine onto. I'll sell off before I become too feeble to have use for them(already culling) but what if I go suddenly?
The thread regarding possibly purchasing a collection prompts my question. My tools are not a collection but a lifetime's worth of "gathering" auto mechanic's and builder's tools. A significant lot.
How are you guys planning?
Anyone have personal experience with an estate auction of such items?

 

[M6erfan]

Everyones situation is different. Amount and size of tools for one. My wife has been going to a lot of estate sales held by companies that specialize in such things. I'm sure its convenient for the family.

 

[Hilltopmasonry]

FYI when you have an estate sale you literally get pennies on the dollar for your stuff

The value of estate sales lays with the fact that other people come, pay a little bit of money and clean out a house in a short period of time saving the owners from having to sell every single thing themselves

I am only 47 but I realized after cleaning out my parents house that I do not want to leave the burden to my children and I am already getting rid of **** I don’t need or want

Do yourself and your loved ones a favor by starting to get rid of stuff now, selling things that have any value and enjoy that money by doing something else that you enjoy

 

[bwringer]

My Dad left behind a grand mess. Once he knew the end was nigh, he did his best to give away as much as he could to family and friends far and wide, and asked my sister and I to do our best to do the same before auctioning off the rest. But it was still weeks and weeks of hauling and scrapping and trashing and cleaning.

You don't always get a warning, though. And even if you're not a hoarder, it's something to think about.

That said, sometimes people are reluctant to accept things you're giving away because it might feel like you're giving up, or it's morbid, or they don't want to take advantage. So you have to invent some other creative excuses sometimes to move stuff along.

Or, just move it along for your own sake, so you can better enjoy the use of your tools and stuff while you're still above ground. For example, WAYYYYYY too many people hang on to WAYYYYY too much scrap and extra materials. Pretty soon you're literally up to your ears in 2x4 scraps and clearance plumbing fittings, and you can't safely actually, y'know, DO anything.

And since this is on your mind, stop buying **** just because you can or it's a good deal. Yeah, you might pay more for the wood for that boat later on, but storing the materials for 20 years bears a cost of its own.

As far as estate auctions, they're a method of getting rid of stuff quickly, but they're not a way to get the most money. Even on the open market, it's a safe bet that your tools are not worth anywhere near what you think they're worth.

If it worries you, make sure your wishes as to where your things go are known.

Also, don't try to burden your heirs with instructions. If a batch of tools goes to a nephew or whatever, he might be able to use them or he might sell them. It's not up to you, so please don't threaten to haunt people...

With my Dad's stuff, there's a lot I took because I can and do use it, but the vast majority was given away and some was sold in the auction. Quite a lot was too damaged to be recoverable, and had to be scrapped.

 

[Dakotadadv8]

Plan to give son the tools. He can then upgrade.

 

[Professional Tool User]

I would just donate my tools to people just getting started in the trades/DIYers or to a trade school in return for a tax receipt. Selling a large amount of tools isn't worth the hassle to me.

 

[AEAdam]

Mrs. rust in the eye says to me the other day; "I hope I die before you so I don't have to deal with all your stuff." Meaning cars and their bits and my tools.
No heirs to pass mine onto. I'll sell off before I become too feeble to have use for them(already culling) but what if I go suddenly?
The thread regarding possibly purchasing a collection prompts my question. My tools are not a collection but a lifetime's worth of "gathering" auto mechanic's and builder's tools. A significant lot.
How are you guys planning?
Anyone have personal experience with an estate auction of such items?

About to turn 60 and just thinking about this myself. I think the key is to put your wishes on paper, preferably in a will.

Not 100% sure but I believe in some cases, stuff must be sold, regardless of your wishes unless it’s in a will. Suppose you want to donate your stuff or…

 

[f121]

Read up on ‘Swedish Death Cleaning’

 

[Shocker]

I have been putting non-tool stuff on eBay the last 10 days. Selling pretty well. Better than tossing it.

It is amazing what people will snap up.

Gotta get the tools all sorted so I can start sell off the collection. Thanks for the prodding!

 

[gleman]

I started cleaning up my act about five years ago.

I had my grandparents, Dads and my **** everywhere.

I took up the new hobby of Clean, Sort and Organize everything. The file cabinets of "important papers I needed to keep" were mostly a fire hazard of old bills and receipts. I'm not sure how many sets of dinnerware a man needs but I had seven too many. Etc...

After the houses, garages and barn were settled, the tools were easy.

I took the same approach with finances and estate plan. Everyone knows everything and I can sleep easy if I think I'm going to kick the bucket.

 

[2ndGearRubber]

I would just donate my tools to people just getting started in the trades/DIYers or to a trade school in return for a tax receipt. Selling a large amount of tools isn't worth the hassle to me.

This is basically my plan. Give a lot away. Maybe try to find an up and comer at the trade school or shop and give stuff to them. Or a family friend getting started. Jokingly I've said they can push the tools in the hole with me, but I'm not sure I want to buy that much space.

I have consider what I would do in a smaller shop if I needed to condense my footprint. Probably get an 84" epiq with a top chest, not a hutch, and twin lockers, maybe 3 lockers depending. Or trade out the 1032 for a top chest and an overhead cabinet?

I have two more cabinets to the left not pictured, plus my 6 drawer cart. Money when selling would be nice, but these tools are investments, and they produce a return. If you get 25cents on the dollar after putting food on the table for 40 years I think you're doing pretty well with the tools. Even if you got $0.00, the tools still did their job

 

[Madjik Man]

Mrs. rust in the eye says to me the other day; "I hope I die before you so I don't have to deal with all your stuff." Meaning cars and their bits and my tools.
No heirs to pass mine onto. I'll sell off before I become too feeble to have use for them(already culling) but what if I go suddenly?
The thread regarding possibly purchasing a collection prompts my question. My tools are not a collection but a lifetime's worth of "gathering" auto mechanic's and builder's tools. A significant lot.
How are you guys planning?
Anyone have personal experience with an estate auction of such items?

Ironically I was thinking about this.

I do have a kid to bless my **** with. But if they don’t want it I truly was thinking of connecting with someone on this forum and passing it on to them.

I’ve slowly upgraded a lot of my tools over the course of the past 10 years so it’s nice stuff to pass on to someone who could use it.

My kid probably isn’t that person.

 

[Madjik Man]

I have been putting non-tool stuff on eBay the last 10 days. Selling pretty well. Better than tossing it.

It is amazing what people will snap up.

Gotta get the tools all sorted so I can start sell off the collection. Thanks for the prodding!

*ahem* post them here first

 

[brandyspaw]

This has been a big concern for me ever since I've become so damn old. My concern is not just finding a way to get rid of my tools but also selling off the other gear from the hobbies I have such as vehicles, guitars, etc.

The options I have to get rid of stuff are pretty limited as I have no relatives to gift them to. So short of selling my stuff off now while I'm still mobile, my alternative is to use an estate sale service. Other than that, I would have to devote a lot of my time right now to sell stuff while I'm still healthy. Moreover, selling the tools now means I'd lose out on the use of my tools right now while I'm still healthy and doing fine. I'd like to hear of other alternatives.

 

[M635_Guy]

None of my kids care about tools unfortunately.

She'll call one of my car-buddies and they'll help her out.

 

[2ndGearRubber]

This has been a big concern for me ever since I've become so damn old. My concern is not just finding a way to get rid of my tools but also selling off the other gear from the hobbies I have such as vehicles, guitars, etc.

The options I have to get rid of stuff are pretty limited as I have no relatives to gift them to. So short of selling my stuff off now while I'm still mobile, my alternative is to use an estate sale service. Other than that, I would have to devote a lot of my time right now to sell stuff while I'm still healthy. Moreover, selling the tools now means I'd lose out on the use of my tools right now while I'm still healthy and doing fine. I'd like to hear of other alternatives.

I mean, at the end of the day it's not "your problem" since you'd be dead.

Ideally if one wants their stuff while living, "post-life" sale is ones only option. An executor of a will could perhaps liquefy any remaining assets, including tools? That then begs the question, liquefy assets for what purpose?

I think that's a real first question. The money doesn't matter if you're in the ground, so assuming you anything remaining when you're deceased, what is the "goal" of your legacy? Assuming we'll have one after all, and don't end up spending down all remaining assets on some horrible fate like dementia care.

 

[steel 35]

I might be a hoarder.

 

[mepstein]

I’m 57 years old so hopefully I have more time to play but I told my kids to grab what they want and give the rest to the local Spanish mission. I’m sure there are people there who can use them. They can deal with selling the house or getting rid of the cars (a couple old Porsche’s) but I’m sure not going to make them clean out the house or sell tools. They have better things to do.

 

[BDT/NWMN]

I occasionally pick a few unused-unwanted-unneeded larger items, and post them in the classifieds on Facebook or CL. After an item sells, I may list another. Numerous similar smaller items can easily be posted as a single ad. I favor detailed descriptions, good pictures. and promptly answering questions by e-mail or messenger, (phone, if needed). If I ever Do decide to sell any tools, I will keep the GJ Classifieds in mind. However; being I have Family who enjoy using tools and shop equipment, and My shop and property was signed over to them a couple years back, I have sidestepped that predicament.

 

[PugetDude]

My wife can sell it, donate it, or give it all away to strangers. I'll be gone; I won't care.
If she passes first, I'll probably leave it all to a charity. No family interested in a well-equipped wood/metal shop.

 

[sparky 1971]

Hopefully my one and only kid wants them, but right now at 14 he isn't showing any interest. Next in line would be my brother and/or his son that is currently seven. After that, if nobody wants anything, the wife is under orders to sell whatever she can for whatever she can get. Under no circumstances are any of her kids from another marriage to touch my tools now and that goes double for when I'm dead. Everything is to go to the dump before any of those idiots lay hands on my stuff.

 

[Shocker]

*ahem* post them here first

But of course! Here first always.

 

[Miss the Pontiacs]

I have an arrangement with my 2 kids. What ever is at the house goes to one and what ever is at the lake goes to the other. More of the mechanical tools will find their way to the lake and my other daughter is quite the carpenter so those tools stay where they are. Hopefully before life catches up to me I want to setup a cabinet with some select pieces for my Grandson. He is 3 and already has a good selection of kids tools. Some might find their way to the neighbour next door as he also has 2 boys who might appreciate some hardware.

 

[Chris705]

Older neighbor a couple houses down sold his house this summer to live his remaining years down in FL. He donated a bunch of stuff to local high school trade school. He was impressed by how the students went through the lot of it and were oohing and aahing at the various tools…. Very much appreciative of the donation and actually knew what the items were for, made the neighbor feel really good that they were going to a good home!

 

[Hannahranga]

Suspect I'm younger than average (29) but assuming it was a sudden death my partner knows which of my mates that'd be interested in some of it and who could help sell the rest of it. Similarly I know who to talk to re her craft supply hoard.

Imho for the vast majority of it it's not worth the effort to sell most of it especially given she'd be getting my life insurance payout (and given I work in rail fairly decent odds some compensation from my employer).

 

[MushCreek]

I have one son, and I don't think he's interested in most of my stuff. He doesn't have a place to put it/use it anyway. We're talking a complete machine shop and a complete wood working shop. I still have all of my precision tools from my years as a toolmaker as well. I'd like to sell that stuff, although the prices will make me cry. Much of it is pennies on the dollar, and some is obsolete, for the most part. If it doesn't sell, I may try to seek out deserving young apprentices to give it to. Every time we have one of these threads, I think about selling off the stuff I don't use it, but somehow it never happens.

 

[bobg03]

Hopefully my one and only kid wants them, but right now at 14 he isn't showing any interest. Next in line would be my brother and/or his son that is currently seven. After that, if nobody wants anything, the wife is under orders to sell whatever she can for whatever she can get. Under no circumstances are any of her kids from another marriage to touch my tools now and that goes double for when I'm dead. Everything is to go to the dump before any of those idiots lay hands on my stuff.

Kinda hard to enforce when you're dead, or does she hate her own kids too?

I'm not planning on checking out anytime soon, but as my condition worsens and keeps me from doing things I once enjoyed I've been thinning the herd and passing things on to family and friends. Got one 56" full box left and my stepson will gladly take that when I depart.

There is no need for a road kit in any cars or the ones that were in the boat, RV and Car trailers that have already departed, I have had AAA and a Cellphone for years.

 

[f121]

Kinda hard to enforce when you're dead, or does she hate her own kids too?

Could always haunt them?

 

[demarpaint]

I told my son last week when I went to see him to make sure when I kick the bucket to check the prices of my tools if he plans on selling them. He might be short changing himself if he doesn't.

 

[WisJim]

I have a collection of "antique" tools, mostly woodworking related and primarily things for drilling holes, along with saws, planes, etc. In addition I have odd and unusual wrenches and woodworking and metal working power tools and accessories. When I joined the Mid-West Tool Collectors Association years ago, they included a pamphlet about disposal of a tool collection, and that pamphlet is in my safety deposit box at the bank and hopefully will give suggestions to my heirs about selling tools. One of the antique tool auction sites is a possibility. My 3 sons all do car maintenance, home repairs, etc., and I have been giving them tools that they can use, as I reduce the hoard of tools in my shop and garage.
Books and records, though, are another story. Over 7,000 books and many are rare/uncommon but specialized. Not sure if my heirs should call a used book dealer or try to sell them by themselves.
I do have all the books on a spreadsheet, but nothing about their values. My tools are in a notebook with info about when I bought them, how much I paid, and for some, what they might be worth.

 

[rust in the eye]

Thanks for all the different takes on the subject.
My thoughts are to continue to cull for now. Someone mentioned estate auctions won't do a good job of monetizing but will quickly dispose, this is as I suspected and wouldn't be my wishes.
If I had a GOOD candidate to pass it all on to I would but no heirs of my own and all my friend's kids/grandkids have ZERO interest in getting their hands dirty.
I think that I need to identify what would give a young guy a leg up and designate that be donated to a worthy guy. How to select such a candidate remains a question.

 

[milkovich]

Our local Auction house is pretty savvy. Too savvy. The "tool" auctions are overpriced and over attended. I don't even go to them. You pay a big fee but they have a cult like following. The one thing I'll say is, it might be humbling to see something you loved buying (like an old saw or vise) go for the "street price" if they do it while you're still alive.

 

[Ilikeike]

I have 18 and 31 year old sons.
The 31 yr old will take them. he's into cars/trucks/offroad...
The 18yr old gets the firearms.

That's if my wife doesn't remarry, and let the new guy have it all.

 

[mcdye]

My parents moved a couple of time late in life and it helped cull thru things. My in-laws still have stuff from their parents. They are to the point they don't use, and it is a hoarder's nightmare. I keep trying to tell my wife and BIL we need to cull now as to they could help identify things now and it will be harded when time is up. I have started my own culling as I see the burden that we are facing with the in-laws stuff and I minimize that on my kids. What tools I keep will pass on to my 2 kids.

 

[Drunkonunleaded]

I'm going to go on a tangent here that may not be well received considering that this forum seemingly skews older. Being one of the few younger guys in the family who actually works on things, I've helped clear out numerous relative's garages. In essence, my advice boils down to get rid of it now.

By that, I don't mean sell off all of your hand tools or things that you use regularly. I'm talking about those of you who have amassed a large amount of metallic dust collectors. At best, you will have someone like me to help make sense of things and ensure that your tool collection does not go unused and/or ends up in the hands of someone that will appreciate them. More often, those things you cherished will end up dumped at an estate sale. Whatever is left will end up in a 40 yard dumpster the Monday after the sale concludes.

That vise collection that you've amassed over the past decade? Sell them now while they are worth money. Use it as a means to network with other tool guys, especially those of you who have nobody to pass things onto.

Are you sitting on an old Bridgeport that hasn't been used in a decade? Extract the value now before your family sells it for scrap. I assure you, the amount of money you spend paying the local engine builder to resurface a few sets of heads between now and then is less than what you'd get out of a good mill.

Old trinkets like milk cans, horse draw bars, etc.? These will likely go straight into the trash if they don't end up on the wall of your local brunch restaurant.

The biggest offender, however, is the amount of small parts. This stuff will also go straight in the trash, no matter how organized. I FULLY understand the mindset of having to repurpose things and making do. Keeping around mason jars full of old nails, cabinet hinges, and other building materials is not helping anyone. Contact your local Habitat for Humanity and see if you can donate them. If the need arises for a few misc. screws and such, pick them up piecemeal from your corner hardware store.

For everything else, have a specific plan with regards to how you want your belongings to be divided after you pass and make sure that it is put into writing.

I say all of the above not out of spite, but respect. I've seen the pride and joy of too many men pieced out and sold to the lowest bidder. Unfortunately, that happens more frequently when the person's belongings are too large, too voluminous, or too disorganized. Use the culling of your collections as a means to network with like-minded individuals and pass knowledge and tooling down to the next generation, be it blood related or otherwise.

 

[MushCreek]

You do have to keep some basic stuff if your an active DIY'er. For me, it's an hour's time and two gallons of gas to pick up 'a few screws'. I keep a stock of commonly used stuff on hand an organized. At 70, I pretty much know what I'm gonna need, day in and day out for my various hobbies and maintenance. That being said, I'm also guilty of holding on to vast quantities of ****. You never know when I'm going to need that Pinto clutch alignment tool again.

 

[VolvoRyan]

This is why you invest in good tools now. Good tools = better ergonomics = less chance you're gonna wreck yourself for your twilight years.

This obviously has two benefits: 1. More better tools! 2. It actually does seem to work.

My wife knows the folks to call for the cars. Tools will go to them, probably too.

-Ryan

 

[sparky 1971]

Kinda hard to enforce when you're dead, or does she hate her own kids too?

Have you ever heard of a Will? It's been over 10 years and I don't remember the exact wording, but I told the lawyer that in no way, shape, or form do I want a single thing that I have earned to go to her thieving leaches of kids. They know it and everyone in my family knows it. If my kid doesn't want it (I'm sure he will) I know one of my brothers will take it all. One because he's never passed up something for free in his life, and the other would because his dislike for my wife's kids is even more than mine. He also can't stand her and would take them to sell just to keep the wife from gaining anything out of it.

 

[Hilltopmasonry]

I'm going to go on a tangent here that may not be well received considering that this forum seemingly skews older. Being one of the few younger guys in the family who actually works on things, I've helped clear out numerous relative's garages. In essence, my advice boils down to get rid of it now.

By that, I don't mean sell off all of your hand tools or things that you use regularly. I'm talking about those of you who have amassed a large amount of metallic dust collectors. At best, you will have someone like me to help make sense of things and ensure that your tool collection does not go unused and/or ends up in the hands of someone that will appreciate them. More often, those things you cherished will end up dumped at an estate sale. Whatever is left will end up in a 40 yard dumpster the Monday after the sale concludes.

That vise collection that you've amassed over the past decade? Sell them now while they are worth money. Use it as a means to network with other tool guys, especially those of you who have nobody to pass things onto.

Are you sitting on an old Bridgeport that hasn't been used in a decade? Extract the value now before your family sells it for scrap. I assure you, the amount of money you spend paying the local engine builder to resurface a few sets of heads between now and then is less than what you'd get out of a good mill.

Old trinkets like milk cans, horse draw bars, etc.? These will likely go straight into the trash if they don't end up on the wall of your local brunch restaurant.

The biggest offender, however, is the amount of small parts. This stuff will also go straight in the trash, no matter how organized. I FULLY understand the mindset of having to repurpose things and making do. Keeping around mason jars full of old nails, cabinet hinges, and other building materials is not helping anyone. Contact your local Habitat for Humanity and see if you can donate them. If the need arises for a few misc. screws and such, pick them up piecemeal from your corner hardware store.

For everything else, have a specific plan with regards to how you want your belongings to be divided after you pass and make sure that it is put into writing.

I say all of the above not out of spite, but respect. I've seen the pride and joy of too many men pieced out and sold to the lowest bidder. Unfortunately, that happens more frequently when the person's belongings are too large, too voluminous, or too disorganized. Use the culling of your collections as a means to network with like-minded individuals and pass knowledge and tooling down to the next generation, be it blood related or otherwise.

Very well said and i agree 100%

It is amazing how much stuff you have to go through when loved ones pass away, my mom was very well organized, and definitely did not keep anything, but I was simply overwhelmed with how much stuff was in their house alone.

And their house Was clutterer free and well kept

 

[CGarage]

I just want to be buried pharaoh style, crossways, inside my vehicles (windows rolled down), with the tools inside so I can use them in the afterlife.