Downsizing often involves not just your home, but it's contents. There is no 'one size fits all' way to approach this often daunting and potentially emotional process and not knowing how to get started can result in taking no action at all.
In this series, we'll walk through a series of questions to ask yourself and identify specific actions to take depending on your answer to the question.
Let's get started!
Q1: Do I have possessions that should remain in my family?
Many people have items that have been passed down from generation to generation or have other familial or genealogical value. Assuring that these items remain in the family and are cared for properly can be a source of considerable worry and stress. If you have items that fall within this category, consider taking the following actions:
1) Identify the items that should remain within your family and who you wish to gift them to.
2) Decide when you want that person to receive the item in question.
Some people chose to transfer personal property at the time of their passing, either via a will or trust. If this is your planned approach, consult with a legal expert to assure that your wishes are documented and honored.
Others, especially those who are downsizing, may not have the space to keep these items until their passing and wish to make the transfer of property immediately. If this is the case for you, reach out to the family members that will be receiving items and make concrete plans for the transfer of the items.
3) Clearly set the items in question aside with tags that indicate to whom they will be transferred, either now or in the future, to assure they are not otherwise disposed of and to assure that your intentions are made clear. If the items are too large to be isolated in a box, room or other designated area, make a thorough written list.
4) Consider writing a brief history of the item, explaining why it is of value to to the family, to pass along with the item in question.
5) Consider whether there are other items that perhaps do not have generational or sentimental value, but which friends or family members have expressed interest. If this is the case, and you are amenable to these items being distributed to the friends or family members in question (vs sold or donated), repeat the above three steps for those items as well.
