If you are in retirement mode – and especially if you are thinking of downsizing – you may be looking at passing on precious possessions to your children or grandchildren. There may be just one small problem….
Do they really want them? You COULD be in for a surprise!
Many of our younger generation are simply not interested in inheriting a lot of the items we hold dear. Tastes have changed – minimalist is ‘in’ and clutter is ‘out’.
Gens Y and Z identify more with their current social profile than they do with family heirlooms from the past. They are also mobile generations, often choosing to work and travel abroad. Storing boxes of ‘stuff’ is just NOT on their radar.
Where does that leave our precious ‘stuff’?
It can be difficult to accept our kids don’t want our belongings but what matters to US is that they don’t end up going to waste.
So how do you downsize without your past ending up as junk? Here are our tips:
• Ask your kids/grandkids to choose one or two items they would really like and give them to them NOW.
• Donate furniture etc to charities or community programs so they go to someone who needs them.
• Scan photos and albums to create a digital photo book you can store and share online with your family NOW.
• Sell items you no longer want, need or have room for. Ebay, Gumtree and local buy, swap, sell sites make it so easy.
A word of warning! Research their value first – you just might be selling something of great value.
Consult your financial adviser to explore any tax implications such as whether capital gains tax may be payable. It’s also a good time to make sure your will is up to date.