Your grown children will not agree to be the recipients of your downsizing, if it means their upsizing.
Next Avenue's recent article entitled “Your Top 10 Objects Your Kids Don't Want” gives us a list of these items and what to do with them in your Estate Planning.
Books. Unless your grown children are professors, they don't want your books. If you think the book is rare, call a book antiquarian.
Paper Ephemera. Snapshots, old greeting cards and postcards are called paper ephemera. Did you know that? Me neither. Old photos are not worth anything, unless the subject is a celebrity or linked with an important historical event. Old greeting cards are not valuable, unless handmade by a famous artist or sent by a celebrity. Postcards are valued mainly for the stamps. Take all your family snapshots and have them made into digital files. The other option is to sell those old snapshots to greeting card publishers who use them on funny cards or give family photos to image archive businesses, like Getty. If the archive is a not-for-profit, take the donation write-off.
Steamer Trunks, Sewing Machines and Film Projectors. Thrift stores are full of these items. Therefore, unless your family member was a professional and the item is top-notch, yours can go there as well.
Porcelain Figurine Collections and Bradford Exchange Pieces. Your collections of frogs, shoes, flowers, and trolls, as well your Hummel's, and Precious Moments won't be wanted by the children. See if you can find a retirement home that does a gift exchange at Christmas and donate the figurines. If you want to hold on to a memory of your mom's collection, have a professional photographer take a photo for your wall. Collector's plates won't sell. Donate these as well.
Silver-Plated Stuff. Your children won't polish silverplate, so if you give them platters, serving bowls, tea services and candelabra, you won't enhance your standing. The exception may be silver-plated items from Tiffany or Cartier but give these away to any place or person who will take it. Sterling silver may be valuable to leave to an interested child in your estate planning.
Heavy, Dark, Antique Furniture. There's still a market for this sort of furniture at secondhand shops. However, you'll get less than a quarter of purchase price, if you sell on consignment. Unless your furniture is mid-century modern, there's a good chance you will have to pay someone to take it off your hands. Instead, donate it and take a non-cash charitable contribution using fair market valuation.
Persian Rugs. No, these aren't really in vogue for younger adults. However, the high-end market is still collecting in certain parts of the country, like Martha's Vineyard. However, unless the rug is rare, it's one of the hardest things to sell these days. If you think the value of the rug is below $2,000, it will be a hard sell. Like antique furniture, it may be best to donate these.
Linens. No, they don't want them. They might not even own an iron or ironing board, and they definitely don't set that kind of table. Give these to needlewomen who make handmade Christening clothes, wedding dresses and quinceañera gowns. You may also donate linens to costume shops of theaters and deduct the donation. A site like P4a.com has auction results to establish the fair market value of such objects.
Sterling Silver Flatware and Crystal Wine Services. Matching sets of sterling flatware are tough to sell because they rarely go for “antique” value. Do the children do a lot of formal entertaining? The same is true for crystal. These sets are too precious, and the wine they hold is too small a portion. Sites like Replacements.com offer matching services for people who do enjoy silver flatware and have recognized patterns. Because they sell per piece, and therefore buy per piece, sellers get a rather good price.
Fine Porcelain Dinnerware. Your grown children may not want to store four sets of fancy porcelain dinnerware and won't see the benefit of unpacking it once a year for a holiday or event. China is something to consider selling. Know your pattern to get a quote. Some replacement companies buy per piece, so the aggregate of the selling price is always more than a bulk sale at a consignment store, which might be the only other option.
Call an experienced Southern California Estate Planning Attorney with questions. Book a Call
Reference: Next Avenue (March 1, 2018) “Your Top 10 Objects Your Kids Don't Want”