Lessons from Lee: Planning for Your Collections and Possessions

In your lovely (possibly historic) home, you have likely collected, and perhaps inherited, a lifetime of possessions — some of which may be financially valuable and many of which will have sentimental meaning to your family. What should you do with everything? The best advice based on years of experience is not to leave it for your heirs to deal with after you are gone, but to attend to it while you are alive:

• Discuss with your heirs items that mean a lot to you and share stories.

• Address what you want done if you intend or need to sell your home and move to assisted living.

• Give someone you trust a financial Durable Power of Attorney to handle your affairs when you cannot.

• For valuable items or a specific collection, consider selling or donating it during your life – you likely know more about its best disposition than anyone else.

• Provide a plan in your Will or Revocable Trust for the disposition of your personal effects and property at your death, including who pays the expenses for shipping items.

• Consider planning what method you’d like your heirs to use to choose items of tangible personal property (a round robin, an “auction” with play money, straws, or colored dots identifying items you’ve pre-selected).

• If you have a separate list or letter detailing who gets what at your death, confirm with your attorney that such a list is effective according to your state’s laws.