Downsizing for Retirement? 7 Things Your Kids Don’t Want To Inherit
Written by
Aja McClanahan
Edited by
Nicholas Morine
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
It’s only natural that parents want to give their children sentimental items and valuable possessions they’ve collected throughout their lives. However, you should know that leaving your children things they can’t use or aren’t interested in might not be the generous gesture that you think it is.
In the event of a parent becoming incapacitated or transitioning from this life, burdening loved ones with the management and perhaps liquidation of items in a house could be cumbersome.
Adrienne Taylor, an accredited financial counselor (AFC,) said in an exchange with GOBankingRates: “I encourage parents to have open, candid talks with their children, to understand if their children even want to inherit their belongings.”
Here are some often-passed-down items you might want to discuss with your children in this process. Hopefully, these tips will help you downsize and declutter with confidence.
No. 1: Your House
Although a home can be an extremely valuable asset to leave your children, it can impose a large burden on the beneficiaries. Your heirs may not be ready to deal with the costs of owning or managing a home. Selling the home may trigger tax liabilities, and doing so without a will or clear direction could mean a lengthy probate process with the courts.
If you want to leave your home as an inheritance, there are financially savvy ways to do it. Consult with a CPA to learn more about your options in this scenario.
No. 2: Old Clothing
Unless some high-end brand names are attached to these items, they probably won’t have much value for you or your children. You can donate them or sell them on consignment.
No. 3: Outdated Technology
While it can be cool to tout an expansive collection of old radios, VHS tapes or CRT televisions, your kids will likely see them as obsolete clutter. You might be better off liquidating these things on platforms like eBay or Facebook marketplace.
No. 5: Physical Books
Since the advent of digital books, there’s less need for most people to maintain bulk physical book libraries. If you’ve got rare books, it’s probably better to offload them onto collectors that will pay top dollar for them.
No. 6: Old Furniture
There’s indeed a strong second-hand market for some of the older wooden furniture that seems to last forever. Unless your loved ones have solid plans to restore or resell these items, it’s best that you do it for them or give it away.
No. 7: Fine China and Silverware
Though these pieces of kitchenware seem extra fancy, they probably aren’t worth a premium. If you just want to sell these things, research the manufacturer to find out how much precious metal content you’re working with to help you set a fair price.
No. 8: Paper, Clutter and Chaos
This is a general catch-all category, but it’s worth a mention. One of the best things you can do for your heirs is to have your affairs in order before you pass away. Consider digitizing important documents and photos. Then, give your loved ones access to the most important information when the time is right.
Note: The longer you put this task off, the less likely you are to complete it as you age. Seek to declutter and simplify as much as you can for the sake of your loved ones. It’s something you’ll never regret, and your family will be incredibly thankful for this kind, considerate gesture.
In conclusion, if your kids don’t want the things you planned to leave your heirs, Taylor suggested “considering the idea of charitable donations for items with sentimental value. Extend the conversation to the family’s values and priorities, and don’t be emotionally offended by your children’s choices.”
Don’t be afraid to have an open conversation with your children about what they would genuinely appreciate inheriting. The goal should be to leave a legacy, not a burden. Decluttering is a great way to simplify your life and focus on the things that matter in your golden years.
More From GOBankingRates
