He who dies with the most tools wins ... then what?

[rsser]

What happens with the shed contents when I kick the bucket has been weighing on my mind since my partner and I did some complex estate planning with a lawyer a while ago. The contents constitute my fourth most valuable asset.

None of my kids are interested in woodwork so it'll be sold off. I'd hate to see the stuff go for a pittance or be snapped up by an unscrupulous estate clearance shark. (Yes, I'm convinced I'll be watching :wink: ).

Up til a few years ago it was all turning related. So I was thinking of leaving instructions to hire an experienced turner to identify and value the gear and then commissioning one of my sons to dispose of the stuff.

Now there's a good number of flatwork tools as well but maybe the same principle could work.

Just as an aside, the estate lawyer alerted us to a range of risks in a simple will and drafted wills that should help us to avoid them. I have kids from two marriages; my partner and I own a house in common but in unequal shares; we both have significant chunks of private super. The work cost a bomb but the plan is for testamentary trusts to 'inherit' and then to allocate resources to the adult kids rather than just handing over wads of cash.

[artme]

A timely post for many of us, I'm sure Ern.

Why don't you sell up all your tools before you snuphph it and enjoy a few good reds with the proceeds?:D:D

[rsser]

LOL. The timing would be a challenge Arthur!

Workshop contents sold for a good price. Check.

Cases of aged reds laid in. Check.

Reds drunk. Hic. Burp. Yoohoo (aka check).

Visit to Doctor. "You have a slightly enlarged liver but should be good for another 20 years".

B*gga

[Ironwood]

This is a dilema I was thinking about a few years back when I was very sick, and there was a very real chance I wouldnt see Xmas that year.

I went and got the Will up to date and all the big things in order. But was left wondering what would happen to all my tools and rather large stash of wood, if I did kick the bucket. I thought about listing everything with a value beside it, and leaving the list in the shed.
It ended up being too big a job for the time and energy I had at the time, so in the end I did nothing, and hoped I would make it through, and be able to use my gear and make projects out of the timber that I worked so hard accumulating (about 40 cubic Meters worth).
The endless thinking about it and worrying at the time, no dought added to my depression. I made it through all that, and have more tools now (you never stop collecting tools) But still I have nothing in place for it if I do die.

It's a very difficult one to answer Ern.

[Chesand]

Haven't made plans for my tools but have told my kids that they are to pile all the timber in the back yard, set it alight and throw me on top of it.

[jimbur]

(Yes, I'm convinced I'll be watching http://cdn.woodworkforums.com/images/smilies/standard/wink.gif ).

I'm not sure if you're an optimist or a pessimist.:D
Sensible advice though. We've heard so many horror stories, some just because the clearing of the workshop was put in the too hard basket and rust took over.
Jim

[rsser]

Jim, if I'm looking on it'll prob be from down there and I'll be telling the stoker to use Acacia cos it burns better!

Herbie, not a bad idea. Got plenty of Blackwood in the stash. And they can toast marshmallows on the coals ;-}

[jimbur]

At least you can expect to turn in your grave:D

[rhancock]

Isn't that the real point of the Free Stuff forum?

[rsser]

Jim, the missus has orders to put my roller-blading elbow pads on when I'm dead ;-}

Richard, yes that's an option and I've thought about it. Would be great to pass it all onto a community shed or the like. But the $$ are not insignificant and there's the kids' reactions to think about as well.

The legal stuff was an eye-opener. Both of us just thought it all should go to our respective kids so leave everything to the other to look after that. The lawyer said, well fine, but bear in mind if the other partner hitches up again and then separates, the new partner will have a right in law to a share of that property; or if my surviving partner engages in business and defaults, her creditors will have a fair shot at what I wanted to leave my kids.

So we got all that sorted.

The triumph of rust bugs me, as Jim astutely observed.

[rhancock]

Cryogenic storage might beat the rust :oo: A community shed is a good idea too. It would be like making a donation to a charity from your estate.

[artme]

Men's Shed, eh???

I've got a bloke's shed so in the words of Fegan:

Charity's fine- subscribe to mine.:q

[Fuzzie]

No kids here, but my wife keeps telling me to make a list of things that really are worth something. Everything is pretty much in use now, but it is a bit hard expecting her to tell the difference between the collectable woodies versus the cheapy hollows and rounds that nobody wants, etc.

At some stage I'll try and photograph and inventory things, with links to old tool purveyors web sites to help guage then current values. However that's going to be on the PC and the admin side of the home network will be a challenge of its own. The eyes glaze over somewhat trying to describe configuring the modem for adsl2+ turbo, file system layouts and which directory she should look in to find which bit of important information.

[wheelinround]

After seeing a few relations offspring's behaviour when the parents have passed on :(( some even before :(

Legal will's aren't worth the paper they are written on some one only needs to contest it.
I saw a couple of families spend up to 10 years in courts from will's left which when written were not PC, it was on these grounds and matters of European vs Australian culture/life that brought them to a head.

With Labor in NSW announcing that relations may come into play they have opened the door for all sorts.

Why worry what happens to them after your gone, look at us now we want the new things because of innovation and the old things because of sentiment or value.

Then where are they going to house them imagine the shed size:U

[rsser]

Ray, you're a kind bloke and I was gunna post that you know SFA about this but I won't cos I don't want to hurt your feelings.

Responses below.


After seeing a few relations offspring's behaviour when the parents have passed on :(( some even before :(

Legal will's aren't worth the paper they are written on some one only needs to contest it.
I saw a couple of families spend up to 10 years in courts from will's left which when written were not PC, it was on these grounds and matters of European vs Australian culture/life that brought them to a head.

With Labor in NSW announcing that relations may come into play they have opened the door for all sorts.

A will is not actually a legally binding doc and many folk aren't aware of this. The law has recognised for years that family members have rights even if not mentioned in wills. That's why we went for a testamentary trust.

Why worry what happens to them after your gone, look at us now we want the new things because of innovation and the old things because of sentiment or value.

Because I care both about the gear and about being fair. Didn't I mention this??

Then where are they going to house them imagine the shed size:U

[wheelinround]

Ray, you're a kind bloke and I was gunna post that you know SFA about this but I won't cos I don't want to hurt your feelings.

Responses below.


Ern your right thanks for being honest

[Sebastiaan56]

A will is not actually a legally binding doc and many folk aren't aware of this. The law has recognised for years that family members have rights even if not mentioned in wills. That's why we went for a testamentary trust.Precisely why we have gone for a trust as well Ern.The issue as I see it is for the Trustee to realize what you would consider reasonable value for the assets. That is a bit of a rubber band question unless the trustee knows what they are doing. Would the donation of said items to a charity be a deduction to the earnings of the trust? A donation would make good sense then if the value could be agreed beforehand. Donations would have to be set up in the Trust Deed I expect, gives your accountant something to do.

[dai sensei]

My kids are interested, but not much. I have said they should take what they want, then post on this Forum a BBQ sale of the remainder. Yeh even in death I can still hold a Forum BBQ :U. Those that attend would buy items, assuming at fair price, then help the kids value the remainder to enable further sales on this forum or Ebay.

[hughie]

.
j
ust handing over wads but the plan is for testamentary trusts to 'inherit' and then to allocate

Trusts etc can readily be organized along blood lines if assets are to remain in family to prevent asset stripping etc.I/we have a family trust for business purposes and asset protection.

But in your case it seems you have some assets that nobody may care about. This is the challenging part to find them a worthwhile home while your still able.
Its something I have given some thought to, but have yet to come up with a suitable answer.

[ian]

Ern

It's an issue that taxes my mind some times.

A possible way forward is to let the missus know who you trust on the forum and then entrust that person to dispose of the tools with the proceeds going into the trust for subsequent distribution.

[AlexS]

If I can't take my tools with me I'm not going.

[Cliff Rogers]

If I can't take my tools with me I'm not going.
Bit like the ancient Egyptians, you'll make an interesting archeological dig in a couple of millennium. :D

[switt775]

No kids here, but my wife keeps telling me to make a list of things that really are worth something. Everything is pretty much in use now, but it is a bit hard expecting her to tell the difference between the collectable woodies versus the cheapy hollows and rounds that nobody wants, etc.

At some stage I'll try and photograph and inventory things, with links to old tool purveyors web sites to help guage then current values. However that's going to be on the PC and the admin side of the home network will be a challenge of its own. The eyes glaze over somewhat trying to describe configuring the modem for adsl2+ turbo, file system layouts and which directory she should look in to find which bit of important information.

I'm in the same boat. My wife has given me strict orders not to die until I've created a complete inventory of my shed. Given my reluctance to either get on with that job or displease my wife, I'm taking the coward's way out and planning to outlive her. :D

[metester]

Being the proud owner of some tools passed on by passed woodworkers I would be more than happy to see mine get passed on to fellow woodworkers with some kick left in them :q. Of course my kids will get first choice but who knows what they will be into!!