Storage Of Estate Items Before, During, And After Probate
People sometimes talk about building generational wealth and buying stuff as though they are two mutually exclusive uses of money. Yes, you can often avoid the temptation to make impulse purchases by thinking of how the money can benefit your descendants if you keep it in the bank instead of spending it. It is true that the most valuable things that most people own and that most people inherit are money and real estate. From an estate planning perspective, everything else is “personal property,” which is a legalese euphemism for “stuff.” Some of that stuff is quite valuable, and your descendants will become wealthier by inheriting it. What do you do with it now, though? You can’t take it with you to an assisted living facility or to that tiny house in Florida on which you have just placed a down payment. For help making plans to store your valuable personal property long-term, contact a Tampa estate planning lawyer.
No, You Should Not Declutter Your Artwork and Memorabilia
In certain corners of the Internet, the prevailing sentiment is that you should declutter your house early and often, and that having as few possessions as possible is the key to happy and healthy aging. It is true that some inherited items lose their practical and sentimental value over time; if you never polished the silver gravy boat you inherited from your grandmother so that it could make an appearance at holiday meals, then chances are, your daughter will not, either. Not all personal property depreciates in value over time, though. You should probably declutter the couch that had undergone 20 years of cat scratches and sippy cup failures. If you inherited jewelry, artwork, or memorabilia or bought it as an investment, though, then it is probably valuable enough that your children will want to inherit it, even if they do not attach the same sentimental value to it that you do.
Public Storage Units Were Not Made to House Generational Wealth
If you are storing valuable estate items, you must ensure that they will remain in good condition. The average public storage unit does not have the climate control or ability to withstand hurricanes that you need to keep your antiques and valuables safe for years, or even decades. You need to store your stuff the way that museums store their items that are not on display. Remember that your heirs might continue to store the items even after your estate settles. This requires careful packaging, transport, and documentation. Therefore, you should use professional services that specialize in the preservation and storage of artwork and antiques. In other words, you will need to spend money on the items now to keep them from depreciating in value.
Contact David Toback With Questions About Preserving Valuable Personal Property
A Central Florida estate planning lawyer can help you make plans to move valuable estate items into storage. Contact David Toback in Tampa, Florida to set up a consultation.