I'm still dealing with getting rid of my mothers stuff, 2 years after she is gone so this topic is very timely for me. She left 2 storage units filled with stuff, and realistically there is probably less than a truckload of stuff of interest to my brother and I. Unfortunately what is there is personal, photos and such, so digging through it and making trips to Goodwill to save those few small items is where we are.
She made no plans for her eventual demise, no will, no power of attorney. She began to get "old timers" or "CRS" around 2010-12 when she hit her 70s, but in late 2016 it rapidly evolved into early stage dementia, and she had to move to an assisted living arrangement and by mid 2017 she had no idea who her own children were. Since she had refused to make any plans for the future (first she put it off, then the dementia and related paranoia took over) which left us with a period where she was not legally competent and there was no legal guardian. It took 6 months for me be appointed as her conservator (early 2018) and she passed in late 2018. The only saving grace in the whole thing was my brother and I get along well so there was no fighting over her remaining assets. It was a truly awful experience, which my wife and I are now working on so our children don't have to go through the same kind of thing when our time is up.
In addition to identifying your valuables get a will or set up a trust, so it is clear what you want to have happen with your assets when you are gone. I hear so many stories about siblings and in laws never speaking again after the fight over an estate. The legal fees for doing a will or trust are just a fraction of what they can be even when the beneficiaries are on friendly and cooperative terms.
On the other hand, like I tell the Erector set guys who lament the fact that our toy market is really soft right now (much more supply than demand), if you bought it as a retirement investment, just accept the fact that you invested poorly and move on. I probably have $40K or more tied up in my shop and did not buy it with the intent of selling it off for a profit.
Hobbies are for enjoyment and entertainment, they may be an investment in your future happiness (something to do in retirement) but most are a poor financial investment. I think this idea of investment comes because many involve collectible items (toys, cars, stamps etc) and a few get lucky and happen to sell when the market for their collection is hot. Most will have much more money tied up in their hobby than they will ever recover. How many "classic" old cars do you see with an ad like this, "over $25,000 spent on restoration, asking $15,000 firm" that is probably a lot more common than the barn find bought for $1500, and sold it for $20,000 after spending $200 to have it cleaned and detailed.
The other side of that is just because it is worth less than you have put into it, that doesn't make it worthless. If you have $40,000 tied up in your shop, but you could only sell it for $20,000 that is still well worth the effort to recover. I think some lose sight of that and just see the net monetary loss. Hobbies bring us happiness and a reason to get up in the morning for those who have been able to retire.
My wife agreed there are some great ideas. She also said, you’ll never do it.
Hmmmmm, she may be right.
I bet when I retire I’ll find the time.
I have a fairly extensive stash of models, building material not a collection. The issue with models is unless you build the really common stuff, they are often here today, gone tomorrow so the rate of buying tends to exceed the rate of building. Also like our machines buying at an estate sale or otherwise buying from a stash reduction there can be a significant cost reduction which also adds to the acquisition rate.
Anyway this thought of identifying what I have so my family can sort the worth $5, sell them as a lot models, from the worth $50+ models that are worth listing individually. The thought has been on my mind for quite sometime, but when I actually have the time to do it, I'd rather spend it making something. Thinking about our mortality is not exactly a fun thing, and I bet most of us put it off as long as possible even when we recognize it is important.
I think the important thing to remember here is the ones who are left behind with our stuff....
If we love them, asking them to be estate sale coordinators when we are gone might not be a very kind thing to do regardless of how valuable our possessions are. Those who have lost someone know how difficult it can be to deal with just the legal and financial aspects of even a very well organized person. In our cases we're putting literally tons of greasy iron and steel on top of that load should we pass without a solid plan to deal with it.
Those who have time to pare down and make sure valuable items go to people who will appreciate them definitely should but too many of us put things off until it's too late. A truly kind hobby machinist should discuss this with their loved ones and make sure whatever you are planning is something they will be able to accomplish in their darkest hour.
The best plan for many is probably to eliminate stuff that isn't used while you can still enjoy the proceeds with your family. Maybe a "sold the horizontal mill trip to visit the grandkids" or a "shaper proceeds family reunion", you get the idea. These difficult times are bringing what matters most into much sharper focus for many and discussions like this are a necessary part of everyone's life. We all know the time will come when it will truly be too late so why not make it easier on those left behind.
John
My Dad has a large collection of Electric trains and old metal toys (Dinky, Tootsie Toys etc). As he has gotten older he has moved towards selling some of his collection before buying more. This helps to keep the collection of a more manageable size, as he sells off duplicates (triplicates, quadruplets etc), and he has less money tied up in it since he mostly uses the money from selling to buy more. Hopefully he will be around for many more years but he knows what a job he is leaving for my brother and I when he is gone and is making an effort to make it less work for us.
I was thinking about a video with appropriate commentary. This is needed for insurance purposes anyway. It might be a little hard for any loved ones you leave behind to watch however.
I think a spreadsheet with photos and prices that could be converted into online adverts would be a good idea. Make sure whoever you leave behind knows where it is.
No reason a video has to be morbid. It could serve two functions, one identifying the stuff and two an opportunity to show off some of our favorite things. Who knows maybe that sparks an interest in a particular tool or machine as they keep it for sentimental value and later decide to learn to use it.
My Grandfather was a machinist, and started his own machining business. I wish I had developed an interest in machining when he was still around, but I only got into this a few years after he was gone.
I've always loved the WKRP episode "The Will" which features a video will. Hopefully in our case it would be less combative but no less humorous, and maybe something people want to keep to remember us by.
On the subtopic of employment:
I was fortunate to get hired about a month ago into a job that I would call an IT Generalist, official title is Technology Analyst, it's for a government agency so maybe that explains why the are so behind.
I can't speak to what colleges and universities are doing but my daughter just graduated with an engineering degree and seems to have a fairly good grasp of the diversity of work she will be required to do.
I suspect more than anything, corporations being driven by accounting is responsible for this trend. By breaking every job down into it's elements and only requiring people to have the specific skill for that one aspect they can improve financial results in the short term without building the skilled workforce needed in the past. Outsourcing and offshoring further enhanced this trend to the point where I have several different resumes which only focus on one aspect of my experience because knowing more stuff is often seen as a liability these days (they know you're old).
Smart companies will continue to cross train their employees and encourage diversification as a means to build resiliency, they may win in the long run but only time will tell....
John
It is an older book now, but Fastfood Nation documents how the emphasis on the workforce has deteriorated since the 1950s in a misguided effort to increase profits. The model really goes back to the creation of the assembly line replacing craftsmen, but the development of the fast food industry in the 1950s is where it really took off. Short order cooks were replaced with assembly line like fry cooks and burger flippers. It has spread to other industries which see hiring less skilled, one trick ponies as a way to save money. Multiple studies have shown experienced, skilled labor is far more efficient, but once an idea takes hold it is hard to stop it. Many businesses have gone all in on the idea that lower paid, less skilled workers is the best idea, data be damned. It is even working its way into government jobs which had long been a last refuge of putting employees over profits.
I was counting the days to retirement when the agency I was working for eliminated the last of the input from supervisors on who we hired for our crews, then later the same year had the audacity to make us take an online class that emphasized how critical it was that supervisors be involved in the hiring process.
Just another example of how one hand had no idea what the other was doing.
I applied for a job in a school district, looking for a boiler tech, I had over 40 yrs experience and already did about 90% of their boiler work, but was told I was unqualified for the job, because I did not have a college degree. A college degree requirement was not spelled out in the job posting, about 2 weeks after they told me I was not qualified, I was on site, starting up 8 new boilers for them. They asked me to train their new boiler tech, who had a degree in Russian Romance Literature, but no mechanical skills, they were severely miffed, when I told them I was unqualified to train him, according to them.
When I got my first career position with the US Forest Service, we had a wood shop and the agency had an older man hired through a program meant to provide part time work to low income people over 55 (was then called the Older American Program, later renamed the Senior Community Service Employment Program). This guy who went by the name "Beans" was a wizard with wood, he made the wooden signs for campgrounds, trails, and even made signs for our fire engines that showed the forest we came from.
An example of the signs he made for us.
The work was there for 40 hours a week, so they tried multiple times to hire him into a regular position as a sign maker instead of this lower paid part time arrangement. He was a smart man and people helped him with his application to cross all the Ts and dot the Is but he had not graduated high school. Despite his extensive wood working and sign making experience he could not get past the HR system which said he lacked the educational requirements for the position. In the end they cancelled the new position and kept him working part time because they knew they would not get a better person if they filled the job.
