Shop executor?

I've already told my son that everything in my shop is his when the time comes. He's just shy of 50 and I'm already 80, a few months ago. I have also appointed him as excecutor of my will, so he will have full access to everything, and no other benificiary would be interested in the shop and its contents other than its cash value.

He already has two hobbies, scuba diving with underwater photography, plus building electro mechanical stuff like robots etc.
 
I told my kids to auction it. If my wife becomes a widow early, it’ll all sit where it is until she passes. Admittedly, this is a **** poor plan. Also, I’ll be dead, which eases my guilt.
 
Estate sale, or however the wife wants to get rid of it. Auction, give it away, donate, it's up to her. I have a surprisingly small amount of money involved in this, being a cheapskate and all. My son has no interest in this sort of thing, at least at this point, and he lives on the other side of the country.

When my Father in law sold the property, he called an auction company, they sold everything and sent him a check. When my father died, his wife donated everything to her church, who, I assume, sold it all.

I was talking to a rare book dealer not too long ago, and he, as he always does, urged me, and by extension any other collectors to dispose of their collections before they die, to keep things simple. And I told him, no, that is not why I collect. I don't do it for money, and I don't do it for family. I do it because it brings me joy. He couldn't understand that position.
 
markba633csi said:
I prefer Bavarian to barium :cupcake:
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Just had a few to relax me ! :grin: So Dave's question is also on my spouses mind constantly . Everytime I bring stuff home it comes up . I tell her that everything I purchase is for the future . Tools , tractors etc are just cash equivalents . I've been shedding expensive tooling for years now knowing I'll never need the stuff . I'm down to a few larger machines at this point which will be leaving this year . My son has an Epay business and he knows the ropes of selling . I have 2 adult children living between the houses these days and the houses will be passed down . They'll never be able to afford $875K houses which is the norm in the area .

I did buy out 2 of my ex-coworkers shops , one very recently and still going on . Bought 3 entire plants out over the years and laid out the bucks to do so . I have a place 3 miles up the road that sells any kind of tools/equipment on consignment and we get mixed up quite often . Anything machine shop related at this point can go , I'm no longer attached to the trade . My mechanics tools and house hold tools they can split up and they'll stay with the houses . I'll take my Kubota and chainsaws with me when I go . ;) Edit .....along with a 10mm socket . :big grin:
 
Fortunately for me, my son (who is almost 50 years younger than me) has taken up machine work as a serious hobby. He has run almost everything I own, and knows what to do with it. My daughter is itching to organize (not clean out) my shop, and I have gathered up enough storage cabinets to make that possible.

In the meantime, I intend to enjoy my tools!
 
I've been considering on this subject recently. I've got two daughters that have no interest in my tools. I've made a list of all my equipment and listed what items should go with each. But my tools and associated stuff doesn't amount to all that much. I need to find out about how the rest of my estate can be equitably divided between my two kids. It isn't as easy as just saying sell it all and divide the $. One daughter has 3 kids that I've got Schwab accounts for. The other is not married. There are income producing properties that I'd like to set up as some sort of trust to provide a continuous income for the kids.
 
My wife and I have come to the conclusion that we want to set up our properties (which produce income from timber) to be managed to throw off income for our descendants. The two biggest problems is keeping the management costs in control, and not letting the income be diluted by having too many descendants. That second one is not easy to control!
 
I put together a spread sheet that lists all of my equipment and major tools. I list when I acquired a piece, from where, how much it cost and what I figure it is worth today. My two sons will probably take most if not all of my equipment and based on my valuations can square up with each other and my daughter.

Richard
 
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