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

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.

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 . 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.

.
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.

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.

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

Originally Posted by AlexS

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.

Originally Posted by 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.

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.

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 . Of course my kids will get first choice but who knows what they will be into!!