Don’t let your possessions weigh your kids down.

Your home can house a lifetime of mementos and tchotchkes. Your things have heart and soul, and bring you comfort, security and happiness. Though each has a story and a memory for you, it may be different for your kids. They may not like or want your possessions, or simply won’t know what to do with them should they inherit them. To help resolve these issues, here are some ideas for how to prepare your treasures and beneficiaries for the future.

AHEAD OF THE GAME

Now is the time to work things out while you have plenty of time to make decisions. Figure who will appreciate certain items in your home – and which items are possessions non grata. Do the legwork now to figure out what they want, and what you can sell or donate as you plan your legacy. Start honest conversations about your plans with both your heirs and your professional advisors. These conversations may be difficult emotionally or feel too personal, but they’re important so that your wishes are well understood.

WHAT YOU REALLY, REALLY WANT

Look over your things and give it the third degree. Do you love it? Need it? Use it? Answer yes to one of these, keep it. The things that remind you of your honeymoon or the best holiday you ever had? Keep those for yourself and then give your loved ones the right of first refusal on things that didn’t make the cut.

WHAT THEY REALLY, REALLY WANT

When you spend time together, ask your children or other loved ones which items bring them joy. If you’re so inclined, allow immediate and extended family to take turns “staking a claim” on the specific things that spark great memories. As you take inventory together, share stories about the items and what they mean to you. If you can’t do it in person, create videos that give your possessions history, meaning, value. That alone could be worth more to your family than anything. If you know an item’s provenance, share that, too.

Another option? If you know someone just starting out, who doesn’t mind decorating in what could be termed “second¬hand chic,” ask them if they need particular items or allow them to “shop” in your attic, basement or garage for items you no longer use.

FIVE TIPS TO “DE-STUFF” YOUR LIFE

1. START EARLY. Don’t leave decluttering to grieving loved ones. Start now and work your way through your house – from attic, basement and garage to the interior.

2. GIVE GENEROUSLY. Gift your treasures to those who appreciate them. It may be kids, siblings, nieces, nephews, grandkids, best friends. Find the right person or organization while you have time.

3. SAVE MEMORIES. Keep your absolute favorite pictures and videos, then digitize the rest or hire a service to do it. All those documents you’re storing? Same idea. Scan what’s important. Recycle the rest.

4. TURN THE PAGE. Books can be cumbersome. Find a library, used bookstore or senior center that wants them.

5. ASK FOR HELP. It’s emotional to sort through a lifetime of memories. Loved ones, friends and neighbors might be willing to lend a more objec¬tive eye as you cull. Ask for help, and be willing to return the favor. If you need even more objectivity, find a professional through the National Associa¬tion of Senior Move Managers whose job it is to help people downsize. There are also companies that specialize in managing estate sales to help you manage the task.

LETTING GO

After your first cuts, it may be time to let go of items with no takers. If you want to sell, do online searches (e.g., kovels.com or ebay.com) to see if there is a market for your art, furni¬ture, jewelry, china or silverware. Sell it if it has value – get an appraisal first then take your time to get the best price. Remember, too, that a qualified appraiser may be hard to find. Specialists could live out of state and need time to travel, but the effort may be worth it if you want to monetize an asset to the maximum benefit of your heirs or philanthropic endeavors.

If you’re sure your items aren’t worth much, make a charitable donation and move on. This applies to furniture, jewelry, clothes, even random kitchen gadgets you’ve acquired over the years.

YOUR LASTING LEGACY

It’s important to leave clear instructions in your will for any tangible personal property that remains – to whom it will go, what will be liquidated and the proceeds split among heirs, or something different. Again, share your thoughts and document them well.

Successfully passing on wealth and assets can be complex, both emotionally and practically, but the effort is worthwhile for your own comfort and the security of those you leave behind. View the planning process as a chance to engage your spouse and heirs with deep, meaningful conversations about health, wealth and the future.

NEXT STEPS

• Create an inventory with photographs and dimensions along with notes as to who wants to inherit which items. Home insurers and third-parties have created apps and software to help (e.g., EverPlans).

• If you wish to sell a substantial asset, talk to your financial and tax advisors so they can expertly guide you through the timing of the sale and any tax implications or financial factors to consider.

• Begin to let your beneficiaries know your intentions and ask for feedback.

Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Material created by Raymond James for use by its advisors. The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James is not affiliated with any other entity listed herein. © 2018 Raymond James Financial Services, Inc., member FINRA/SIPC. Securities offered through Raymond James Financial Services member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. 18-BDMKT-3339 TA 11/18

Stephen P. Poitevint, Inc. is not a registered broker/dealer and is independent of Raymond James Financial Services. 

Stephen P. Poitevint is located at 908 Tallahassee Highway, Bainbridge, Georgia, and can be contacted at (229) 246-7208 or www.poitevint.com.