As we get older, enter retirement and update our estate plan for the next chapter of our life, it’s a good time to consider whether it’s time to downsize our possessions. It may be difficult to think about, but our treasured possessions are often not valued or appreciated by our children or heirs – it’s just stuff that they don’t need and don’t want.
Your cherished heirlooms may not be as important to your children as they are to you. And on the other hand, your kids may covet some of your belongings. This is when communication becomes important. Ask your children or grandchildren if there is anything of yours they want after you pass away. Or, they could have it now, making it easier for you to downsize and move into a more manageable house.
You may be surprised at what your children consider treasures. You may want to pass along the dining set from your mother, but they would rather have the rocking chair from their youth. The good thing is that you don’t need to wait until you pass away to see your children happy with your treasures. If you give it to them now, you know they are going to someone who loves and cherishes them.
It’s okay if your children do not want some of your belongings. Selling them now ensures someone will appreciate and use the things you have worked so hard for. And it allows you to move into a smaller, more manageable home. Talk with an estate planning attorney, you may want to have both a will and a trust to ensure you and your loved ones are taken care of.
Many people should downsize sooner than they do. It’s hard to change, sell the family home and start again. But on the other hand, downsizing can give you the freedom to enjoy your life.
Here are 5 signs that it’s time to downsize:
Talking with your loved ones may help you decide if it’s time to downsize. An experienced estate planning attorney can help write a will or trust that ensures your belongings are passed to whoever really wants them. Let your family know your concerns; this can become a family endeavor to find you a house that is perfect your you at this time in your life.