Day 24 of the Legacy Notebook Series
Autographed sports memorabilia
Handmade family quilts and linens
Great Aunt Betsy’s silver tea service
Whatever your treasures may be, you are likely the only person on the planet that truly knows the extent and details of your collection. In my experience, this is especially true for firearm enthusiasts. As the spouse of a gun lover, I have been coached long enough to acknowledge these universal truths: 1) There is no such thing as too many guns. 2) Once a gun is acquired, there are no circumstances in which it is acceptable to sell said weapon. 3) The gun collection you share with your spouse is likely only a portion of the actual inventory.
Anyone else observed this phenomenon? I don’t even pretend to understand it, but many people who collect things take a similar approach. My point is, if you have items that are special to you (regardless of the monetary value involved), it is helpful to create an inventory list. The collector is the most qualified person to make the list because they are the one that can add the details and the backstory. The list can be used for reference in the event of a theft or fire and could also be used by your family when you aren’t around to explain the particulars. The listing can also be used to help determine the value of the items, which is a part of the probate process.
Your inventory listing may be a simple as a listing of the items and any identifying characteristics (make, model, serial number) or it may be more extensive and include a story about how each item came to be in your possession. Sure, it is best to tell those stories now, but there is power in capturing the stories and memories in writing to be shared with others later.
To be clear, if you have certain wishes for your treasures, those instructions belong in your will (not as a part of this inventory list). So, if it is important that your autographed Wayne Gretzky jersey go to your nephew upon your death, you need to make that clear in your will.
Okay, get to work on your list of special treasures for your notebook. If you aren’t the collecting type, looks like you have the day off.
Today’s Action Items:
- Create an itemized list of any special collections or heirlooms you own and put the list in your notebook
- Bonus points if you include photos of items for your notebook too
thanks for reading,
P.S. Looking for the rest of the series? You can find it here.
Stronger Wallet’s Legacy Notebook series information is intentionally general in nature and covers typical scenarios. You may have special circumstances that need to be considered. Always consult a trusted advisor before making big decisions about your financial legacy. Feel free to send me questions along the way at lesley[at]strongerwallet.com.
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The guide includes everything you need to get started: a cover sheet and divider pages to set up your notebook, an overview of each topic, checklists, worksheets, and writing prompts to guide you through the process.