If you’re a baby boomer, you may be considering passing down some of your treasured possessions to your children or grandchildren—especially if downsizing your home is on the horizon. If you’ve already made the assumption that they’ll be willing recipients, you could be in for a surprise.
Increasingly, younger generations aren’t interested in inheriting such items. In fact, possessing lots of ‘stuff’ is out of fashion, leaving many parents to think about where their heirlooms might end up.
People, priorities and tastes are changing
Just a generation or two ago, younger family members were grateful to receive the solid oak dining table and silver gravy boat—seeing such possessions as an extension of themselves and their family’s past. However, with the rise of the internet, younger people today more often identify with their social profile than they do family objects from a bygone era.
The Australian dream of owning a house is also less achievable, as prices rise, leading an increasing number of people toward apartment living and leaving less room for family collectibles. Being tied down by boxes filled with historical items is also not practical for people who are opting to work and travel abroad, but it isn’t all just about the inconvenience. Over time, tastes and fashions change. Minimalism is in and clutter is out—and shelves that were once filled with ornaments and trinkets have been replaced by clean white walls.
How to part with your prized possessions
It can be a struggle to accept that your children don’t want to hold on to items that have sentimental value to you. It’s not that they don’t love you—they just may not love your stuff. So, how can you do a clean out without your past being lost?
Looking beyond just your heirlooms
Finding a good home for your prized possessions is important and something you want to think about. What you do with your wealth and other assets down the track will also require thought. Addressing such things early on can give you peace of mind and discussing things with your family could avoid any possible controversy down the track should people not agree on things.
May 17, 2018
May 17, 2018
May 17, 2018
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Paul Baggetta is the Founder & Principal of Baggetta & Co (ABN 68 786 233 813).
Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.
Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.
Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.