Be Ready. The Great Generational Deed Transfer Comes With Some Extra Baggage

The earliest-born boomers are reaching their 80s this year. And, inevitably, many of their deeds are poised to move to younger generations. Along with those deeds, the beach-themed garden gnomes are coming, too.

Yes, the vast majority of real estate inheritances come loaded with stuff. Here’s how to plan ahead for this scenario.

Be Ready to Handle the Job Yourself

Many homeowners leave their homes through wills. The executor named in the will takes an inventory of the home’s contents, so it’s important to find the will before disposing of belongings.

After distributing what’s mentioned in the will, snap photos of the other things that have value. Send the pictures to family and friends. Suggest that the heirs take what they wish to have before discarding or selling the home’s contents. Do you anticipate friction among the heirs? Speak with a lawyer.

That which isn’t spoken for can be shown online to potential buyers or takers. Facebook Marketplace, GarageSaleFinder, Vinted, and eBay are all helpful sites for selling pre-owned stuff. There are also estate auction websites. Or you could post your own estate sale on social media and open the home for shoppers. This is a good approach if you’re keen on doing a final, loving chore for the deceased. Spare the landfill—and some of your loved one’s possessions might be enjoyed again. If you can sell some of the belongings, the money can go into touch-ups and repairs in the home.

Some Belongings May Have Real Value

Most of the stuff people leave behind—even nice stuff—is not in demand on the market. What’s actually valuable?

You can find buyers for:

• Military pieces or hobby equipment in good condition. eBay shoppers or online hobby groups could be interested.

• Diamonds of significant size; gold; rare coins and coin pendants; and watches. There are companies that test, assess, and buy these items. This is one class of items that often adds up to thousands of dollars.

• Sterling silver and Mexican silver (not plated or “German silver” items). Sterling silver and gold items may be worth holding onto, as their value has a good chance of appreciating.

Serving sets or figurines are normally not in demand in the market, but consignment-style shops may be interested. A truly valuable set of furniture, pool or garden equipment, a well-equipped workshop, a greenhouse or artist’s studio could be a plus to the next homeowner. This will depend on the preferences of typical buyers in the area.

Out of State? Just Overwhelmed? Call a Service

When inheriting a house full of belongings, it’s easiest to call a service. Just don’t forget to check the will first. To preserve family harmony and goodwill, consider the survivors close to the deceased who might want certain items first.

Then, a service can sort the home’s contents, pick out what’s in demand, and sell it efficiently. A home cleanout by an “estate liquidation” firm can cost a few thousand dollars, but after having the company sell the valuables, the customer can come out ahead—without enduring the emotional pain of sorting the personal effects of someone they loved.

You can also cover the cost of the cleanout through the sale of the house.

If You’re a Deed Beneficiary, Prepare in Advance

Are you likely to receive property from an older family member or friend? Have a plan.

If the older deed holder is currently alive and well, talk things through. Talk about what should be kept, for whom. Otherwise, the younger generation winds up wondering what to do with the stuff. Be sure there’s a current will, and a list of personal items with the deed holder’s distribution preferences.

Planning for the future is not insensitive; it’s just what needs to be done. Then, when the time comes, you can attend to family matters instead of material things. And you can enjoy the gift of a deed. Just as your loved one wanted it to be.

Note to our readers: This article is meant simply to highlight issues to anticipate. It is not legal or financial guidance. Speak with licensed professionals for case-specific advice.