Creating a personal asset plan is a great way of helping your family understand what "stuff" you've got but it's the gift that keeps on giving, if you use it as an excuse to do some Spring cleaning at the same time.
I recently attended the home of an elderly gentleman, who like me, was a card-carrying member of the Minimalist Movement.
We bonded over our mutual love of the actual Minimalist aesthetic – Scandinavian design, mid-century sideboards, clean lines and even cleaner benchtops. But we really bonded over the fact that if either of us died the following day, unlike 90% of other dead people nobody was going to be spending too much time deciding what to do with our “stuff” - because we, both of us, had taken Spring cleaning as a year round challenge and had very little in the way of things.
I’m not here to judge what you collect or how often you Marie Condo you life or how you choose to live. How many teaspoons you collect or the number of nick-nacks you have to dust each week.
However, from an estate management perspective managing your possessions during your life time has an significant impact on how your estate is administered and eases the emotional and logistical burdens on your loved ones.
Here’s my top six reasons to do a regular Spring clean and take care of your belongings before you die, so someone else doesn't have to...
Stress reduction
When someone dies their family and friends are usually left to sort through their belongings. This process can not only be time-consuming but overwhelming and emotional - when the deceased person's possessions are unorganised or excessive this can be incredibly stressful (and expensive) adding months to the estate administration process. Managing your possessions ahead of time can significantly reduce this burden on your loved ones, allowing them time to focus on grieving rather than dealing with skip hire and commercial cleaners.
Prevents conflict
Disputes over possessions can lead to serious conflicts between family members. Items with sentimental value, in particular, can cause disagreements about who should inherit them or if they are worth keeping at all.
Managing your possessions and clearly documenting your wishes through a personal asset register, can prevent such conflicts and clearly outlines the value you (or others) placed on particular items.
Ensures your wishes are honoured
When you take the time to manage your personal assets you ensure your belongings are handled according to your preferences. This is important for items that hold significant personal or sentimental value or may be financially valuable or collectible. By organising these items and specifying who should receive them or what should be done with them, you make it clear for your executor how to proceed. Without guidance its easy for valuable items to be sold, donated or discarded in ways you may not have intended.
Saves money
Managing your personal assets can have financial benefits. By decluttering and organising your belongings, you can sell or donate items you no longer need or want, potentially reducing the size of your estate and the associated costs to gain a grant of probate. Taking responsibility for keeping your belongings well organised, in small steps, means your estate does not bear the burden of a costly clean up after your death.
Simplifies estate administration
When applying for a grant of probate a register of all your personal assets (and their value) must be submitted - gathering this information can be time consuming and complex. A disorganised estate can further complicate this process, leading to delays and additional legal costs. By managing your possessions and making a record of your personal assets you will help to streamline the probate process, making it easier for your executor to carry out their duties.
Leaves a positive legacy
Gifting in your lifetime allows you to witness other people enjoying your belongings or items that were special to you.
Creating a legacy where your family aren't remembering you for the chaos or confusion of your "stuff" but for the care and consideration you showed in making things easier for them is a beautiful act of love and responsibility that can bring peace of mind to both you and your loved ones.