This blog post was written by Jihan Hosein, Estate and Trust Consultant, Scotiatrust Northern Prairies

These are a few of my favourite things… what we can learn from the famous Sound of Music song?

A bowl of plastic fruit on grandma’s kitchen counter, may seem inconsequential to some- but to others it’s a powerful reminder of shared moments and family history. While it may not carry significant monetary value, the sentimental attachment to such items can spark deep conversations and, at times difficult decisions.  As our population ages and the largest transfer of wealth in history unfolds, families are also inheriting a lifetime of “stuff”- some treasured and some less so.

Navigating these personal effects can be emotionally charged and logistically complex. Here are some practical steps advisors can encourage clients to take in planning for these unique assets:

1. Encouraging the Decluttering & Organization of Personal Effects

Clients should consider sorting through their belongings so they can decide what to keep, donate and discard. It can be rewarding to the client to ensure that meaningful items such as collectible books, artwork, and other memories that are tangible links to their past are passed along to loved ones.

2. Create a Detailed Inventory

A comprehensive inventory including descriptions, photographs and estimated values helps executors account and beneficiaries decide what they may want. On that detailed inventory you are sure to find:

• • China & Silver- Often overlooked or assumed to be unwanted, these items can find new life through charitable donations or artistic repurposing.
  • Artwork: Including paintings, sculptures and prints done by professionals or the clients
  • Family Heirlooms: Jewelry, furniture or textiles
  • Other sentimental items: From collectible books to quirky knick-knacks, these items can carry surprising importance.

3. Consult with Professionals

Executors aren’t always equipped to assess the value of personal effects. Bringing in appraisers or specialists in art, antiques, or collectibles can ensure items are handled appropriately. A strong network of trusted professionals can be a valuable resource for clients and their families.

4. Address the Emotional Value

As the song goes “I simply remember my favorite things and then I don’t feel so bad”, personal effects often serve as emotional anchors. Encouraging clients to document and share stories associated with items can provide context and understanding for beneficiaries and in some cases create deeper connections to the client.

5. Facilitate Open Communication with Beneficiaries

Encouraging clients to have open discussions with beneficiaries in relation to personal effects specifically help to manage expectations and limit the disputes upon the client’s passing. In the event of a donation to a charity, having a discussion allows the charity to advise whether they are equipped to accept such a type of donation and if not this will allow for alternative arrangements.

By guiding clients through the process of cataloging and planning for these tangible links to client’s past, advisors can help preserve family legacies, easing the administration burden on executors and minimize potential conflicts.