Thanks. I wonder if he was in a fraternity. If so I would be willing to stop by the chapter and let them know his status. I will try to direct message him.
BIG Tool sale in Chapel Hill - list updated
- Thread starter Phil S
- Start date
To all,
I am not sure everyone appreciates how much goes into an effort such as this but it is HUGE. Thank you so much to Phil (and others of whom I may be unaware). This is just one more example of how members of this organization support one another and for this I am extremely grateful and proud.
Just a note regarding estate planning: Accommodating the conveyance of shop equipment can be quite daunting, especially when a shop is as well equipped as Jeremy's. I have actually designated an agent specifically for shop equipment liquidation so as to not put an onerous burden on my executor, who is not necessarily informed regarding the value or lack thereof of shop equipment.
I am not sure everyone appreciates how much goes into an effort such as this but it is HUGE. Thank you so much to Phil (and others of whom I may be unaware). This is just one more example of how members of this organization support one another and for this I am extremely grateful and proud.
Just a note regarding estate planning: Accommodating the conveyance of shop equipment can be quite daunting, especially when a shop is as well equipped as Jeremy's. I have actually designated an agent specifically for shop equipment liquidation so as to not put an onerous burden on my executor, who is not necessarily informed regarding the value or lack thereof of shop equipment.
Re/ the above - I’ve been thinking the same. I’m still relatively young, (43), but not as young as I used to be, and life happens to us all.
Have any of you taken the time to inventory your shops, w/ ballpark values, using excel or similar - similar to how Phil and team organized and categorized the tools here? Obviously it would be a “living” document, but would likely be super helpful to spouses, kids, etc that wouldn’t know what they were looking at otherwise, should one of us be taken unexpectedly.
My FIL passed away unexpectedly during Covid, and I was tasked w/ sorting out their finances to square away my MIL, (who had no clue whatsoever about their books). I sat down at his desk thinking I was in for a long day of cold calling local banks to inquire about accounts in his name, but to my GREAT relief, in the top drawer of his safe found a hand written list (he was not of the computer generation), of accounts and account numbers at 3 local banks, along w/ various insurance policies, (that again my MIL didn’t even know existed), and other critical info that made life MUCH easier. A literal small fortunate would have been left on the table/ unclaimed w/o that information. Just another piece of wisdom he left for me to help my own family planning.
Have any of you taken the time to inventory your shops, w/ ballpark values, using excel or similar - similar to how Phil and team organized and categorized the tools here? Obviously it would be a “living” document, but would likely be super helpful to spouses, kids, etc that wouldn’t know what they were looking at otherwise, should one of us be taken unexpectedly.
My FIL passed away unexpectedly during Covid, and I was tasked w/ sorting out their finances to square away my MIL, (who had no clue whatsoever about their books). I sat down at his desk thinking I was in for a long day of cold calling local banks to inquire about accounts in his name, but to my GREAT relief, in the top drawer of his safe found a hand written list (he was not of the computer generation), of accounts and account numbers at 3 local banks, along w/ various insurance policies, (that again my MIL didn’t even know existed), and other critical info that made life MUCH easier. A literal small fortunate would have been left on the table/ unclaimed w/o that information. Just another piece of wisdom he left for me to help my own family planning.
Echoing Heath, I took over handling my dad's finances about two years before he passed. I was luck he was still in a good mental state at the time which made it easy for me to manage his affairs before and after he passed. I could not image having to do it all afterwards.
My concern has been fire lose more than estate reasons. Years ago I took photos of everything. (Forget about a video, the last thing an adjuster will do is sit and watch a 2 hour video).
I started by taking overall photos of the shop, outside as well as inside. Then I took a photo of an individual item (bandsaw for example), photo of name plate, serial #, etc., photo of opened storage cabinet showing extra blades, etc.
I did this with every piece of equipment. Then I opened individual cabinets and drawers showing the contents.
In excel I have columns showing photo #, description, model, value.
Then I went through and put in a "replacement" value. Large equipment is easy, you can look it up on line. A drawer full of screws is a "guesstimate", which should satisfy an adjuster. 24 bar clamps is easy, etc., etc.
Photos of all of the storage cabinets, workbench, etc. that I built.
It didn't take long to complete the whole process. The shocking part was the grand total in $$$$. Lol.
Every couple of years I increase the values by a certain %, whatever the actual increases have been.
One thing I thought about a while back was freight. I have 10 major pieces of equipment, ie, table saw, planer, etc. Freight is $300-500 each.
That is $3000-5000 than insurance co. may overlook.
When I am gone my kids, or whomever can use this for a starting point on value. Probably at 40-50% but it doesn't matter to me. Lol.
Phil an I were discussing this last week. I have done this three times in the past few years, the last for Touchwood's Shop (RIP).
You need to list everything big and small, Pictures will help.
Note the quality and age of the items.
Find the retail price for a new item if available.
Next is the hard part, try to find similar sales of such items.
Generally pricing them at 50% of retail is a rough guide. High end tools are exceptions, i.e., Festool and Leigh Neilsen retain their value better. Some tools increase in value if maintained and/or rare.
Replacement price is for insurance purposes.
You need to update periodically.
You need to list everything big and small, Pictures will help.
Note the quality and age of the items.
Find the retail price for a new item if available.
Next is the hard part, try to find similar sales of such items.
Generally pricing them at 50% of retail is a rough guide. High end tools are exceptions, i.e., Festool and Leigh Neilsen retain their value better. Some tools increase in value if maintained and/or rare.
Replacement price is for insurance purposes.
You need to update periodically.
One more point, if you are buying tools in situations like this, be respectful. The person helping has done a lot of work and is taking time from their lives to meet with you.
Robert thanks for the offer. It might be good if you can add the template to the Resources tab. That way any member can access it.
I’d like to echo Scott’s suggestion to put the template in the resource section (if it’s already there, forgive me - I may have missed it).
To add to what many have already said, having as much done in advance will make it easier on whoever is left to pick up the pieces if I’m not around or in any capacity to give some direction or guidance. And why start from a blank piece of paper when someone had already put the time and energy into it!
While I’ve been the beneficiary of some fine folks on this forum who have already begun the downward slope of their journey, none of us really want to face it. I am so impressed (mostly from afar since I’m over in the Burnsville area, WNC), at how truly generous each of you are to step in and provide for these fellow woodworkers in their time of need. That’s truly a blessing for them and their families.
David
Only been here about a year or so but the amount of volunteers and assistance for various causes and those in need is truly impressive and insipiring.
Very good points about documentation. My ex was an insurance agent and she encouraged me to document everything possible with descriptions, model/serial numbers when appropriate, date purchased, purchase price or estimated value and when possible photos. She was thinking more about documentation in the event of a fire or similar disaster. However, I can now see the value as an aid to help our survivors, heirs, executors, etc. I’ve used a database to create mine. But certainly a spreadsheet will be just as effective and probably easier. Really anything - paper and pencil are timeless - I am certain it will eventually be greatly appreciated.
Very good points about documentation. My ex was an insurance agent and she encouraged me to document everything possible with descriptions, model/serial numbers when appropriate, date purchased, purchase price or estimated value and when possible photos. She was thinking more about documentation in the event of a fire or similar disaster. However, I can now see the value as an aid to help our survivors, heirs, executors, etc. I’ve used a database to create mine. But certainly a spreadsheet will be just as effective and probably easier. Really anything - paper and pencil are timeless - I am certain it will eventually be greatly appreciated.
Phil,
When you consolidate down to move what's left. I can help you move with my truck. Would prefer a Saturday if possible
Steve
When you consolidate down to move what's left. I can help you move with my truck. Would prefer a Saturday if possible
Steve
Due to requests, i have created a new post where you can download it.
