I was honoured to be a guest on the Your Estate Matters podcast with hosts Nicole Garton and Greg Brennand of Heritage Trust. Their podcast focuses on estates, including helping Canadians build and preserve their legacies.
We discussed my background and how I started my company, Out of Chaos, over 20 years ago. Then, we talked about downsizing and estate clearing.
What are the current demographics around clutter and inheriting your parents’ items?
By 2032, almost 33% of the population will be 65 or older. In comparison, Statistics Canada estimated the same age group comprised only 20% of the population in 2022 and slightly less than 8% in 1962. It works out to an increase of 2.6 times in the past 60 years!
This shift in demographics means a large group of people have large homes. Of course, the larger the house, the more stuff they have. Sadly, kids do not want their parents’ stuff – all the knickknacks, Royal Doulton figurines, collectibles and ornaments, covering the fireplace mantle, etc.
What do you do if a loved one dies and you’re left with a home filled with personal belongings? What are the basic steps?
What you do in the situation depends on who you are – the executor, family, or friends. Firstly, the heirs must find out what is in the will – if there is a will and if they can find it. Often, there isn’t a will, or no one knows where it is. In many cases, the Out of Chaos team must search for the will during the inventory and sorting process.
- Assuming there is a will, the executor must find and set aside items delegated to specific heirs.
- Scour the estate for any documentation that points to its value. For example, the executor would need to locate financial documents, life insurance policies, and the paperwork to file the final tax return.
- Invite family and friends to choose items they want from the estate.
- Consign or sell higher-value items such as artwork, jewellery, furniture, etc.
- Donate the remainder to charity.
- Dispose of garbage, recycling, and other waste.
When should someone call in an expert?
If you feel overwhelmed, call an expert. At Out of Chaos, we help people who don’t have time or the ability to deal with the volume of household goods. Additionally, the executor has lawyers and other administrative duties. They may not live in the city of the deceased, so they may not have the connections to do the job in a timely manner. Again, it takes time to phone a dozen moving companies or charities. Due to our two decades of experience in Vancouver, Out of Chaos has a vast network of service providers we recommend to our clients.
What else did we discuss on the Your Estate Matters podcast?
- How people can prepare for estate clearing while they are alive and in good health.
- The approximate costs of estate clearing and steps people can take to mitigate those costs.
- Why you should use the good china.
- How to select a professional organizer to help clear your estate.
I’d like to say thanks again to hosts Nicole and Greg for their wonderful hospitality and delightful conversation. Please visit Heritage Trust and download their (free!) Essential Estate Planning Checklist for Canadians. Listen to the full episode of the Your Estate Matters podcast on Apple Podcasts, Spotify, Amazon, or YouTube.
