Today, my son and I took a leisurely walk around downtown Waxhaw. Our afternoon stroll led us to the Waxhaw Antique Mart, where I stumbled upon a display case filled with Hummels. These popular 1980’s collectibles used to fetch hundreds of dollars but were now idly sitting on a shelf for just $17.50 each. As I browsed the store, I struck up a conversation with the cashier. I mentioned, “I’m an estate planning attorney, and people often leave Hummels in their wills.” We both smiled at each other, and he knew what I was implying. He responded, “You can’t get rid of those things. Younger people don’t want them. People think they’re valuable, but you can get a whole cardboard box of them for next to nothing.”

This brief exchange got me thinking about the true value of many vintage collectibles and tangible personal property, and how this could shape the advice I offer to my estate planning clients.

Hummels, like many other knickknacks, may carry immense sentimental value for those who have cherished them. In bygone areas, they represented stability, the building of a home, and the pursuit of the American dream. Now, however, they often have little to no monetary worth and simply weigh down younger generations. Millennials and younger generations, who often prioritize mobility and minimalism, may not see the same worth in them.

So, what did I take away from my visit to Waxhaw Antique Mart? Well, apart from a $5 porcelain bowl made in Occupied Japan circa 1950, I took away the idea that, while collectibles and knickknacks may hold special meaning for those who have loved them for so many years, they might not have the same financial or sentimental value for future generations. Clients may be best served by a gentle reminder of this reality in planning for the disposition of their tangible personal property at their passing.

For clients who wish to ensure that certain cherished items are passed on to specific individuals, it is a good idea to include a separate written memorandum for tangible personal property in their estate planning documents. While North Carolina does not recognize memorandums of tangible personal property as legally binding, a separate written memorandum can be incorporated into the trust agreement or last will and testament to guide the distribution of these items.

Written By Laura C. Rivers, J.D., LL.M.