Maybe you’ve decided to embrace the ritual of “Swedish death cleaning” (what many people would simply call “decluttering”) in advance of moving to a smaller home. Maybe you just want to sort through things that have been collecting dust over the years and decide what to do with them.
Either way, you’re likely going to find some things that are a few – or many – decades old. Items you purchased with your childhood allowance or received as presents actually might be highly valuable all these years later. If in doubt, it’s important to find out before you throw them away or donate them to charity.
Childhood items that could be worth a considerable amount of money
Things you collected, played with or hung on your walls when you were young could be worth thousands of dollars. Don’t overlook things like:
- Action figures
- Barbie dolls and accessories
- Baseball cards and other sports memorabilia
- Comic books
- Board and video games
- Posters
Most items you find in the back of a closet won’t be highly valuable. The general rule is the better condition something is in, the more it’s worth. Many of these items are only valuable if they’ve never been removed from their original packaging. The age and scarcity of an item help determine its monetary value as well.
Fortunately, there are plenty of resources to help you determine whether something may be valuable. Sites like eBay and WorthPoint are just two. You can also look for collectibles dealers in the area to give you an estimate, but it’s crucial to be careful about whom you consult.
Why you should know what these and other items are worth
While these aren’t the type of assets you’re likely to consider when doing your estate planning, they are, in fact, part of your estate. By knowing if you have some surprisingly valuable memorabilia, you can determine how you want to handle it and prevent it from being thrown or given away by relatives cleaning out your home after you’re gone. Even things that aren’t monetarily valuable can be treasures to the right loved one.
You can also avoid unknowingly leaving highly valuable inheritances to one or more relatives that can cause family rifts after you’re gone. With experienced estate planning guidance, you can better determine how to handle these uniquely valuable assets.