Los Angeles, CA — In today’s fast-paced world, the sentimental value of family heirlooms often clashes with the practical realities of modern living. Many parents are surprised to find that their cherished possessions may not hold the same appeal for their children. This article explores the top reasons why heirs might decline inherited items and offers guidance on how to ensure your treasured belongings find the right home.
Top 5 Reasons Heirs May Decline Inherited Items
1. Lack of Practical Use: Many inherited items simply don’t fit into the lifestyle or needs of the younger generation.
2. Overwhelmed by Possessions: Heirs often already have their own accumulated belongings and struggle to find space for additional items.
3. Maintenance Costs: Some inherited items, especially larger ones like houses or cars, come with significant upkeep expenses that heirs may not be able to afford.
4. Aesthetic Mismatch: The style or appearance of inherited items might not align with the heir’s personal taste or home decor.
5. Negative Associations: Sometimes, items can evoke unpleasant memories or emotions, making heirs reluctant to keep them.
“Remember, “Prior Proper Planning Prevents Poor Performance.” By taking these steps, you can help ensure that your legacy is preserved, and your possessions find appreciative new homes, whether with family members or through other means.
”
As I approach my 25th anniversary with my wife, I am reminded of a moment years ago when a client at an auction asked, “Where are you going for your honeymoon?” It was months before the wedding date, and we were undecided on a destination. Sensing our uncertainty, Charlie Sands, who we only knew casually, offered for us to stay at his guesthouse in Wyoming. I relayed this offer to Maranda, and she smiled and replied, “Why not? That sounds delightful!” The day after our wedding, we loaded our vehicle and set out north on an adventure-filled road trip to Jackson Hole. There, we river rafted and camped with Charlie on the Snake River, and afterward, he graciously shared his mountain home with us. Not only did that trip create wonderful memories, but it also forged a long-lasting relationship that we cherish today.
This summer, our daughter Mattox (now 18) and I took a road trip and stayed with our friend once again in Jackson Hole. This time, the pace was slower, allowing us to catch up, go to farmers markets in town, and enjoy our friend’s company and see his amazing ethnographic/Western collection – which remains just as inspiring as it was all those years ago.
Our stay served as a reminder for me and a valuable lesson for our daughter: what truly matters in life are the friendships we have the chance to cultivate, the willingness to say “yes” to an invitation—and, in our case, the appreciation that art and antiques (along with a dash of serendipity) happen to be the blend that brought us all together.
Currently, I am at a stage in my career where the age gap between myself and many of our clients is closing. This reality has better positioned me to understand and strategize around the needs of the people we serve on a fundamentally broader scale. The life changes we experience—whether it’s the loss of a loved one, a divorce, the downsizing of a residence, or other significant events — are constants we help people navigate daily. Fulfillment in my daily work no longer comes from landing the best deal; it now involves working closely with clients, listening to their stories, understanding how they became passionate about their collections, and helping them transition to the next chapter in their lives.
The company that John Moran founded in 1969 has grown exponentially; this exciting newsletter is a testament to that. With over 40 employees and more than 30 auctions per year, Moran’s is in growth mode. Each day, I am fortunate to collaborate and work side by side with my colleagues, viewing the business through their eyes, their excitement, and sharing their successes. I cannot help but feel that this is how my father felt watching me on my journey.