Over the next twenty years or so, there is going to be an unprecedented transfer of wealth between generations. Almost $45 TRILLION dollars in wealth is expected to pass from the Baby Boomer generation to their Gen X and Millennial kids and grandkids between now and 2045. However, along with that wealth the Boomers also expect to pass hundreds of millions of tons of items that can only be called…..well, junk.

The rise in disposable income, along with the increase in inexpensive goods, bigger homes and the general difficulty of letting go of possessions, especially things you've paid for, has resulted in homes filled with items that may have sentimental value, but no real worth. Add to it the growing popularity of “aging in place”, which allows people to remain in their homes until they pass away, and homes are fuller than ever before. When a Boomer leaves this earth, often times they’re leaving an overwhelming amount of personal property that nobody wants.

What are Gen X and Millennials going to do with all of that stuff? Throw it away mostly. It doesn’t take too much research to find that those collectible plates that your mother/grandmother adored are not worth re-selling. The same holds true for most items. Although there are some notable exceptions, most of the household goods in your home have no real objective value. Not everything is original corning ware cookery, and almost nothing is as valuable.

So how do you make sure that you are not leaving a headache when you pass? First, take a long look at what you have. Does it bring any value to your life? If it were gone, would you even notice? If the answer to those questions is no, throw it out. Second, discuss the issue with your loved ones. Is there something specific that they want? Will they actually enjoy your shot glass collection or your thousands of yards of sewing thread? Listen to their answers, and understand that the fact that something brings you joy does not mean that joy is automatically transferrable. Finally, look for alternative ways to keep and share your memories with your loved ones. Photo albums, for example, can be converted to digital files and can be copied and shared with everybody immediately, while also taking up practically no room.

When a loved one dies, it is a tough time for those who are left behind. Having to sort through a house full of things that nobody wants only adds to the pain. That pain can be avoided by taking a critical look at your situation and making sure that the things that you no longer want or need are not getting in the way of passing on your legacy to your next generation.