Last month a family member died. He had no will, and aspects of his assets have created a mess for his widow. Jim and I have long had wills and recently reviewed them with our attorney. But I still haven’t put in writing my “studio estate plan.” Time to do that now…
Last year I published the post below. If you haven’t written out your studio estate plan, please consider doing so.
Do you have a plan for your stash? Not for while you’re using it, but for when you are not?
I’ve heard the old joke, “She who dies with the most stash wins!” But it’s not really true, is it? At some point, all of us will be done quilting, whether that comes because of a loss of interest or ability, or due to death. Be prepared for that day.
Will your family look hopelessly at your shelves, cupboards, closets, bins, and tubs, full of fabric and kits and unquilted tops, wondering what to do with it all? I have read too many stories of people whose stashes were discarded because family members were not interested and had no idea of the value.
Sewing machines are expensive. Here again, family members may have no idea of value. Would you like your $1,000 sewing machine sold for $75? It might be able to be sold back to the dealer for a better price.
Have an estate plan for your quilting or crafts studio. Consider how you want your stash and equipment distributed in the case of your untimely death, or your loss of ability to use your precious quilting resources.
Will one of your family members be glad to take it? Will they pay your estate the value of it, or assume it should come to them for free? Remember, a pound of fabric is about four yards. These days that would retail for about $40-50. How many pounds will they pay for at that price, or even a discounted price?
If you want your fabric donated, consider who will receive it. My local Mennonite relief store is glad for fabric donations, and the customers who shop there are more appreciative of fabric than the typical Goodwill customer will be. Perhaps your local quilt guild would like donations, or maybe not! The women’s prison about 50 miles from me has an ongoing sewing project and appreciates help. You may find similar needs in your community.
Make a plan. Write it down. Tell your family members – and those who are to receive items – of the plan. They can’t do what you want if they don’t know what that is.
Have you thought about an estate plan for your quilting resources? Who will receive your fabric? Equipment? What is your greatest hope and worst fear about this?