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#1
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Legacy of tools - who gets them?
While I am NOT ready to "go on", I was wondering
how many of you have thought about their fine collection of tools and where they will end up after you're gone? I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? I know this is really an odd topic, but the wife and I have been going thru some estate planning and I just don't have an idea on what to say in my will. Should I just direct my executors to sell them and donate the money to a worthy cause? Or what? What are you're thoughts on this? I'd be interested to hear from those who are in the same boat - no heirs to pass them do. MJ Wallace |
#2
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Legacy of tools - who gets them?
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#3
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Legacy of tools - who gets them?
wrote in message ups.com... While I am NOT ready to "go on", I was wondering how many of you have thought about their fine collection of tools and where they will end up after you're gone? I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? I know this is really an odd topic, but the wife and I have been going thru some estate planning and I just don't have an idea on what to say in my will. Should I just direct my executors to sell them and donate the money to a worthy cause? Or what? What are you're thoughts on this? I'd be interested to hear from those who are in the same boat - no heirs to pass them do. I am a firm believer in giving to those who both deserve and appreciate the item in question. Update your will constantly. And find somebody deserving of these fine tools. There is more than one definition of family. |
#4
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Legacy of tools - who gets them?
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#5
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Legacy of tools - who gets them?
when you update your will for the tools please let me know so that you spell
my name correctly. ))) wrote in message ups.com... While I am NOT ready to "go on", I was wondering how many of you have thought about their fine collection of tools and where they will end up after you're gone? I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? I know this is really an odd topic, but the wife and I have been going thru some estate planning and I just don't have an idea on what to say in my will. Should I just direct my executors to sell them and donate the money to a worthy cause? Or what? What are you're thoughts on this? I'd be interested to hear from those who are in the same boat - no heirs to pass them do. MJ Wallace |
#6
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Legacy of tools - who gets them?
I have no children... Dad? Is that really you? - jbd |
#7
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Legacy of tools - who gets them?
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#8
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Legacy of tools - who gets them?
wrote in message
ups.com... While I am NOT ready to "go on", I was wondering how many of you have thought about their fine collection of tools and where they will end up after you're gone? I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? I know this is really an odd topic, but the wife and I have been going thru some estate planning and I just don't have an idea on what to say in my will. Should I just direct my executors to sell them and donate the money to a worthy cause? Or what? What are you're thoughts on this? I'd be interested to hear from those who are in the same boat - no heirs to pass them do. MJ Wallace This topic is discussed from time to time. See the thread "Spousal Shop Concerns" from Oct 06 over in rec.crafts.metalworking. http://groups.google.com/group/rec.c...5b4ba4f9210ad4 -- Mark |
#9
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Legacy of tools - who gets them?
One of the reasons we get into woodworking other then the desire to create
is to leave a legacy. Most of us think about that in the fine table or box that we have made with our own hands. Have you thought of the tools as being part of your legacy? Picking up an old tool, origin often unknown, I think of the hands that used it before me, and the careful and wonderful work that was done with it. I say a prayer that my work is as well done as the previous work done with the tool, and for the previous owner that cared for the tool so that I too might enjoy it. Give or sell your basic tools to a new woodworker who needs them and will care for them, give or sell your special tools to an experienced woodworker who will appreciate them. Don't worry about the value as much as that they go were they are wanted. Don't however do it for at least 30 or 40 more years. |
#10
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Legacy of tools - who gets them?
Lee Michaels wrote:
wrote in message ups.com... While I am NOT ready to "go on", I was wondering how many of you have thought about their fine collection of tools and where they will end up after you're gone? I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? I know this is really an odd topic, but the wife and I have been going thru some estate planning and I just don't have an idea on what to say in my will. Should I just direct my executors to sell them and donate the money to a worthy cause? Or what? What are you're thoughts on this? I'd be interested to hear from those who are in the same boat - no heirs to pass them do. I am a firm believer in giving to those who both deserve and appreciate the item in question. Update your will constantly. And find somebody deserving of these fine tools. There is more than one definition of family. I agree with the way Lee is heading on this one. I'd be aiming at a woodworking club, friends who are in the hobby, or a group that could use what you have - either the whole lot or pieced out in smaller lots. In future, you may come across someone you swap stories with, lean on for help back and forth and even work with. That person may be someone who could appreciate receiving what you have after you're gone. It would just be a shame for the executors to bundle it all up as "workshop items" and sell it all off for a hundred bucks. Tanus -- This is not really a sig. |
#11
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Legacy of tools - who gets them?
No matter what the other kids say, I'm your favorite...Right Dad?
I would start thinking about having your items appraised so you know what you have invested. Then you and SWMBO can sit down and go over what to do. That way she doesn't think that they are junk and just toss them. You might want to think about parting with some of the tools that are collector worthy or would still fetch a good price. We went through a simular situation when my grandfather fell ill for a long time. No one in the family knew how much any of his farm and shop equipment was worth. When he recovered, his first priority was to sell off all that was valuable. The rest he hung on to "in case" he needed it. Now that he is up there in years, I have been helping him with sorting the rest out. Allen wrote in message ups.com... While I am NOT ready to "go on", I was wondering how many of you have thought about their fine collection of tools and where they will end up after you're gone? I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? I know this is really an odd topic, but the wife and I have been going thru some estate planning and I just don't have an idea on what to say in my will. Should I just direct my executors to sell them and donate the money to a worthy cause? Or what? What are you're thoughts on this? I'd be interested to hear from those who are in the same boat - no heirs to pass them do. MJ Wallace |
#12
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Legacy of tools - who gets them?
so if
I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? I recently bought a used bandsaw and a bunch of other smaller tools from the shop of a former pool-cue maker. He had passed away, and his (grown) kids were in town to take care of the house, and since they weren't interested in the tools, they were selling them very cheaply to whoever would use them. The kids said he just would have wanted the tools to be used and appreciated - they certainly are! A friend and I both left with a good selection of tools, and although the bandsaw was used most recently for a rocking chair and a quilt rack instead of pool cues, I frequently think of its former owner I never had the chance to meet. This seems to me to be a good deal for all, but at the time, his kids didn't seem too excited about sorting through and selling a bunch of stuff they didn't know much about. So maybe this idea could be somehow combined with other responses - maybe a local woodworking club could be in charge of auctioning, in return for a share of the profits or the tools, with the rest going to your favorite charity or back to your estate? Just some ideas... Andy |
#13
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Legacy of tools - who gets them?
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#14
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Legacy of tools - who gets them?
wrote in message I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? As far as relatives go, I'm in the same position you are except that I don't have the same problem. I've named my best friend as executor of my estate as well as beneficiary. He has *some* interest in woodworking although not as much as I do. I've told him that he can keep what he wants and sell or give away the rest just as long as none of it is given to any long lost relatives who might suddenly show up in an attempt to claim something. |
#15
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Legacy of tools - who gets them?
wrote in message
ups.com... While I am NOT ready to "go on", I was wondering how many of you have thought about their fine collection of tools and where they will end up after you're gone? I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? I know this is really an odd topic, but the wife and I have been going thru some estate planning and I just don't have an idea on what to say in my will. Should I just direct my executors to sell them and donate the money to a worthy cause? Or what? What are you're thoughts on this? I'd be interested to hear from those who are in the same boat - no heirs to pass them do. MJ Wallace No one is getting them! I'm taking mine with me! |
#16
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Legacy of tools - who gets them?
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#17
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Legacy of tools - who gets them?
On Mon, 8 Jan 2007 17:13:02 -0600, "sweet sawdust"
wrote: One of the reasons we get into woodworking other then the desire to create is to leave a legacy. Most of us think about that in the fine table or box that we have made with our own hands. Have you thought of the tools as being part of your legacy? Picking up an old tool, origin often unknown, I think of the hands that used it before me, and the careful and wonderful work that was done with it. I say a prayer that my work is as well done as the previous work done with the tool, and for the previous owner that cared for the tool so that I too might enjoy it. Give or sell your basic tools to a new woodworker who needs them and will care for them, give or sell your special tools to an experienced woodworker who will appreciate them. Don't worry about the value as much as that they go were they are wanted. Don't however do it for at least 30 or 40 more years. Unless you upgrade, of course. I had a lot of offers on my midi lathe, but I hung onto it for about a year until I found a guy that I knew would use it before it left my shop. Same goes for all other upgraded equipment- you can't keep everything, but you *can* make sure it gets into the right hands when you let it go. |
#18
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Legacy of tools - who gets them?
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#19
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Legacy of tools - who gets them?
Upscale wrote:
wrote in message I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? As far as relatives go, I'm in the same position you are except that I don't have the same problem. I've named my best friend as executor of my estate as well as beneficiary. He has *some* interest in woodworking although not as much as I do. I've told him that he can keep what he wants and sell or give away the rest just as long as none of it is given to any long lost relatives who might suddenly show up in an attempt to claim something. Whatever you own when you die is used first to pay off any unpaid debts. Unless you leave a will, anything after that belongs to your legal heirs. Your friend could be liable for theft if he "keeps what he wants." So, if that's the way you want your tools dealt with, put it in a will. |
#20
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Legacy of tools - who gets them?
There are a number of woodworking schools around; pick one in your area and
make contact to assess interest and arrange a visit. Make the bequest while you're still around to supervise and enjoy the result. Don't forget to take advantage of tax benefits for the contribution. http://groups.google.com/groups?as_q...=2007&safe=off David Merrill wrote in message ups.com... Should I just direct my executors to sell them and donate the money to a worthy cause? Or what? What are you're thoughts on this? MJ Wallace |
#21
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Legacy of tools - who gets them?
"Just Wondering" wrote in message Whatever you own when you die is used first to pay off any unpaid debts. Unless you leave a will, anything after that belongs to your legal heirs. Your friend could be liable for theft if he "keeps what he wants." So, if that's the way you want your tools dealt with, put it in a will. I won't have any debts, other than assorted burial costs and I've given instructions for an immediate cremation and no church or funeral parlour service of any type. $500 is set aside for my friends and anyone who considers me to be their enemy to spend on liquor costs at some bar. And as far as a will goes, making someone my beneficiary *is* legally willing all my belongings to him. Same meaning, just different terms. |
#22
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Legacy of tools - who gets them?
On Tue, 09 Jan 2007 09:12:48 -0700, Just Wondering
wrote: Upscale wrote: wrote in message I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? As far as relatives go, I'm in the same position you are except that I don't have the same problem. I've named my best friend as executor of my estate as well as beneficiary. He has *some* interest in woodworking although not as much as I do. I've told him that he can keep what he wants and sell or give away the rest just as long as none of it is given to any long lost relatives who might suddenly show up in an attempt to claim something. Whatever you own when you die is used first to pay off any unpaid debts. Unless you leave a will, anything after that belongs to your legal heirs. Your friend could be liable for theft if he "keeps what he wants." So, if that's the way you want your tools dealt with, put it in a will. If I read the post correctly, his friend is the beneficiary of his estate via a will.(see "I've named my best friend as executor of my estate as well as beneficiary" above). Dave Hall |
#23
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Legacy of tools - who gets them?
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#24
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Legacy of tools - who gets them?
On Tue, 09 Jan 2007 09:12:48 -0700, Just Wondering wrote:
Upscale wrote: wrote in message I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? As far as relatives go, I'm in the same position you are except that I don't have the same problem. I've named my best friend as executor of my estate as well as beneficiary. He has *some* interest in woodworking although not as much as I do. I've told him that he can keep what he wants and sell or give away the rest just as long as none of it is given to any long lost relatives who might suddenly show up in an attempt to claim something. Whatever you own when you die is used first to pay off any unpaid debts. Unless you leave a will, anything after that belongs to your legal heirs. Your friend could be liable for theft if he "keeps what he wants." So, if that's the way you want your tools dealt with, put it in a will. Uh, what part of "executor and beneficiary" do you not understand? -- --John to email, dial "usenet" and validate (was jclarke at eye bee em dot net) |
#25
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Legacy of tools - who gets them?
"J T" wrote in message Personally, I want to be cremated, and might's well take my whole shop with me. Savin' up for that blast furnace to melt everything down are you? |
#26
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Legacy of tools - who gets them?
"Upscale" wrote "J T" wrote in message Personally, I want to be cremated, and might's well take my whole shop with me. Savin' up for that blast furnace to melt everything down are you? More likely a steam engine of some kind. It would be the ultimate metaphor as he will be going to that big steam engine in the sky. |
#27
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Legacy of tools - who gets them?
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#28
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Legacy of tools - who gets them?
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#29
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Legacy of tools - who gets them?
Dude writes:
wrote: While I am NOT ready to "go on", I was wondering how many of you have thought about their fine collection of tools and where they will end up after you're gone? I'm taking mine with me. I'll be dead, and food for worms. I won't care at that point who has them. scott |
#30
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Legacy of tools - who gets them?
J. Clarke wrote:
On Tue, 09 Jan 2007 09:12:48 -0700, Just Wondering wrote: Upscale wrote: wrote in message I have no children, nor do any of my nephews seem to be interested in woodworking, so if I should die before I can sell the shop (I hope that will happen in about 25 years!) where will they go? As far as relatives go, I'm in the same position you are except that I don't have the same problem. I've named my best friend as executor of my estate as well as beneficiary. He has *some* interest in woodworking although not as much as I do. I've told him that he can keep what he wants and sell or give away the rest just as long as none of it is given to any long lost relatives who might suddenly show up in an attempt to claim something. Whatever you own when you die is used first to pay off any unpaid debts. Unless you leave a will, anything after that belongs to your legal heirs. Your friend could be liable for theft if he "keeps what he wants." So, if that's the way you want your tools dealt with, put it in a will. Uh, what part of "executor and beneficiary" do you not understand? No need to get snippy. He didn't say the friend was the ONLY person to inherit from his estate. And he said he "told him that he can keep what he wants." That's not the same thing as leaving it to him in a will. |
#31
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Legacy of tools - who gets them?
Perhaps the local office of the Boy Scouts of America would be a good
way to "pass the tools on". But at the Scout office level so that all of the area dens of Cub Scouts AND Boy Scouts could benefit. DJ Derringer Upscale wrote: "Just Wondering" wrote in message Whatever you own when you die is used first to pay off any unpaid debts. Unless you leave a will, anything after that belongs to your legal heirs. Your friend could be liable for theft if he "keeps what he wants." So, if that's the way you want your tools dealt with, put it in a will. I won't have any debts, other than assorted burial costs and I've given instructions for an immediate cremation and no church or funeral parlour service of any type. $500 is set aside for my friends and anyone who considers me to be their enemy to spend on liquor costs at some bar. And as far as a will goes, making someone my beneficiary *is* legally willing all my belongings to him. Same meaning, just different terms. |
#32
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Legacy of tools - who gets them?
Dude wrote:
wrote: While I am NOT ready to "go on", I was wondering how many of you have thought about their fine collection of tools and where they will end up after you're gone? I'm taking mine with me. As my wife sprinkles my ashes from an aircraft, the tools will follow. Please duck! |
#33
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Legacy of tools--and Old idea
Here's an idea I entertained a few years ago while working for a
woodworking magazine. I think I suggested it to the editors, but I can't remember. I've told a few people. It seems to me that we have a bunch of older woodworkers with good tools and a limited population of young woodworkers who can't, because they are trying to establish themselves, with no tools or cheap tools. I suggest that someone--ideally an organization representing the woodworking community--set up a way for old woodworkers to leave those tools their family or friends don't want to an organization who would distribute them to young woodworkers who are just starting the hobby. The criteria could be: 1. Young woodworkers would submit an essay or some other statement about why they want to pursue woodworking, e.g. philosophy, design ideas, stories, or even samples of what they have already accomplished. 2. Older woodworkers would will their tools to the organization (a pro bono lawyer would have to work on the wording of such an addendum). 3. The organization, let's call it "Tools for the Future," would redestribute tools, and in the case of heavy machinery like Shopsmiths or cabinet saws, probably redistribute primarily based on geographic proximity. 3. Tool recipients would keep a running journal or blog online telling how they are using the tools or pictures of what they've build or stories about how they organized their shop around the new equipment.They would also need to sign an agreement not to resell the tools to discourage poachers and posers. 4. A lot of this could be organized on a Web site. 5. Tool companies that pride themselves on the longevity of their equipment--Powermatic, Shopsmith--could advertise. There are probably a dozen other details to work out (e.g. storage) but I think it's still an idea worth of consideration. Or did I post this same idea here 5 years ago? I'm getting old and forgetful. |
#34
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Legacy of tools - who gets them?
On Tue, 9 Jan 2007 10:54:48 -0500, Mark Blum
wrote: I too have no kids and we have no intention to have any. Since I'm still relatively young (39), I haven't really put any thought into this topic, although certainly one could go at any time. I do have one young nephew who might someday be interested, but there are no other relative options beyond him. At least my wife knows that there is significant value in my shop, although if we both go at the same time in some accident or something, I'm not sure any of my other relatives would know that. I like the idea of finding one person who is working with a starter shop and give them an instant upgrade. There are no woodworking clubs in my area (surprising), but perhaps down the road when I am getting up there in years that will change and I will encounter more folks in such a situation. A few years back, I took a woodworking "class" through the tech. school, and there was a fair range people there that were to use the big equipment the school had that they didn't have at home- evidently, this had been going on for some years, and it was less a class than an opportunity for locals to rent shop time on the cheap. Might be an interesting way to meet other woodworkers. -Mark |
#35
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Legacy of tools - who gets them?
On Tue, 9 Jan 2007 14:11:31 -0500, "Upscale"
wrote: "J T" wrote in message Personally, I want to be cremated, and might's well take my whole shop with me. Savin' up for that blast furnace to melt everything down are you? There's no need to save up for that- if I can make a blast furnace on the cheap, I'm sure a handy guy like JOAT can too. |
#36
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Legacy of tools--and Old idea
On 10 Jan 2007 13:52:30 -0800, "Bobthepenguy"
wrote: Here's an idea I entertained a few years ago while working for a woodworking magazine. I think I suggested it to the editors, but I can't remember. I've told a few people. It seems to me that we have a bunch of older woodworkers with good tools and a limited population of young woodworkers who can't, because they are trying to establish themselves, with no tools or cheap tools. I suggest that someone--ideally an organization representing the woodworking community--set up a way for old woodworkers to leave those tools their family or friends don't want to an organization who would distribute them to young woodworkers who are just starting the hobby. That's a really good idea, and has been implemented for other items in Masonic lodges for some time. Here's to hoping that something like that is around when I need it (probably about 75 years from now, if the other men in my family are anything to go by- maybe more, as I'm signifgantly more clean-living then most of them) |
#37
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Legacy of tools - who gets them?
In my state, the executor is not obligated to pay any of the deceased's
debts unless he is instructed to do so in the will. It is the descision of the heirs whether to pay the debts or not. If they decide not to, the debts are just written off by the creditors or they can file claims in probate court if that is how the estate is handled. IN my state you have to post legal notice that anyone wanting to make a claim has X amount of time to do so. Whatever you own when you die is used first to pay off any unpaid debts. |
#38
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Legacy of tools - who gets them?
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#39
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Legacy of tools - who gets them?
"J T" wrote in message mortar on top of the shop, load my ashes in, and shoot me into the breeze. Hmm, maybe that should be a condition for inheriting? Where'd I put my will? Your tools and workshop are gone. Better make sure you've got something else for somebody to inherit otherwise your ashes might find their way into the nearest latrine. |
#40
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Legacy of tools - who gets them?
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