Do you have an inventory of your tools?

[Edwin Santos]

There was a recent thread about a major score at an estate sale where the lucky poster amassed quite a haul of high quality tools for next to nothing. This has been on my mind ever since. I don't know about you, but if I were to head off to the pearly gates to do some woodworking with Sam Maloof, James Krenov and Tage Frid, my wife would be a sitting duck perched atop a garage shop full of tools that are totally foreign to her.

The issue is she has zero interest in tools and if I'm not here and she has to deal with them, I could just see someone showing up and having a field day. I'll give you $5 for this cheap old Auriou rasp. These Lie Nielsen hand planes? No one uses them anymore, but I'm nostalgic so tell you what, how about $20 each since you seem like a nice lady? Everyone knows biscuits are worthless so therefore biscuit joiners are worthless, but heck I'll give you $50 for this Lamello right here. Bessey REVO clamps? Well they're not nearly as good as the ones I buy from Harbor Freight but I'll give you $5 each for them and get them out of your way. Yes, all 30 of them, I have my truck right out front.

Of course I'm exaggerating a little to make a point but the fact is that if you are the only one in your household that knows anything about your tools and equipment, then your spouse/heirs could be in a predicament if they find themselves having to dispose of them, especially under unexpected circumstances.

So I'm wondering if it makes sense to undertake the task of creating an inventory the lists the tool, basic description (or where you keep it), approximate or exact amount you paid for it, and what you might estimate it would be worth. Maybe even photos. Not a fun task for anyone except the accounting nerds, but perhaps sound planning nonetheless?
The pros on this board may already have these records for their tax purposes, but I'm guessing the majority of hobbyists and one man artisans like me do not. Some may have spouses or other heirs that are very knowledgeable and capable in this regard, but some (like me) may not.

And while I'm geeking out, let me add that a good inventory might also be useful for insurance purposes, if you ever experienced a theft, flood or fire for example. If you ever have to make a claim, and you have coverage, I would think you'd be in a much better position to negotiate with an adjuster if you have a detailed inventory in hand.

Any thoughts? Am I overthinking this? Morbid?

MAJOR DISCLAIMER - I have nothing but a high five for the guy who made the score at the estate sale. Certainly not suggesting that he took advantage of anyone. I feel very differently about the diligence level of the estate sale manager who handled the sale, but therein lies the rub. I got to thinking that creating some records would protect against the risk of a negligent estate liquidator, or perhaps assist a good one.

[Van Huskey]

I keep receipts and have a spreadsheet inventory of all my tools along with a videos of the tools and what they are to aid anyone dealing with my estate, though I plan to be amassing tools for 40 more years... My wife doesn't know how much anything costs specifically but shes knows there is a well optioned Porsche 911 worth of tools and machines but she will likely give most of them away if I predecease her, if she needs the tool money to live I have spent far too much on tools!

For insurance receipts. pictures and video are excellent ideas and now with cell phones nobody has much of an excuse not to have them. I do them of my homes once a year and open every drawer and closet as I go through.

Morbid, no, just a necessity of life that many avoid because it seems morbid. If you start preparing for your demise early in life with wills, estate planning and documenting the value of your "things" you won't get that weird feeling when you get older when doing it. As you get older facing death becomes more real and things associated with deal are easier to just avoid, make it part of life young and those you leave behind will be happier for it.

[Victor Robinson]

Yeah, this comes up every so often usually related to insurance purposes, and the answer is of course a resounding YES, DO IT! That doesn't mean we all do, or manage to stay updated, etc. I think I needed ten of these threads as reminders before I started my inventory, and another ten to get me all the way through.

It's a tall task, especially for those not used to keeping spreadsheets for things. While folks use different methods ranging from spreadsheets to database software, I'm surprised there hasn't been the development of an easy to use app to inventory tools and materials in a shop. Perhaps just not enough of a market for it or no reason to make it more specialized than a basic user-friendly database app. Maybe if I get around to learning basic iPhone app development I'll whip something up...yeah right...:rolleyes:

[Darcy Warner]

You could ask my 11 year old and she would know what every machine is, does and what it's worth.

I love that kid. My 7 and 5 year old are not far behind either.

My soon to be wife knows as well, she pays very good attention.

[Dave Stuve]

I've been thinking about making a tool inventory recently. Not for estate purposes, rather for insurance. Looking around my shop I'm not sure I have enough insurance coverage in case my house burns down and I lose my modest collection. I don't think I'm a huge tool hoarder, but I'm expecting to be surprised when I add it all up.

[Martin Wasner]

I have a spreadsheet I keep current that has all the equipment and power tools on it. What I paid, new or used, and replacement cost. My list exists out of curiosity, but it's really there for insurance purposes.

[Steve Eure]

I keep a list of all my tools, model and serial numbers, cost, etc. for insurance purposes. Heck, I even keep the receipts on tools I buy. I also take pictures with my cell phone of the tool, the serial number plate etc., so if there is any need for it, I have a record. I then transfer the pics to my computer and and flash drive. Overkill maybe. But peace of mind and proof of ownership is worth the hassle.

I had a break-in once where I was able to identify my belongings with serial numbers. The thief was caught a week of so later trying to pawn the items. Got some of them back.

I don't know about your insurance company, but you may be able to get a discount on your rate for such an approach.

[scott spencer]

I have a spreadsheet for insurance purposes, but I need to update it, and show my wife where it is! Thanks for the reminder.

[Marty Schlosser]

I agree wholeheartedly with having a list and for all the reasons already cited.

I'd like to add that the list needs to be placed somewhere where it may be readily accessed and your loved ones know where it is. Certainly a copy provided to the executor of your will would be someone who should know this.

The second thing is to leave instructions as to how they are to be disposed of, as you may wish specific items to go to the local woodworking club, or to a close friend, family member, etc., and the rest of it sold off.

[glenn bradley]

I scanned all receipts for more expensive items. I then took an overall picture of the item and a picture of the serial number plate. All pics and scanned PDF's are on a few small memory chips in locations on and off site. The whole affair took a Saturday morning. I update it whenever there is a significant change to my shop inventory. This is primarily for insurance purposes but, would certainly help in the event of my demise.

What's the old joke? "My biggest fear is that when I die, my wife will sell my tools for what I told her I paid for them".

[James Biddle]

There's probably an app out there that lets you take a pic with your phone and enter some information at the machine, then add everything else later when you're next to the receipts and computer. Anyone seen something like that?

[Patrick Walsh]

I wish i had the time and or will.

One thing that stops me is the fear that if i share with my insurance company that i have a fully operational shop in my homes basement they may not want to insure me or may raise my rates to some kinda commercial rate.

Regardless at some point i do intend to inventory my tools and insure accordingly.

[Bill Adamsen]

I'm in the process of doing exactly this for my mother-in-law (deceased father-in-law) who lives out of state (Los Angeles). We need to clear out everything and no one in the family has the time or inkling to deal with CL or a local auction. In this case she really doesn't need the money but rather we need the place cleaned out. Not really sure how to begin besides bringing in a dumpster.

I digress ... I had a similar thought when I saw that post Edwin referenced. Several folks have referenced insurance. That purpose was driven home to me a few weeks ago when I noticed at the end of the day that a Lie Nielsen plane I had let a fellow cabinetmaker use for a few minutes had disappeared. Buying the replacement was painful.

Occasionally I think it might be prudent to spend the time writing out what is essentially an advertisement for the tool, complete with photos that would provide someone liquidating the shop the means to understand value and and even more importantly, an easy way to list for sale. Descriptions of "collections" too would be helpful (chisel or rasp collections, these blades go with these saws).

[Randall J Cox]

I have a pretty extensive spreadsheet with manufacturer, serial numbers, hp, voltage, model numbers, what and when I paid, when i replaced bearings and bearing numbers, etc. All this just for ref. but only of the big stuff. No list of all the small hand tools. I should print off and put in safe place though... Randy

[Art Mann]

I've got so many small tools that I could never create a comprehensive list of all of them. What I have done is to create a photographic inventory. It is easy enough to photograph the the stationary tools one at a time. The hand tools are laid out on my workbench top and photographed in groups by function. The only area where I am lacking right now is the several hundred dollars worth of CNC router bits I have acquired over the last few years. I did this inventory for insurance purposes but it will work equally well in case of my death.

As for pricing tools in the event of my untimely demise, I have a very good friend who is also a woodworker and knows the value of these things. He would probably step in and help my wife without even being asked. I don't recommend trying to keep a list of the original cost of tools. I have been accumulating tools for 40+ years and have no way of obtaining that information. After a few years, the original purchase price is no indicator of the replacement price or the used market value anyway.

[Mike Ontko]

As already covered, it would be smart to create an inventory for both insurance purposes and for those left behind to pick up the pieces should you depart the world unexpectedly. The "fair market value" is all you can ever hope to recoup from reselling any item in your inventory, so I'm not sure that holding on to receipts is of any value except in the case of warranty claims or ownership authentication (yes, it's really mine and yes, I bought it). Other than that, a description of what each item is and it's present fair market value are really all that's needed. Photographic evidence supports any claims made in the absence of other physical evidence, and video would be even better if you need to show an item in working order (parts moving, lights blinking, etc.).

Having said all that, I myself haven't done this yet. I've been so busy accumulating stuff over the last several years that I haven't done anything more than to hang onto purchase information (mostly research info and receipts) and owners manuals for the larger items, or store the smaller items in boxes and bins and on shelves.

[Rick Potter]

One thing to mention about insurance. I have REPLACEMENT value insurance. It costs a little more than normal DEPRICIATED value insurance, but imagine what my depreciated value of 20 year old name brand tools would be.

Hate to mention it, but another scenario is divorce. I went to see some advertised tools once. The lady said her hubby had left with his new girl friend, and asked her to dispose of his complete shop in the garage. I bought over 50 woodworking books and a dozen videos for $50. My buddy snuck around behind me and found 24 True Grip aluminum bar clamps in a corner, and she asked her 16 YO son how much. $5 each bought them all. I asked her several times if she was sure he would let items go for such low prices, and she was adamant that he wanted to sell them. Guilt assuaged, we cleaned out the place.

I have often wondered what happened if and when hubby came home.

[Martin Wasner]

One thing to mention about insurance. I have REPLACEMENT value insurance. It costs a little more than normal DEPRICIATED value insurance, but imagine what my depreciated value of 20 year old name brand tools would be.

That's the only way to go. I've got almost $398k in equipment that I've paid $216k for. I bought a lot of it when the economy was down and cabinet shops were going belly up all over the place. I would have to spend a lot more to replace it, and significantly more to replace it quickly.

[Kerry Wright]

Just do a Google search for "Home inventory app". I found numerous comparisons of different apps for both IOS and Android. Most were free or cost very little.

[Samuel Green]

As the guy who scored at the estate sale i can tell you one of the first things I did when i got home was make a spreadsheet of all the tools I scored! Definitely a great idea for insurance purposes as well as knowing what you have if you happen to have too many tools to remember whats in each drawer! (good problem!!)

Note: I was as shocked to score those tools as you guys, the crazy part is I asked him the price on the hand tools and clamps and he set it, I didn't haggle those at all. For the bandsaw he suggested $300 and I said $200 so we settled on $250. This was the moment I knew I should invest more time in woodworking and stop trying to get by using my old construction tools to do everything!

[Steve Peterson]

It is on my to-do list, both for insurance and in case I die early. I should walk through the shop with a camera or camcorder and record a quick image.

Most of the tools in my shop were purchased from CL at less than half of the new price, so they should still be worth about what I paid for them. I should create a spreadsheet to help my wife out. It would list the major items, new cost, what I paid (even though it is irrelevant), and expected sale price.

Steve

[Mike Wilkins]

I work in insurance claims, property claims. From personal experience in dealing with total losses, an inventory of personal property, including your shop inventory, would be in your best interest. Too many folks have to use memory to compile a list of items lost in a major fire, and some items will be lost in this memory. An inventory, with photos, is the kind of documentation that insurance companies love to see.

You could begin by lining up your arsenal of routers on the bench and listing model numbers, age and cost. I currently have 10 routers and 5 laminate trimmers so an inventory and photos would be ideal in the event a UFO crashes into my shop.

It would be helpful should the unthinkable happen and you have to make a trip to that great workshop in the sky and your loved ones have to deal with disposing of your stash. You would rest easier if your estate sold that Holtey plane for something higher than $20.00.

[glenn bradley]

As the guy who scored at the estate sale i can tell you one of the first things I did when i got home was make a spreadsheet of all the tools I scored! Definitely a great idea for insurance purposes as well as knowing what you have if you happen to have too many tools to remember whats in each drawer! (good problem!!)

Note: I was as shocked to score those tools as you guys, the crazy part is I asked him the price on the hand tools and clamps and he set it, I didn't haggle those at all. For the bandsaw he suggested $300 and I said $200 so we settled on $250. This was the moment I knew I should invest more time in woodworking and stop trying to get by using my old construction tools to do everything!

No need to apologize. I think you did great. I would have stopped at every 7-11 on the way home and bought a lottery ticket if my luck was running that high.

[Victor Robinson]

So in response to this thread I decided to check out what the current state of the art is on apps for this purpose. I decided to try out an app called Sortly. Looks pretty powerful both for keeping a shop inventory as well as a location tracker. Also can generate bar codes for moving purposes. Not a bad set of features for $10 for the premium version.

No affiliation by the way.

[Chris Schoenthal]

Yeah, I need to go through and do some sort of inventory as well, for all the reasons cited.
It'll be hard to come up with the values however. A lot of my things were purchased decades ago.

My one fear in life, is that after I pass, my wife will sell all my tools for what I told her I paid for them. :D

[Yonak Hawkins]

One thing that stops me is the fear that if i share with my insurance company that i have a fully operational shop in my homes basement they may not want to insure me or may raise my rates to some kinda commercial rate.

This happened to me with Farm Bureau but, fortunately, I found another insurer who, not only insured my tools and inventory but, insured my business under my home owner's policy, for a very reasonable rate, as well. It was the best insurance move I ever made.

[Yonak Hawkins]

I'd like to add that the list needs to be placed somewhere where it may be readily accessed and your loved ones know where it is.

Yes, I have all my inventory, including pictures, not only of tools but everything in the house, on a thumb drive I keep in a building away from the house, in case the house burns down.

[Larry Frank]

Would someone like to share their spreadsheet? How do you index photos or other documents to an item. Do you use a link or index number of some kind.

There is also a home inventory program called Homemanage.

[Gary Radice]

An inventory certainly is a good idea for insurance reasons. My wife also asked me to give her the names of a couple of my friends who are knowledgeable about tools to help her in case she needs to sell them off and I'm not around. She is much more likely to hand that task off to a trusted friend than try to sell them herself.

[Tom Giacomo]

I made a video of my equipment just for insurance purposes. When I go I know my wife will not sell them she told me the new young guy knows how to use them.

[Ben Rivel]

Another list keeper here. Spreadsheet, scanned receipts, photos and video. Do that with all the other non-woodworking gear I own as well.

[Jamie Buxton]

No, I don't have a tool inventory. After I'm die, I'm beyond caring what happens to them.

[Ira Matheny]

I had been in business and developed a procedure for documentation each tool purchase. When ripped off by a group of 'Druggies' a few years back, I was able to obtain $125,000.00 compensation from the insurance co.

Now that I am retired, I still maintain a multi page tool list with 535 tools listed. This list includes a theoretical resale value.

I also keep owners manuals with purchase date, place of purchase, as well as serial #'s recorded. All sales receipts are filed by date of purchase.

I have asked two woodworking friends to step in and help my wife dispose of my 'treasures' when I become unable to do so. I have agreed to do the same for them, if and when they need my help

[Brian Henderson]

I do have one, of sorts, for big tools. I think it's insane to keep such a list for anything small and inexpensive. I have dozens of screwdrivers, why would I care about that?

[Bill McDermott]

I found an expeditious solution for insurance purposes was to record video from my phone. It's done. The other nice thing about that was unlike a spreadsheet I could hold up a tool and say "this is a LN #5 1/2 that has a high angle frog and cost me a couple hundred bucks and should hold it's value pretty well." Then move over to "this was my great, great grandfather's jointer plane. See these initials stamped in the handle...". The point is that video allows my heirs to understand not just the commercial, but also the sentimental value of some truly sentimental tools. Love that old jointer, by the way.

[Bill ThompsonNM]

There's probably an app out there that lets you take a pic with your phone and enter some information at the machine, then add everything else later when you're next to the receipts and computer. Anyone seen something like that?
Do a search for apps for inventory. At least 10 home inventory apps. Of course I'd like one that you put in delta 10 inch unisaw 1982 and it puts in a calue for you....

[Jim Finn]

I have a spreadsheet I keep current that has all the equipment and power tools on it. What I paid, new or used, and replacement cost. My list exists out of curiosity, but it's really there for insurance purposes.
I have done this same thing. I update it every time I get a new piece of equipment. At the bottom of this list I mention who to contact to liquidate all of this equipment, in case of my death.

[Yonak Hawkins]

At the bottom of this list I mention who to contact to liquidate all of this equipment, in case of my death.

I have suggested to my wife a couple of on-line auction houses to contact.

[jack duren]

Nope...I just pull the taxes out and use them for reference...