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.