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Thread: Do you have an inventory of your tools?

  1. #1

    Do you have an inventory of your tools?

    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.

  2. #2
    Join Date
    Jan 2010
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    LA & SC neither one is Cali
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    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.
    Of all the laws Brandolini's may be the most universally true.

    Deep thought for the day:

    Your bandsaw weighs more when you leave the spring compressed instead of relieving the tension.

  3. #3
    Join Date
    Feb 2009
    Location
    San Francisco, CA
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    1,408
    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...

  4. #4
    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.

  5. #5
    Join Date
    Dec 2007
    Location
    Corvallis, OR
    Posts
    109
    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.

  6. #6
    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.

  7. #7
    Join Date
    Mar 2016
    Location
    Elmodel, Ga.
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    798
    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.

  8. #8
    Join Date
    Jul 2003
    Location
    Rochester, NY
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    4,717
    I have a spreadsheet for insurance purposes, but I need to update it, and show my wife where it is! Thanks for the reminder.
    Happiness is like wetting your pants...everyone can see it, but only you can feel the warmth....

  9. #9
    Join Date
    Mar 2007
    Location
    Kingston, ON, Canada
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    223
    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.
    Marty Schlosser
    Kingston, ON, Canada
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  10. #10
    Join Date
    Mar 2006
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    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".
    "A hen is only an egg's way of making another egg".


    – Samuel Butler

  11. #11
    Join Date
    Feb 2005
    Location
    Canton, MI
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    529
    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?

  12. #12
    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.

  13. #13
    Join Date
    Nov 2012
    Location
    Southwestern CT
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    1,392
    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).
    "the mechanic that would perfect his work must first sharpen his tools.” Confucius

  14. #14
    Join Date
    Mar 2016
    Location
    Exeter, CA
    Posts
    691
    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

  15. #15
    Join Date
    Sep 2006
    Location
    Deep South
    Posts
    3,970
    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.

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