Millennials are set to inherit tons of their parents' stuff — whether they want it or not

You might have heard of the so-called trillion-dollar wealth transfer. That's the estimated amount that baby boomers will pass down to their heirs — mostly their millennial children — over the next two years.

It's expected to be the largest intergenerational passing-down of wealth in Canadian history.

But not all of the wealth is delivered by cheque: it also takes the form of the massive collections of stuff that boomers have accumulated over their lives, from furniture to collectibles, tools and tchotchkes.

As they're being handed down to the next generation — whether they're wanted or not — it's prompting some awkward conversations about where your prized possessions may go, and whether they'll translate into a high price at an auction or estate sale.

"Often the conversation is emotional. I would say it's exhausting. It's funny ... and it's sometimes sad as well," Kelly Smyth, who lives in Oakville, Ont., told Cost of Living.

Smyth recently helped her parents downsize from their home in Timmins, Ont., where they lived for 50 years, before moving to a retirement home. The process took three years.

"I needed to be thoughtful about the process, how I was going to, you know, honour these items that my mom and dad had that they cared about," she said.

"There's an amount of guilt associated [with] something that your parents have really valued or enjoyed or felt like it's an heirloom and they want to keep it in the family and you just don't want it, right?"

If the task of sifting through your parents' time capsule of a basement sounds overwhelming, you can turn to professional organizers to do it for you.

According to Noreen Music, president of the Professional Organizers of Canada industry association, the field has grown fourfold in Canada compared to 25 years ago. About 30 to 40 per cent of their business is helping seniors or their kids figure out what to do with all their stuff.

That work doesn't come cheap: Linda Chu, who runs the company Out of Chaos in Vancouver, recently cleaned out the basement of a family's home after their father died. It cost $5,200.

"There was clothing ranging from the 1960s to the '80s down there," she said. "There were just so many broken items. There was a chandelier that obviously was taken down, but they just couldn't bear to throw it away. But it was cracked."

Obviously, not every item you or your parents are holding onto is cracked or broken, but it can still end up a burden for those inheriting them. 

Brian Lehman, appraiser and owner of Brian Lehman Evaluations and Estate Sale Pros, says he ran 62 estate sales in 2023 alone.