This is a topic that I have thought long and hard about. I am 54 and hope to hang on to my collection until 70 - 75 years old unless something happens. The situation for me is the estimated value of my collection , well in excess of 200k ( book and retail value, but less as we all know in the real world market) and the sheer volume of it... over 200, 000 cards, 500 signed baseballs, 500+ autographed photos, plus game worn jerseys, bases, etc, plus near 1,000 other autographs. The inventorying of it is voluminous, and the value can fluctuate as the stock market for many items. I have in my will a listing of dealers whom I trust and have dealt with and to contact if I go to that ballpark in the sky before my time, but it is also delineated by category of item( cards, jerseys , and autographs) as well as by classification ( rare vs common, 1800s vs 1980s , etc) with recommendations on who to use for each category/ sub-category. I have 1 person to help my family, who are clueless about the values and background of items , and the inner dealings / mechanics of this hobby, who will aid them in the organizational tasks. As you can see it is a potential logistical nightmare for such a valuable and yet small part of an estate, because the knowledge is held within such a small scope of people.
As if this weren't enough there are tax issues, capital gains, to deal with also for the seller, if living, or the estate , if the collector is deceased . It seems unlikely that a full collection could be handled strictly on a cash basis whether the seller is living or deceased, thereby trying to avoid the IRS and estate taxes.
Thank goodness my best friend is one of the top estate planning attorneys in the US and he has given me very good advice on this topic.
Sorry to have rambled on but this is a topic I have thought about and researched a lot.
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