What's your estate plan ?

[phikappapsi]

Seems to me this board holds a lot of the significant collectors/dealers in the hobby, which also leads me to assume there's a huge sum of money tied up in the collective collections on the board.

Which leads to the question... What exactly is the plan for your collection?

Sell it off before you pass
Pass it on to a child/loved one (who will almost assuredly sell it anyway )
Let it be sold at an estate sale to make for some really happy/lucky new collectors out there

Etc etc...

I'm only 28 so my plans could obviously change, but as it stands right now I have no intention of ever selling anything, hopefully by the time I go, I'll have someone in my life that will appreciate it as a treasure and as an investment, that will keep it.

[marktheshark83]

Very good topic, im looking forward to see some replies

For me, since im just getting back into t206 cards im in it for the love of the hobby and maybe down the road it will turn into a nice investment

[sportscardpete]

I would sell everything off as I hit old age -

I'm not passing it down, I would rather have someone appreciate the cards then passing it down to people who don't appreciate the value of it.

[barrysloate]

It's not worth passing down a collection if your heirs have no interest and are only going to sell it. They may make mistakes disposing it that a veteran collector wouldn't. At the least you should leave very specific instructions about who to contact if you are unable to pull the trigger during your own lifetime. Not everybody is as smitten with baseball cards and would prefer cash.

[Vegas-guy]

I'm selling it! My wife and I have no kids nor do we plan on having any. I'll be 40 this year so figure keeping maybe 20 years or so and selling to help with retirement

[bbcard1]

I cannot think of doing anything less kind to my son that passing on my collection to them. The real joy in collecting is in the assembly, the stories and the people you meet along the way.

I liquadated the collection of a friend last year. It was a joy to be of service to his family. He died at 51 and the extra money will help his daughter (14) in college. It was a whole lot of work and took the better part of a year (eventually netting around $50K for the family). Sometimes I think I could have done a little better, but given the economy, I think I did fine. I fear I have no good candidates to do the same for me so I may thin the herd over the next few years. I fully suspect I have another 30 or 40 years on this earth, but I would like to have more marketable chunks and less random cards. It is just easier to sell a 1961 Topps set than an accumulation of random cards or equal value.

I have given my son some rudimentary instruction on extrapolating reasonable value, but honestly it would be hard right now.

I heard one the other day that I think sums it up for most of us on this board...My greatest fear is that I might die unexpectedly and my wife would sell my baseball cards for what I told her I paid for them.

[BradH]

I'm 42 years old and I sold off about 90% of my collection in 2004 (all the duplicates, low-end stuff and 1980s-90s junk wax). Since then I have just focused on finishing my pre-war sets and a few high-end sets from the 1950s-70s.

At the same time that I sold off the bulk of my collection, I began keeping detailed records of every purchase I've made - cost of the item, date purchased and where it was purchased from (auction house, eBay, individual, etc).

I will leave it all to my wife and kids. The kids are all still under 10 and two of them have already demonstrated a great interest in cards (my 7-year-old is working on a 1971-72 Topps basketball set - see attached photo of him marking off his checklist at a card show last weekend when he acquired five more cards from the set!).

The detailed record keeping that I'm doing now is really intended to help my wife in the event that I'm not around long enough to pass it on to the kids or sell it all myself (if they're not interested in it as adults). I've also written down the names and contact information of a few trustworthy friends in the industry to assist her in selling it all if needed, so I guess that's my "estate plan."

[rainier2004]

Originally Posted by BradH

The kids are all still under 10 and two of them have already demonstrated a great interest in cards (my 7-year-old is working on a 1971-72 Topps basketball set - see attached photo of him marking off his checklist at a card show last weekend when he acquired five more cards from the set!).

Brad, thats great...best thing Ive seen all week.

I told my wife to sell them...it was actually a debate as she said she could never sell something I loved so much. She's definitely a keeper, but I'd rather have her sell the cards and use the money than box them up...

[carrigansghost]

My collection will first be offered to a few NET54 members that I have listed, then offered to be sold by other trusted members of the board. My lawyer thought I was nuts, but he doesn't know baseball.

Rawn

[Matt E.]

Turner

[obcbobd]

I've talked about this with my wife, should I unexpectedly drop tomorrow )I'm 50), my wife would contact someone from OBC (group of like minded collectors I belong too) for advice. Although I think it would be prudent of my to type up something to guide her with some phone numbers/emails.

My grand plan is to sell off a lot of the volume when I reach about 70, my 50-70s sets etc. Keeping only a shoebox worth of stuff that I really love (33 G Ruth's, Yaz, T205s etc). So at least there would be less stuff to dispose of when I die, which according to a test I took on the Internet will be when I'm 86.

[carrigansghost]

Bob, don't believe that test, it said I would be shot by a jealous husband of a 24 year old woman at the age of 105. Doubt I could get one under 40 when I reach this age.

Rawn