Inheritance - splitting up your collection in your will

[71buc]

I’m 58 and have been collecting fairly consistently for 50 years. I recently updated my will to include my baseball toys. I have four adult kids. Although they have humored me over the years, none of them have ever really expressed an interest in my collection. I decided to have each of them identify an item from my collection that they wanted. We will sell the rest when I’m 70 and use those funds for a family vacation. When I told them what I was doing they found it to be rather macabre. Nonetheless, their choices were interesting as they didn’t make their choices based on value. In fact some of the more valuable items were left on the table so to speak. Instead they made their selections based on sentiment. When I asked why they made their selections each one of them recounted and linked the item to a memory of me. I was surprised how much they had actually paid attention to my rambling over the years. I have great kids who have pretty good taste.

[egri]

I'm going through something similar right now as my dad has stage 4 kidney cancer. He and I have very different hobbies, so he knows there are one or two items my sister and I each want, but as for the rest, it would best be either donated to charity or sold to someone who will appreciate them more.

[ocjack]

Or, you could just take it with you.

[mrreality68]

Originally Posted by ocjack

Or, you could just take it with you.

Sick. Very sick

But nice

[atx840]

Sorry to hear that Scott. Lost my mom to pancreatic cancer and one of my aunts was just diagnosed with it as well.

The plan is to have a good hobby friend help my family auction off my collection then split whatever the funds they bring.

[bbcard1]

If my blessings continue, here's my thumbnail.

1) work until I'm 70...I'm 60 now and love my career.

2) From 70-75 focus on selling my collection through a combination of direct sales, auction houses etc. Then kick back.

3) I'll probably keep the 1970s cards because they are not a huge percentage of the value and are what I collected as a kid. This would allow me to continue to putz around and go to cards shows to pick up regionals and test issues that fit the profile. It is also a well defined chunk I can sell at some point in the future and my family can sell if I am not around.

4) Pick one nice card for each of my two kids to keep to remember me by...probably $500-$1000 cards...something that the kids would associate with me but also have meaning to them.

5) I don't know what I'll do with the money. I am somewhere between saving it (because that's what I've always done), buying a property at the beach if it is close to that amount, or making a significant contribution to our local free clinic to expand their services.

6) If health becomes an issue, I'll probably call one of my friends who owns an auction house and work something out. I don't have a collection to rival a lot of you guys, but it would be good enough to keep an auction house or two fairly busy.

7) I have said this many times before, so please be patient with me if it's a repeat. I love my kids more than life itself, but I would never give them my collection, no matter how interested they would appear to be. I believe the real value of the collection is in the pursuit of the items in your collection and the friends you make along the way. How could I rob them of that?

[pawpawdiv9]

or screw it and throw your items in a time capsule/safe and hide it in a wall in the attic for a future 'attic find".

tho, in my situation as newly diagnosed with bladder cancer-- probably best to liquidate.
and in best to have documentation of inventory, bought and prices available.
AH to use to consign to and websites like Net54 to use.

[Frankish]

Originally Posted by bbcard1

7) I have said this many times before, so please be patient with me if it's a repeat. I love my kids more than life itself, but I would never give them my collection, no matter how interested they would appear to be. I believe the real value of the collection is in the pursuit of the items in your collection and the friends you make along the way. How could I rob them of that?

Todd, your whole post is very thoughtful. I think about it much the same way, though I will probably start selling much earlier than 70 and just focus on one niche after that (as you suggest re 70s cards).

But I just wanted to bring up your Point 7 again. It is really well said!