Preparing Your Collection For Your Death

[darkhorse9]

It's not a question that one likes to discuss, but it's a valid one. If you were to die quickly, would your loved ones have any idea what to do with the collection you left behind?

I'm the only one in my family who collects, so they know nothing about the hobby. As a whole I would value my collection over 50K so it's a sizeable undertaking to liquidate it.

My question is; does anyone have advice on what to do to make sure that when I'm gone the collection is properly disposed of?

I have only one rule for my collection. I collected because it gave me enjoyment. Many years of it. There's no reason to keep it after I'm gone so my son is to sell the whole thing and use all that money to do something equally as enjoyable. Take a trip to Europe, buy a sports car, have a mother-of-all-parties. I don't care, but spend it all on something that would be epic to him.

What should I be doing now to make sure that he gets what's coming to him?

[Leon]

My wife would call my auction partner, Scott B. Hopefully he will help her.....Otherwise she would call one of the auctions she knows I frequent....My collection is a good part of our savings so it is important

You might have a list of your collection with approximate values to help your family have an idea.

[Sean1125]

.

[joeadcock]

Originally Posted by Leon

....My collection is a good part of our savings so it is important

Leon

Yours is the only one I read that seems to link their card collection as an investement tool.
I dont believe my wife would say a lot about it, but I dont believe she would feel good about my collection being part of our investments.

But that is based on her lack of knowledge on this hobby and its potential.

My only problem is will this hobby(as investment) hold out in the long run. Will it continue to grow? I believe parts of it will like T206, Old Judges, Hall of Famers.

For those who collect for the enjoyment only(which is probably a majority), who cares?

[Leon]

Originally Posted by joeadcock

Leon

Yours is the only one I read that seems to link their card collection as an investement tool.
I dont believe my wife would say a lot about it, but I dont believe she would feel good about my collection being part of our investments.

But that is based on her lack of knowledge on this hobby and its potential.

My only problem is will this hobby(as investment) hold out in the long run. Will it continue to grow? I believe parts of it will like T206, Old Judges, Hall of Famers.

For those who collect for the enjoyment only(which is probably a majority), who cares?

My wife understands my passion and has confidence in my evaluations of the issues concerning them being part of our investments. I absolutely don't recommend it for anyone else. I am comfortable with it but then too I had a straight commission sales job for over 20 yrs and have run a few business, so I am somewhat of a risk taker to start with. It's all about calculated risks to me. I would rather have cards I can enjoy as part of our nest egg than all of it in stocks, cd's etc...To each their own.

[ALR-bishop]

Old, albeit often otherwise worthless, stock and bond certificates can be collectible too . Maybe more so in the future with the ascendance of paperless portfilios

[Tomman1961]

I was hit with cancer-stage 3 at age 47. I am now 52 and cancer free. Doctors at Sloan Kettering in NYC say "cured". But I had to tell my wife to sell it through an auction house. No guilt. Take the mobey and run. I would say $50,000 is about right. cards, Yearbook, Autographs, Everything. I should update the inventory better. She knows the difference between a Diamond Star and a Goudey and Playball. But I really should inventory everything. She may not know I have a run of Street and Smiths from about 1960-present. She knows the auction houses I trust. My son has no interest, but when I'm gone, maybe he wants it. That would be fine too. I just lost my Dad 10 days ago. He was a coin collector. The family has no idea what it is worth, and I never posed the question to him.

[K-Nole]

Like you, I collect for the sheer joy of the hobby. To this day, when I buy a card, it takes me back to the mid-late 70's, when I was a kid and buying packs and seeing if my favorites were in it.
With the advent of the MLB Channel, I can remember them when they play the old games or programs.
I have 2 sons (21 & 11) and 1 daughter (5).
My oldest son, I love him so much, but he is, shall we say, my "problem child" and I would NEVER leave something that represents my childhood as deeply as my collection, to him.
My 11 year old is the exact opposite. He watches the MLB Channel with me and asks questions about the guys playing when I was a kid. About 2 years ago, he switched from "Pokeman" cards, to Sports Cards.
And every since, the hobby has brought us really close. We go to Shows in Kansas City about every other month, which is an hour drive, and just the drive alone is nice to just talk to your pre teen son.
I have also taught him the basics of the hobby, and the basic "rules" of our collection. Do not buy a really valuable card, or a card older then 1950's without being graded by a reputable service. Never buy a card graded as "Authentic". Do not EVER sell a card, we are in this for the hobby and not the money, only trade, and only do that if we have 3 of that particular card.
We really love the 1919 Chicago Black Sox and the whole 1919 World Series, so that means the 1919 Reds as well. One of his favorite movies, and mine, is "Eight Men Out". So we have a special nook in our card room for that.
Anyways, so yes, when I pass, he is taking OUR collection as his own or for him and his son of choice.

[buymycards]

This is a great topic. I have made it clear to my wife and my children that they should sell my collection, without feeling guilty, after I croak and they can do whatever they want with the money. After reading this thread, I realized that I have never told them who to sell it to or how they should go about selling it.

Rick

[insidethewrapper]

Inventory each item and indicate current market value. List what to sell on ebay and better items ( $ 1K +) to an Auction House.

[pawpawdiv9]

Place the items in a solid concrete time capsule for future generations to enjoy. Treat it like its a treasure and make a map (laminate of course). It be the next huge 'find'.

[bn2cardz]

I am 31 and in perfect health so if I die now it would be a surprise, but since it can happen I have given some instructions to my wife. These instructions will have to be adapted as life changes but right now this is what I have told her.

I told her that if I die that she can do as she wishes with the baseball stuff. Don't feel guilty for selling anything or keeping anything. Yet if she goes to sell it I told her to come to this site (she knows my credentials, but if she doesn't remember she can sign up). I told her there are a few people that aren't very helpful but as a whole the community is a good place to garner info. I told her if she isn't sure about someone to seek out the owner (Leon) as he seems honest. I also explained that, though I have never cosigned to them, Leon does have an auction house so it may be simple enough just to send to him. Yet if she wanted to do more research there were other auction houses that advertise here that all seem equally good. I added that if she needed to sell quickly, Sterling is a good monthly auction house and they, too, advertise here.

So I just gave her general info on where to go and whom to talk to. Yet as time goes on I may be more specific. My dad and I use to do shows so I also know that if my wife and I go at the same time he will know enough to be able to figure out what to do with the collection.

[Leon]

I might add, if I can ever be of any help in helping out a family left with cards, it would be my honor. I promise I would go overboard on helping and no, it might not be my auction house that is best. I would even help them negotiate the best deal for the situation. But more importantly I hope I never have to do that as it would be a sad time.

[Bocabirdman]

Originally Posted by Leon

I might add, if I can ever be of any help in helping out a family left with cards, it would be my honor. I promise I would go overboard on helping and no, it might not be my auction house that is best. I would even help them negotiate the best deal for the situation. But more importantly I hope I never have to do that as it would be a sad time.

When I landed on this board nearly two years ago, the first thread that caught my eye was along these same lines. The consensus was then, as it is now, to prepare an escape strategy for our survivors if we don't sell off our collectors while we can. After spending this time here, there are a few things that I am sure of....

1. This community is ever-changing. We have all seen the posts announcing the passing of long time hobbyists. We have all seen the posts from the proud Poppas showing their tykes and their first baseball card pacifiers. A good number of us spend as much if not more time interacting with friends here than people in our everyday lives.

2. The knowledge here is endless. Any collection could be evaluated and/or appraised. (Anything we do not know, we could easily fake.) We certainly have enough active board members to be close enough to anywhere to get a qualified eyeball on any collection.

3. There are enough collectors here to absorb most any collection.

4. What could not be absorbed could certainly be addressed on the BST or the Bay. We also have a number of auction house folks here led by our fearless leader, Leon.

5. This would be a grand undertaking. In reality, it is not likely to be accomplished free-of-charge but we could likely do it for the second cousin rate.

I don't know how serious I am. I am generally so silly that even I don't know when I am being serious. I don't know if it COULD be done but we sure could do as good a job of it as any other group of collectors in the hobby. Damn, we are good.!

[rainier2004]

My Dad is also in the hobby and he would be in charge of the collection. I have complete inventory list with scans and a value list kept on my hard drive that is updated with any additions/subtractions as they happen and both he and my wife are aware of. LOTG would be getting a rather large consignment and I've told my wife to sell it all and use the cash for whatever...no kids yet but I would hate the idea of my wife holding onto the cards to "remember me".

[frankbmd]

For $29.95 I will provide you with a copy of my fool proof Collection Inventory System. After 13 years of inputting data you will then have the following information at your (or your heir's) fingertips.

Scans of all your cards.
Where the card is stored.
When you bought them.
What you paid.
What is their condition or grade.
What the certification number is.
What is on the back.
What is the ACC designation.
What is the value of your collection.
What cards are duplicates.
Which cards are Hall of Famers.
What your Auction House purchases were.
What is a Southern Leaguer.
What is an Obak.
What is a Goudey, etc
What you have already sold or traded.
Whom you have traded with and sold to.
And numerous other tidbits of trivia about your stash.

And if you buy today I will throw in a copy of the Monster Number Master List.

Frankly it is sometimes a pain in the neck to keep this maintained and accurate, but knowing what you have, where it is, etc in a few seconds makes it all worthwhile for me. Though sometimes I wonder if my hobby is really cards or spreadsheets.

My wife's tutorial on this system has yet to commence and that may take another 13 years.

[ocjack]

I"m 67 and in good health. But I am 67. So I decided to take it upon myself to sell my entire collection in order to not burden my wife with having to deal with it.

Giving your spouse the names of one or even a few people you feel you could trust to help her in the event of an untimely departure does help to alleviate the burden a little. I appreciate Leon's offer to help. That's a huge responsibility to be willing to undertake (no pun intended) for someone.

Regardless, it's best to plan as early as possible.

[h2oya311]

Originally Posted by frankbmd

Though sometimes I wonder if my hobby is really cards or spreadsheets.

My wife's tutorial on this system has yet to commence and that may take another 13 years.

+1

Thankfully, I have just about everything nicely documented on a spreadsheet...although it would probably require a real collector to understand my system!! I don't think my wife qualifies as a "real collector". What she knows comes from small tidbits of info I share w/ her on very long car rides...

I just asked her what she would do if I were to pass suddenly, and she shockingly gave me a proper response. She knows to go to one of my long-time hobby friends (and one who shares a common interest in the cards I now own).

This thread should be a constant reminder to us all to "trim the fat"...in the waist-lines and in our personal collections!!

[WillowGrove]

Originally Posted by frankbmd

For $29.95 I will provide you with a copy of my fool proof Collection Inventory System. After 13 years of inputting data you will then have the following information at your (or your heir's) fingertips.

Scans of all your cards.
Where the card is stored.
When you bought them.
What you paid.
What is their condition or grade.
What the certification number is.
What is on the back.
What is the ACC designation.
What is the value of your collection.
What cards are duplicates.
Which cards are Hall of Famers.
What your Auction House purchases were.
What is a Southern Leaguer.
What is an Obak.
What is a Goudey, etc
What you have already sold or traded.
Whom you have traded with and sold to.
And numerous other tidbits of trivia about your stash.

And if you buy today I will throw in a copy of the Monster Number Master List.

Frankly it is sometimes a pain in the neck to keep this maintained and accurate, but knowing what you have, where it is, etc in a few seconds makes it all worthwhile for me. Though sometimes I wonder if my hobby is really cards or spreadsheets.

My wife's tutorial on this system has yet to commence and that may take another 13 years.

Another winner Frank!

[I Only Smoke 4 the Cards]

I think everyone should write a will - that way there is no disputing what you wanted. Include a list of instructions (non-binding) that way your heirs have guidance on how to sell if they choose to do so.

[the 'stache]

An interesting question, darkhorse.

I've been working on documenting my entire collection for insurance purposes, as well as working on instructions for my parents in case something happened to me. While I don't have a lot of valuable pre-war and vintage cards..yet, I have a pretty substantial modern card collection. Lots of Bowman Chrome prospect autos that are quite valuable. I've been working on separate Excel spreadsheets for all my valuable cards, listing when and where the individual cards were bought, and how much I paid for them. I've downloaded all the Paypal payment recepits, and saved them for proof of purchase. The instructions would show them how to value the cards currently, and provide suggestions on where to sell them.

[kailes2872]

Are the cards subject to probate and inheritance tax?

[ALR-bishop]

If your cards have any value they would be included in your estate asset evaluation. Whether they or your estate would incur taxes depends on a lot of factors unique to your situation

[kailes2872]

Originally Posted by ALR-bishop

If your cards have any value they would be included in your estate asset evaluation. Whether they or your estate would incur taxes depends on a lot of factors unique to your situation

Thanks Al - it seems like it is something that can be handed to the kids prior to death and be outside of the gift tax - but I am sure I will have to contact an attorney as I get closer to time.

[EvilKing00]

Mayby create a spread sheet, name of card and approx value, so others have an idea of its worth, i have that for my t205's and will do the same for my other cards too eventually.

Originally Posted by darkhorse9

It's not a question that one likes to discuss, but it's a valid one. If you were to die quickly, would your loved ones have any idea what to do with the collection you left behind?

I'm the only one in my family who collects, so they know nothing about the hobby. As a whole I would value my collection over 50K so it's a sizeable undertaking to liquidate it.

My question is; does anyone have advice on what to do to make sure that when I'm gone the collection is properly disposed of?

I have only one rule for my collection. I collected because it gave me enjoyment. Many years of it. There's no reason to keep it after I'm gone so my son is to sell the whole thing and use all that money to do something equally as enjoyable. Take a trip to Europe, buy a sports car, have a mother-of-all-parties. I don't care, but spend it all on something that would be epic to him.

What should I be doing now to make sure that he gets what's coming to him?

[Texxxx]

I guess I am lucky on this one. My son collects also so he gets them. He want have to sell them for money. He will just have to deal with the trust that everything is going in. "The kid gets it all".

[Brian Van Horn]

"Preparing Your Collection For Your Death."

I haven't lived up yet to my morbidity. It's too depressing.

I live by the motto in "Monty Python and the Holy Grail,"

"I'm not dead yet!"

Let me enjoy senility first. It makes the progression easier.