Estate planning your collection
backbidder
Posts: 234 ✭✭✭
Current events have made this topic pop into my head more than I want it to. I'm curious how others have planned for the disposition of your collection in their will, assuming your family has no interest in keeping it (like mine). Do you provide specific instructions on who to contact to assist with liquidation so your family is not taken advantage of? I am updating my wil and want to address this. Appreciate thoughts and opinions on this topic.
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Keep a record of cards & estimated value along with liquidation instructions.
i.e. Take the list to a card show & try to make a deal. 80% of lump sum value?
What i did was type out instructions on how the family should dispose of the collection and put those instructions, along with an inventory and estimated values, with the will. Also, talk about your instructions with your spouse/family. If you have a trusted collector friend, tell your family to ask for their help in selling the collection. And, it might be wise to think about liquidating the collection before you die, I am 68 and have been thinking along that line. The more you leave the family to deal with, the more difficult it will be for them.
Always looking for Mantle cards such as Stahl Meyer, 1954 Dan Dee, 1959 Bazooka, 1960 Post, 1952 Star Cal Decal, 1952 Tip Top Bread Labels, 1953-54 Briggs Meat, and other Topps, Bowman, and oddball Mantles.
If you pass your items by an Estate plan, the heirs will receive a stepped up basis. That is they will take the cards at the current FMV and avoid any income taxes on the distribution. Something to consider on larger collections.
That will be my Kids Decision to do what they want to
it be nice to stick my Cherrio Cabinet in the Griffey Spot in the HOF......... LOL
If your family has no interest then I’d suggest not dropping the burden on them and selling it well before you think your time is up.
Otherwise, expect them to get taken by a dealer or auction house.
No matter what your Will says they won’t be able to navigate a sale the way we you could. So my advice is if you are thinking about end times, and your collection has significant value, cash out on your own terms.
In my final disposition orders my wife has instructions to list all the cards in my main collection (she can work off my spreadsheet, which she is familiar with), box everything up and ship it off to Probstein123. I've always had good luck with him selling stuff for me and I would expect the same type service after I'm gone.
I have a friend who has listed me in his will as the person who will aid the executor of his will in liquidating his collection. If that time ever came, I would be honored to play that role for a friend and fellow collector. He feels secure in knowing I would help make the best decisions for his estate while also ensuring there is a collecting community element in the way his cards go out into the world.
Since I do not have kids, leaving mine to my brother assuming he outlives me. We have both been collecting since we were kids. If he passes first I will liquidate his collection for him on behalf of his family. Guess we are lucky having two collectors in the family.
Assuming the collection goes to your heirs as part of the estate, no need to separately address in the will. At least in my state. Discussed at length with my attorney.
I have left instructions in my safe about how to use the PSA app to look up card values as well as how to sell using PWCC. I’ve thinking about changing the consignor but haven’t done so yet.
I plan on selling before I go I have 2 girls with no interest. The wife will have no idea and instead of her giving it away or being overwhelmed I'll collect for another 10 years or so I hope, then sell off to fund something, trips, gifts for the kids something. I will try to sell some fund other projects. I've started on a small level on ebay and Mercari recently we'll see how it goes. should be fun to sell off all the stuff when the time comes, if I can get past it mentally
besides we can't take it with us, we're just holding the cards for a while to enjoy them.
collecting RAW Topps baseball cards 1952 Highs to 1972. looking for collector grade (somewhere between psa 4-7 condition). let me know what you have, I'll take it, I want to finish sets, I must have something you can use for trade.
looking for Topps 71-72 hi's-62-53-54-55-59, I have these sets started
Im in a similar situation. I have 2 girls in their 20's with zero interest in cards. I dont have a wife but I do have a steady girlfriend who loves sports but has no idea about cards. My current goal is to start selling off my collection in 12 years when I turn 60. Use the money for traveling and enjoying life. I dont want to burden my family with selling the cards when im gone.
completely agree. I will be 61 in 10 years and collecting since 5 or so will be enough I guess. 55 years or so should do it
collecting RAW Topps baseball cards 1952 Highs to 1972. looking for collector grade (somewhere between psa 4-7 condition). let me know what you have, I'll take it, I want to finish sets, I must have something you can use for trade.
looking for Topps 71-72 hi's-62-53-54-55-59, I have these sets started
I’m surprised by all the sellers. My expectation is that I’ll enjoy my collection even more in my later years.
Like many of you, i would like to sell before i die and not burden my family. The problem we all have is that we don't know how long we are going to live. I'm nearly 69, and I guess it's time for me to sell. But I don't want to! I know many people 80-90 years old and in good health. I guess my plan is to slowly thin the collection to a few choice item and leave clear instructions to the family on how to sell when the time comes.
Always looking for Mantle cards such as Stahl Meyer, 1954 Dan Dee, 1959 Bazooka, 1960 Post, 1952 Star Cal Decal, 1952 Tip Top Bread Labels, 1953-54 Briggs Meat, and other Topps, Bowman, and oddball Mantles.
I have sold off most of my graded cards, but have done nothing yet with all of the opened packs/boxes/cases.
I had to tell my wife that if I go, she is NOT to try to open any boxes or cases to "see whats inside".
This is known as “bad luck.”
I have told my family that the vast majority of the cards in my collection are worthless except for the small pile I have laying in a certain spot. I told them trash or burn would be the best solution.
I enjoy most of the threads in this forum, but this one especially "hits home". I am almost fifty years old and my collection is getting pretty substantial in size and value. Like many of the posts above, I have two daughters who have zero interest in sports, and both of my son-in-law's are not interested either. So, my dream of passing on my collection is getting less achievable with each passing year.
Because of this, I have gone through the insane process of putting a label with the value (either Beckett or recent eBay sales) on the back of every card. I regularly spot check the sold eBay auctions and update the labels if there is a material change (both up or down). For the cards that have a value over $1,000, I have them in a safe and keep them inventoried in an Excel spreadsheet. I send this spreadsheet to my wife every 3-4 months, along with a list of auctions houses and eBay consignment companies (PWCC and Probstein).
Assuming that I do not have a loved one to will my collection, I guess I will eventually have to sell it. I still love looking at the cards, so this would be very hard for me. And if something should happen to me, at least my wife has some guidance on how to liquidate the collection.
I laughed for five minutes that your cabinet has all of those amazing Griffey cards and only one family picture! That is absolutely priceless.
This is something I know and strongly believe in.... If your family does not really care about the cards regardless of value they will sell for pennies on a dollar. What I have found is people either love cards or they hate them. $10,000 is alot of money....they would sell a million dollar collection for this amount and be fine with it. People who do not like cards do not want to do 2 seconds of work to make a million dollars. Sorry to be negative; but this is why this is good to plan. Take every bit of the work out of their hands or they will get ripped off and actually be happy about it. Just my opinion.
Agree with this sentiment right at this moment. In a perfect world I will liquidate mine as I age to travel or do whatever. I have no plans to leave with family because there is no interest or knowledge. Should something happen to me beforehand I'm lucky to have some very trustworthy connections who could help liquidate. For a percentage or whatever. Fine with me.
Then, tomorrow I will wake up and change my my mind and tell my wife to hold on to this crap as long as you can. Wash, rinse, repeat!
ISO 1978 Topps Baseball in NM-MT High Grade Raw 3, 100, 103, 302, 347, 376, 416, 466, 481, 487, 509, 534, 540, 554, 579, 580, 622, 642, 673, 724__________________________________________________________________________________________________________________________________ISO 1978 O-Pee-Chee in NM-MT High Grade Raw12, 21, 29, 38, 49, 65, 69, 73, 74, 81, 95, 100, 104, 110, 115, 122, 132, 133, 135, 140, 142, 151, 153, 155, 160, 161, 167, 168, 172, 179, 181, 196, 200, 204, 210, 224, 231, 240