What's going to happen to your collection after you "move on".
MastaHanky
Posts: 933 ✭
I know it's not something pleasant to think about, but it's important nonetheless. We constantly hear horror stories about how people have inherited collections and have no clue what to do with them, or any idea of their value.
After you pass away, will your beneficiaries be in the same situation? Will they have any idea on what to do with the remains of your hobby?
I think it's important that people have access to some information to make sure they reap the full benefits of your collection, should they choose to liquidate it after you move on. Myself, I have the following:
My current beneficiary has a sealed envelope containing the combination to my safe.
In the safe is a complete inventory of all items.
The inventory list contains approximate prices that could be expected to receive when SELLING the coins (not their approximate value).
It also contains a list of dealers and their contact information who I feel are reputable enough to offer the correct amount for them.
Obviously, it's near impossible to be 100% prepared...I don't update the inventory sheet as often as I should, the pricing can always change drastically, but at least it will provide a ballpark figure.
What about the rest of you? Do you have anything similar set up?
After you pass away, will your beneficiaries be in the same situation? Will they have any idea on what to do with the remains of your hobby?
I think it's important that people have access to some information to make sure they reap the full benefits of your collection, should they choose to liquidate it after you move on. Myself, I have the following:
My current beneficiary has a sealed envelope containing the combination to my safe.
In the safe is a complete inventory of all items.
The inventory list contains approximate prices that could be expected to receive when SELLING the coins (not their approximate value).
It also contains a list of dealers and their contact information who I feel are reputable enough to offer the correct amount for them.
Obviously, it's near impossible to be 100% prepared...I don't update the inventory sheet as often as I should, the pricing can always change drastically, but at least it will provide a ballpark figure.
What about the rest of you? Do you have anything similar set up?
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Comments
K S
that was one thing that was addressed. they go to our son.
he may only be 4.5 yrs old but he genuinely appears already to enjoy them.
"Lets go Red Wings"
___________________________
click to email me
ronsrarecoin.com
ebay auctions for ronsrarecoin-com
date purchased, cost, bought from, Cert No. Its in my safe with instructions "Do Not Sell to A Dealer" lol
Walt
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A Tax is a fine for doing good.
K S
<< <i>sell all my coins around age 55 >>
Based on that plan, I'd be selling in six months. I'd be willing to bet that when you get there you'll have a different view. Who am I kidding? Even if I won the bet, I probably wouldn't be around to collect.
As for helping heirs with relative values, I use Heritage's "My Collection" feature on their web site. You can list your coins (as many as you like) and they provide constantly updated market value estimates. Downside is, if you have some coins in high demand, they may call to inquire if you'd like to sell.
having my heirs worry about the value of the collection,
the cash from the liquidation will be distributed to our children. I would rather help the kids buy homes
then have a bunch of coins in the vault.
Also by liquidating, beautiful coins will be made available for
other collectors to build their collections.
Camelot
Being an "heir," I can give you some tips.
1) If you really want to pass it to your kids, make sure that they know that. Also, teach them about coins. Involve them in the hobby. If they show no interest, think about making other plans for the disposition of your collection.
2) Make and maintain an inventory list! VERY IMPORTANT! List grades, price you paid, notes on the coins. If you die and leave uninformed heirs, it is much harder for them!!
3) Let your heirs know where you've stored them! Before you die! When my sisters were cleaning out my dad's apartment, they found an oil can. "Why the heck did dad keep an oil can in here?" said one. "I'll take it; I change my own oil." Said another. (It could have just as well been tossed into a "give away" box). My mom, THANKFULLY, was there. She said to look in it. Well, how do you do! My dad, bless his heart, had one of those "fake" cans with the top that screwed off and had a dozen $5 gold coins and several gold foreign coins stashed inside! Most of the rest of the collection was in ammo boxes. When we later found his scritch-scratched lists, sure enough, "Pennzoil can" was listed, along with its contents.
4) Keep a list of trusted dealers, other collectors, etc, that may be helpful to your heirs.
5) If you want a certain coin to go to a certain member of the family, put it in your will!
I'm sure I'll think of more, but please, please, PLEASE think of these things now. Believe me, it will be much easier on your heirs!
That is some fantastic stuff from the other side of the issue! Kudos!
As for me, I'm willing everything to whatever cat is around when I croak.
Russ, NCNE
It's too bad that most people in coindaughter's position don't suddenly become interested in coins. Those of us who are the collectors better make sure our heirs know what to do, and where to go!
And Russ, I thought I'd mention that you've always seemed like a second father to me.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>And Russ, I thought I'd mention that you've always seemed like a second father to me >>
I know what you mean Kranky... At his age, he sees a paleontologist rather than an M.D.
Mine will be sold, and used to retire my bunnies, cats, goats, etc... in a life of luxury.
If everyone and everything is croaked off - they go to Russ.
That is a very generous thing to do and proves you are a true collector at HEART. Hats off to ya.
Bill
The only thing necessary for evil to triumph is for good men to do nothing.