What to do when the collector is Gone?

Tiny

If this has been brought up before Please Forgive me I missed it.

I see us talking about things like this a lot here on the board on how families
just don't know or understand what to do after the collector is gone. What is
some advice on what we should tell our family about how handle the collection
when we die?? Me First.

My wife and my daughter have been told of a couple of friends that I trust to help
them to sell my stuff and that they will be very helpful. Other than that
I myself am at a lost so advice would be a lot of help. Another thing I try to do is
put a small sticker on the coin to let them know what I paid for it so if the see I paid
say a $100 don't sell it for 5 bucks.

RYK

My wife has been instructed to call one dealer.

I expect to dispose of it in my lifetime, but one never knows.

291fifth

Don't die with your collection.

There comes a time when you should liquidate.

If your heirs have no interest in coins they are probably going to get taken when it comes time for them to sell. I've been in coin or stamp shops many times when such people come in to sell. They have "all I want is cash" written all over them. They get the cash, but not much of it.

JamesMurray

Although i'm in the US , if it came to it everyone knows all my coins and precious metals are to be given to my little sister back in Scotland.She is the brains of the family and i know will pass them on to her kids.If it gives the kids a start in life ive done what i set out to do.

chumley

both my wife and son are pretty savvy when it comes to my coin/bullion collection.....the boy is startin to like frankies

CCC2010

<< <i>both my wife and son are pretty savvy when it comes to my coin/bullion collection.....the boy is startin to like frankies >>



That is wonderful news about your son liking Frankies. It gives hope to this under appreciated series.

Now to answer the OP's question i talk to my wife about the value of each coin and whom to contact just in case.

TomB

I believe Heritage offers a pamphlet on this subject.

BAJJERFAN

<< <i>Don't die with your collection.

There comes a time when you should liquidate.

If your heirs have no interest in coins they are probably going to get taken when it comes time for them to sell. I've been in coin or stamp shops many times when such people come in to sell. They have "all I want is cash" written all over them. They get the cash, but not much of it. >>



The dealer gets the gold mine; they get the shaft.

illini420

I've drafted several estate plans for clients with high value collectibles and in most cases instructions are left to the executor/trustee on various trusted dealers/auction houses to contact for liquidation of the collection. Many also will keep records of their acquisitions which will allow the survivors to get an idea of value based on what the decedent paid for each item. Others have required appraisals to be made by one or more dealers and then direct that the collection be offered to other dealers not involved in the appraisals. In almost all cases, family members are given the option to keep one or more items from the collection for sentimental purposes. Of course the actual language is much more detailed that that, but that is basically what most of the documents say

If you don't address it in your formal estate plan documents, then at least make sure the right family members know where all of your good stuff is and make sure you give them some contacts of people you trust to assist them in getting fair value for the collection.

19Lyds

All sorts of pssimistic replies.

The reality is that some folks don't really care if they get screwed while others will perform the proper due diligence to insure that they don't.

My advice, simply keep an active inventory list with "current" values instead of what you actually paid. Actual payment can be there but its the "current" values that count since interest comes and interest goes with various coins and series.

As for liquidating your "collection" before you die, some folks don't see it that way as they collect for the enjoyment instead of the profit. Other folks just never saw the bus coming in which case proper documentation is a must.

MrEureka

My family knows where I keep my stuff, which auction companies to contact, what terms to expect, and which friends to ask for advice. I also provided the names two auction firms in each collectible category, so that there are alternatives if the terms offered are out of line with my guidelines. And finally, I suggested that they come here for advice if they have any further questions.

AuroraBorealis

There are many different options...Prior preparations are the key obviously... Also besides lots of other good advise on previous posts one can setup trust accounts...

AB

LindeDad

I guess lately emails are a last recorse too around here.

RWB

You really can’t control what your heirs do. How they handle personal property, especially beloved collections, is something courts don’t want to oversee.

If you really want your heirs to get the most out of the coins, give them explicit instructions and a couple of people they can trust. Failing that, the other alternative is to dispose of it yourself, or within a trust, for your heirs.

You are doing the right thing in looking for a solution now.

DBSTrader2

" I believe Heritage offers a pamphlet on this subject."

Anyone know if this is the case, and how one might go about requesting a copy?

- - Dave

DeepCoin

I have left simple instructions for my wife. Any of the low value items should be sold on eBay with a decent picture, starting at $0.99. The few coins valued over $500 should go to Heritage for auction.

While this may not maximize the value, she will not be cheated. I am good with the market determining what a coin is worth on eBay and she is an economist who concurs. The fees are far less than the discount a dealer would want.

RYK

I have left simple instructions for my wife. Any of the low value items should be sold on eBay with a decent picture, starting at $0.99.

The notion of MY wife running ebay auctions for my coins is quite amusing!

yellowkid

Don't die

Priller

<< <i>" I believe Heritage offers a pamphlet on this subject."
Anyone know if this is the case, and how one might go about requesting a copy?
>>



The Collector's Handbook, 2011 Edition
Registered users can download for free. Includes sections about estate planning and how to help your family.



<< <i>Don't die with your collection. There comes a time when you should liquidate. >>



You could be killed in a car crash this afternoon. Plans and instructions should be in place, at all times.

Tiny

Great Advice and I plan to follow all of them


I may have found another way to take care of the problem

CommemDude

I hate to sound cynical, but from what I have witnessed it's not a good idea to rely on ONE dealer exclusively to do right by your collection when you are gone and your friendship has obviously ended. There is too much temptation to satisfy a lot of living customers with discounted coins from your collection, or to dump an entire collection on the wholesale market for a quick 10% cut

At auction your coins will see a wider audience and get closer to true market price, and I would approach the big firms now for an agreement on their commission when it comes time to sell. Family patience will be required of course, and that's an education you have to give them while you are around.

Does anyone else feel like I do, that as the golden years loom it might be a good time to stop adding to the hoard and look to dispose of coins in a controlled fashion? My apology for the negativism, but as an experienced collector I find it very hard to protect my interests when it comes time to sell, so expecting the family to do it is pure fantasy.

ricko

Yep, we will all die.... and once dead, what happens may or may not resemble what one had planned. In any case, all concerns of the individual end at death, so worry now only detracts from enjoying your collection and remaining life. Cheers, RickO

MrEureka

Does anyone else feel like I do, that as the golden years loom it might be a good time to stop adding to the hoard and look to dispose of coins in a controlled fashion?

Not really. A well organized collection of any size is easy enough to sell, given some simple instructions. On the other hand, the buckets and boxes and bags and closets of unsorted coins should be dealt with sooner rather than later.

RYK

I hate to sound cynical, but from what I have witnessed it's not a good idea to rely on ONE dealer exclusively to do right by your collection when you are gone and your friendship has obviously ended.

I am going to assume that those who treated me honestly and fairly while I was alive will continue to do so with my family when I am gone. People do not change that much.