Preparing Your Collection For Your Death

[bbcard1]

The old saying goes, one of my greatest fears is that my wife would sell my cards for what I told her I paid for them....

A former business partner of mine passed from lymphoma and I spend a couple of years disposing of his collection. I think I did ok. I suspect it was a retail or $100k and I probably got $60k out of it after expenses, which was a very nice start to a college fund for his daughter. it was very hard work. I loved my partner and his family though and I was glad to do it. I also got to meet some great people like Ted Z through the process. That said, I don't have any great candidates who would do the same for me.

My son knows some about the cards...probably enough not to get fleeced. I have old friends like Rand Bailey who could be called on to help. I also have a pretty good insurance policy that should more than take care of things (I am a partner in a business) and while I would certainly hope to get a good amount from my collection, it is not a critical part of my "exit strategy."

All that said, I am thinking of thinning the herd. This begs a few questions...what would I do with the money that would make a difference in my life and that I would enjoy more than the cards? We live simply and my home is paid for. I drive a car that is paid for and I like. Money in the bank doesn't grow...and I don't need another hobby. I have an income that is sufficient to allow me to give to the causes that are important to me...so I have some thinking to do.

[h2oya311]

Originally Posted by bbcard1

The old saying goes, one of my greatest fears is that my wife would sell my cards for what I told her I paid for them....

Love this quote!!

[Leon]

Originally Posted by bbcard1

The old saying goes, one of my greatest fears is that my wife would sell my cards for what I told her I paid for them....

A former business partner of mine passed from lymphoma and I spend a couple of years disposing of his collection. I think I did ok. I suspect it was a retail or $100k and I probably got $60k out of it after expenses, which was a very nice start to a college fund for his daughter. it was very hard work. I loved my partner and his family though and I was glad to do it. I also got to meet some great people like Ted Z through the process. That said, I don't have any great candidates who would do the same for me.

My son knows some about the cards...probably enough not to get fleeced. I have old friends like Rand Bailey who could be called on to help. I also have a pretty good insurance policy that should more than take care of things (I am a partner in a business) and while I would certainly hope to get a good amount from my collection, it is not a critical part of my "exit strategy."

All that said, I am thinking of thinning the herd. This begs a few questions...what would I do with the money that would make a difference in my life and that I would enjoy more than the cards? We live simply and my home is paid for. I drive a car that is paid for and I like. Money in the bank doesn't grow...and I don't need another hobby. I have an income that is sufficient to allow me to give to the causes that are important to me...so I have some thinking to do.

Todd, sounds like you are not in a bad place. If I were you I would consider "holding what I have" for a while.

[ullmandds]

Being single...w/no children...i will likely sell most of my collection at some point myself...i will most definitely keep some cards...likely my miller run. If i were to die suddenly...i always joke with my assistant that she will be the one who finds me when I don't show up for work one day... And I tell her to grab all of the baseball cards and get out of there as fast as you can!

[djrhanover]

I suggest you make it as easy as possible for your wife and kids. In the event of my death, my wife and children have been instructed to retrieve the will that we have set up in the event of our deaths (located in the safe deposit box). Attached to the will is a letter designating three auction houses to contact in order to dispose of my collection. After contacting them, they are to pick the best deal from among the three. My wife and children have also been made aware of the location of the spreadsheet I use to keep track of my collectibles as well as the location of those collectibles.