Inheritance - splitting up your collection in your will

[Johnny630]

Inheritances want cash not cards.

[mrreality68]

Originally Posted by Johnny630

Inheritances want cash not cards.

Sad but True

[drcy]

Don't assume the kids and grandkids will have your same interests.

My dad was a chemical engineering professor. He said he went into the field because of having an older brother who was an engineer (mechanical) and a high school chemistry professor was good. He said his field choice was a matter of happenstance and he wasn't about to be one of those parents who required a major of his kids.

However, one or both of your kids may be interested in your collecting area. That happens too. They're young and you will find out.

There was a big home furnishing store owner in my hometown. He said he went into the field after selling a relative's stuff after his death, and discovered how much he enjoyed it. You don't know how things will work, and neither did he.

[timzcardz]

Originally Posted by Johnny630

Inheritances want cash not cards.

I know that my younger son would love my collection.

The older son, I'm not so sure.

[parkplace33]

Biggest recommendation is just to have a will outlining what you want. I can't tell you how many horror stories I have heard over the years on collectors who didn't have a will.

[skelly423]

I happen to be an Estate lawyer. (Please note this is not legal advice, and I do not know the laws in your particular jurisdiction, I'm just trying to be helpful).

My advice would be to leave instructions to have you collection appraised at the time you die. Make sure you direct your executor(s) to an appropriate appraiser. Having uneducated family members walking your collection into the local pawn shop is a recipe for disaster.

Once the appraiser puts a value on your cards, your beneficiaries can decide what, if anything, they want from your collection, and the value of those cards/coins they take can be deducted from their share of your estate. Anything they don't want they can sell (again, you should provide direction as to who would be a reputable seller to avoid being scammed).

[Yoda]

How about seeking the advice of a certified, professional estate planner?

[LEHR]

I've always tried to look at my collection very realistically. I enjoy collecting and this is MY hobby, and I don't expect anyone else in my family to appreciate it as I do. If I croaked tomorrow my wife has detailed instructions on where and how to squeeze every last dime out of my collection, and I wouldn't care if she consigned/sold it the very next day. My collection means something to me, but I don't expect anyone else to be sentimental about it because at the end of the day it's just a hobby and just stuff.
If I'm lucky enough to live a long life I also have an age/time in mind where I'll start selling and take the bulk of what I have off the table. This would be to reduce the burden of selling after I'm gone, but I'm sure I'll always collect something as long as I'm alive.

[Fred]

Originally Posted by skelly423

I happen to be an Estate lawyer. (Please note this is not legal advice, and I do not know the laws in your particular jurisdiction, I'm just trying to be helpful).

My advice would be to leave instructions to have you collection appraised at the time you die. Make sure you direct your executor(s) to an appropriate appraiser. Having uneducated family members walking your collection into the local pawn shop is a recipe for disaster.

Once the appraiser puts a value on your cards, your beneficiaries can decide what, if anything, they want from your collection, and the value of those cards/coins they take can be deducted from their share of your estate. Anything they don't want they can sell (again, you should provide direction as to who would be a reputable seller to avoid being scammed).

Unless you're the pawn shop owner...