Inheritance - splitting up your collection in your will

[steve B]

Originally Posted by molenick

First, I hope this is not something specific to Steve or his family since it is a very precise example. I would generalize it and say that if you do not have enough insurance or other funds to cover a major unexpected expense, or even normal expenses after retirement, you may need to sell some or all of your collection to do so. For better or worse, I have a feeling many people consider their collection part of their retirement planning.

My will is probably not specific enough. It basically says that my children should divide my collection as they may agree on and in absence of such agreement the Executor should divide it in shares as equal in value as practicable. But none of the parties involved are experts in collectibles. And who wants to spend time looking up prices of their dead dad's cards? So while they may want to keep a few items for sentimental or other reasons (my daughter is a big fan of the older photographic material, like cabinets and cdvs) there is no reason they should keep the collection intact.

I should probably put a sticky note on the will saying "What I mean is, keep what you want then call [insert your favorite auction house] and have them sell everything else and split the proceeds."

Been through it twice, memory units are very expensive, and long term insurance may not kick in right away. Inheriting anything with a value that isn't nearly zero is not happening without a lot of planning and foresight. That pesky time limit on gifts before you spend down to the nearly destitute you have to be to get any of it covered under Medicare. And what they cover buys you a bed in a warehouse to put it bluntly.

My kids are just starting to show any real interest in collectibles, but I'm also an older parent. I'm considering gifting them some of the better items long before it becomes an issue. I just have to find someone who can show me a way where it's somewhat flexible in the event their interests change.