A Cautionary Tale – Getting your affairs in order before passing on

[rugbymarine]

Originally Posted by parkplace33

One of my relatives works in the house clean out industry (basically emptying out houses, apartments, etc so they can be sold or rented). He told me that last week, his company had to clean out a house of a recent widow. While cleaning out, the widow talked about some items that had to be moved to her new apartment. One was a large collection of baseball cards in binders owned by the deceased husband. The widow went into a rather long diatribe about the collection and stated the following:

1. The husband gave the family no information about the collection. Nothing about value, inventory, condition. She thought it may have been 60s baseball and football cards, but wasn’t sure (the husband grew up in that era). She thought maybe he said it was worth 10k a few years ago.
2. A few years ago, the family asked the husband about the collection. He stated, “I will get around to it”. He never did.
3. The family (especially the widow) was very upset over having to deal with this collection. She went on about how maybe the money could be used to expenses, but now, they will have to do research about it and figure out who wants what or what can be sold.

I know some members joke about taking cards to the grave, but that isn’t feasible and more often than not, the above is the end result. I implore anyone with a collection of value to

- Get a will (or the like)
- Talk to your heirs about your wishes and also ask them about their wishes
- Inventory the collection and anything of value that will be passed on

Good feedback. This concept drastically changed how I collect when I jumped back into the hobby 7-8 years ago. At heart, I'm a set collector, but whether I like it or not, sets are tougher to sell. (I realize this is a generalization, and that some pre-war sets are VERY easy to sell.) I am determined now to make sure that whatever I own is:
(A) Well documented. I use spreadsheets and photo apps to catalog items.
(B) Relatively low effort to sell. This is two-fold. Either after I've moved on, as in the case above. OR if a situation arises where I would need the funds

Whether I own 20 cards or 2,000 cards, I want to make sure the process of selling, if that's path that is chosen, is as seemless as it can be.

[oldjudge]

I have mixed emotions about this. Should a collection be documented--absolutely. Do I feel sorry for people who are left a collection and heaven forbid have to do some work before they cash it in--not really. Stop whining, do some research, and then cash out.

[obcbobd]

Originally Posted by oldjudge

I have mixed emotions about this. Should a collection be documented--absolutely. Do I feel sorry for people who are left a collection and heaven forbid have to do some work before they cash it in--not really. Stop whining, do some research, and then cash out.

I know people who have 100k + vintage sports cards. It would be a lot of work for a widow or other family members to wade through that, and they could easily be taken advantage of. Which is why the documenting and leaving contacts (other collectors or trusted dealers/auction houses) is so important

Bob

[oldjudge]

Bob--How do you document 100k+ cards? You really can't. The best thing might be just a note that says--if you want to dispose of this collection know that it was worth roughly $____ on ____. Please call ____ auction house and tell them you will consign it if they offer you ___ % of the buyers commission and no costs whatsoever to you. If they say yes--great. If they say no, call ____ auction house (provide a list of three or four).

[obcbobd]

Originally Posted by oldjudge

Bob--How do you document 100k+ cards? You really can't. The best thing might be just a note that says--if you want to dispose of this collection know that it was worth roughly $____ on ____. Please call ____ auction house and tell them you will consign it if they offer you ___ % of the buyers commission and no costs whatsoever to you. If they say yes--great. If they say no, call ____ auction house (provide a list of three or four).

True, but the auction house will want some kind of information besides I have a room full of cards that my husband said are worth $100k.

[Jewish-collector]

One of the biggest issues is choosing WHICH auction house to use.

[Snapolit1]

Originally Posted by Jewish-collector

One of the biggest issues is choosing WHICH auction house to use.

If you have a triple or quadruple logoman patch card, I believe the choice is clear.

[1952boyntoncollector]

Originally Posted by obcbobd

True, but the auction house will want some kind of information besides I have a room full of cards that my husband said are worth $100k.

not really hard..you take some pictures and send them to them..

[parkplace33]

Great feedback/info on this post.

For me, this is the most important item:

Talk to your heirs about your wishes and also ask them about their wishes

I believe too often, collectors love their collections but the heirs don’t. Have a conversation about what both want and come up with a way forward.

[obcbobd]

Originally Posted by 1952boyntoncollector

not really hard..you take some pictures and send them to them..

Well you need to know what to take pictures of and whom to send it to. A little upfront planning can make all the difference

[jingram058]

Originally Posted by oldjudge

I have mixed emotions about this. Should a collection be documented--absolutely. Do I feel sorry for people who are left a collection and heaven forbid have to do some work before they cash it in--not really. Stop whining, do some research, and then cash out.

+1 It isn't hard. Hard is leaving nothing behind. My wife, or my daughter if my wife (God forbid) should go before me, will get $450 K in life insurance, a fortune in antique radios, comic books, and yes, baseball cards. If you're looking to subsidize whoever is left behind with baseball cards, well, I hardly doubt that's all there is. And if you could afford really valuable cards, then you're most likely sensible enough to leave behind a will in order to settle the estate.

[japhi]

Originally Posted by oldjudge

I have mixed emotions about this. Should a collection be documented--absolutely. Do I feel sorry for people who are left a collection and heaven forbid have to do some work before they cash it in--not really. Stop whining, do some research, and then cash out.

I'd bet the large majority of collections are worth less then the trouble to document and sell them. I think as long as you are ok with your family tossing the whole lot, or getting pennies on the dollar, then you statement is fine.

I'd prefer to set my family up for success, let them realize the value of the collection. At minimum this would mean having an auction house identified, the better stuff graded, maybe some hand written notes.

[oldjudge]

I think if you have a valuable collection you will want your heirs to be able to trust the auction house that will handle the material. You also want a place which has a track record of handling the type of material that you have and of course you want a place that will net your family the most money. Everyone should have an idea who that would be for them. I know a few, but not many, that would work for me.

[jingram058]

Originally Posted by japhi

I'd bet the large majority of collections are worth less then the trouble to document and sell them. I think as long as you are ok with your family tossing the whole lot, or getting pennies on the dollar, then you statement is fine.

I'd prefer to set my family up for success, let them realize the value of the collection. At minimum this would mean having an auction house identified, the better stuff graded, maybe some hand written notes.

I think you're missing the point. It is not hard to set your loved ones up, but maybe they could stand on their own 2 feet? Maybe they could cash in with any number of AHs out there without too much stress and anxiety, after they cash in the life insurance policy, etc.? Are you trying to make your loved ones rich beyond avarice off of baseball cards? If so you'd better get hold of (graded) Cobb, Ruth, Mantle, et al.

[japhi]

Originally Posted by jingram058

I think you're missing the point. It is not hard to set your loved ones up, but maybe they could stand on their own 2 feet? Maybe they could cash in with any number of AHs out there without too much stress and anxiety, after they cash in the life insurance policy, etc.? Are you trying to make your loved ones rich beyond avarice off of baseball cards? If so you'd better get hold of (graded) Cobb, Ruth, Mantle, et al.

Actually Jim I think you are missing the point. I don't expect my loved ones to have to sort through a collection no matter what it is worth, or how much they make off a life insurance policy. If it's not hard to set them up, why wouldn't I? I don't have any animosity toward my family, I hope they profit greatly when I'm gone and will do everything I can to put them in the best position. They've earned it, by having to put up with me for however many years I live.

[jingram058]

Originally Posted by japhi

Actually Jim I think you are missing the point. I don't expect my loved ones to have to sort through a collection no matter what it is worth, or how much they make off a life insurance policy. If it's not hard to set them up, why wouldn't I? I don't have any animosity toward my family, I hope they profit greatly when I'm gone and will do everything I can to put them in the best position. They've earned it, by having to put up with me for however many years I live.

I think we agree, we just say it differently.

[japhi]

Originally Posted by jingram058

I think we agree, we just say it differently.

Good stuff, 'cause I hate arguing on the internet! Cheers Jim.

[cardsagain74]

Originally Posted by oldjudge

I have mixed emotions about this. Should a collection be documented--absolutely. Do I feel sorry for people who are left a collection and heaven forbid have to do some work before they cash it in--not really. Stop whining, do some research, and then cash out.

I know we're in the minority here, but that's the first thing that came to my mind too