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

[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.

[rdwyer]

A friend of mine who had a card/coin/stamp shop recently passed. He stated he had over $100k in coins alone in the shop, nevermind expensive cards and who knows what in stamps. I've seen many of the cards and sets he had. (Mint 62 topps set, Mint 55 Topps All American FB set, etc). Anyway, he never had a will made. Now Family and previous wives are fighting tooth and nail in probate now. Real nasty stuff.

[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

[Casey2296]

Originally Posted by obcbobd

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

Agreed Bob,
I have an excel spread sheet of all my cards and their acquisition price, scans on my computer in a folder, and a Flickr account to put it all together. My Trust simply says my kids inherit the asset to do what they want with it. I'll print out an updated spreadsheet occasionally and add it to the hard cases that hold the cards for convenience in case my computer fails, I still need to put a contact list of trusty AH names and contacts in with the collection.

[1952boyntoncollector]

Originally Posted by obcbobd

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

im sure the auction house would assist them in what other pictures to take to the extent of whether its worth it to send someone over etc.

[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.

[G1911]

It’s not easy to document well. It is if you have a narrow collection (not in $$, but in quantity of cards), but I have, I don’t know, maybe 40,000 vintage cards at this point. I have no idea what it’s worth; I keep up with values of what’s on my current want list, but not stuff I have for the most part.

Some of my stuff is left to specific collectors who would value it beyond the $$$, the bulk of it is just in the fund for my general heirs. My father would handle disposal of it, who knows cards and is aware of what’s good and what’s not and won’t get ripped. Should he pre decease me, none of my heirs or people who could be executors will know what’s what. With how prices change and things go in and out, it’s hard to keep a document explaining what card is what and what’s worth how much. They’re aware it’s a good bit of cash in cardboard. If they want to put in the work to get free money from me, they can. If they want to dump it because it’s too much work, they can.

[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