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

[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.

[ChiefBeef]

How will your survivor(s) even know where to begin and not get taken? Well, unfortunately it requires you to put in the work. This would hold true for yourself to protect against catastrophic loss as well.

About 10 yrs. ago I used a ready made software to post and record my collection. Received updated values by grade quarterly. Was easy and great product. They got swallowed up by Beckett. Looked and searched a long time. Never found another comprehensive product that wasn't simple and easy to use. Decided to use excel spreadsheet. By copying Beckett and with a few easy clicks in excel you have a very usable and informative database. Took a while and you have to upload any price updates manually but not hard. I am talking 150,000 cards +, from T206 thru present day. Call me crazy or what you want, but I got the insurance requirements and estate issues covered with some help. Not saying it solves either but serves as a base to work from. I have even incorporated and covered pins, pennants, auto balls, auto pictures and bats.