To Will or Not to Will?

I learned a valuable lesson from my grandparents. Since we can't take any of our 'things' with us, and we do get enjoyment from these 'things', why not get even more enjoyment by seeing the face and expression of gratitude on the recipients face while we are still here?

I intend to slowly give my things to my children and grandchildren to pique their interest in my things. If I don't see their excitement, the next giveaway will be something from a different collection. Hopefully something I have will elicit some kind of joy we can both share.

Even if everything I have would be well received by all after my demise, I still would want to share while I can see their face.

This thought has been proven more poignant because of my mother in law. The woman is 85 and doesn't have many 'things'. However she does have a few and she refuses to pass anything whatsoever to any human. Everything she has will be divvied up and go to whomever. There'll be no rhyme or reason as to who gets anything. But more important, she won't get to share in any enjoyment the recipient expresses.

 

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It's hard to do with personal items that have a lineage like yours. Especially personally made items.
I did similar this last year. I made a Christmas present to my grandson of a Sportorized 1903 Springfield in 30/06 that I bought in high school in 1965 and my dad used to get his first deer the same year. Then a few months later on my grandson's birthday I gave him my first shotgun, a 12ga shotgun that my father gave me. I took my first game, a squirrel with it, and a legitimate 100 flying shot on a snow goose (00 Buck). I made sure I wrote up the history on both and gave it to him with the guns.

I've also started separating my coins and will put names on the piles. I have a "Sack of Gaweas" set aside for one granddaughter that fawns over them.

I remember many years ago when I used to carpool to my classes, one of the guys told me how his father had left his brother and him 10 gold $10 pieces. His brother cashed them in for face value because he needed the money for booze or something like that.

 

That is the only way to leave the Earth relaxed.

 

If I can't take it with me, and I'm guessing I can't, then I don't care what happens to my collection. I'll be gone and that's that.

 

The Cat hoard will unfortunately out last the Cat itself.

 

You might incur the need for an appraisal if you mention the coins in a will. That can be costly especially if you have a mix of lower value interest items mixed with rarity. I am facing the same issue, and may start liquidating.

 

Note to self, follow mountain Man's closest living relative to the nearest coinstar after his time is up.

 

@philjam ...gift them to whomever you wish while you still can. It is the ONLY, 100% SURE method to have them go to the right persons.

This is my plan, I have already begun...and I expect to live at least another 10-15 years, being in very good health right now. Forget saving for inheritance...give it to them now!

Spark

 

Set up a Death Book...and keep it updated.
Mine has one page that simply states “Do not clean any of the coins!!!”

https://www.cointalk.com/threads/upon-your-death.288376/#post-2601383

 

Actually, here is what that page says (although, officially, they are willed as part of the contents of my house):

 

I like that action plan, but for those still collecting, it may be hard to let them go until they hear bad news about their health, or have lost interest in the hobby, (it happens) etc....

 

I found this outline for condensing your wishes into a letter pretty good.

https://www.extension.uidaho.edu/publishing/pdf/CIS/CIS0958.pdf

 

Note to relatives..... do not sell them to a coin dealer. Go on Ebay and see what they sell for and list them there.

 

I had a relative who was buried with her jewels. So you can take them with you .

 

Bloody devil, as I don't think to comment on my ultimate demise tonight. But if I had to think, I'd leave it to my Grandson, and hope he would capitalize upon it. He's a few years to go, and I intend on steering him in the right direction.

 

A good estate lawyer can draw up a will and trust that will likely survive any challenge. It’s important to have a lawyer who specializes in this area and has experience. It’s also important to review it periodically.

Unless the heir to the coins is a savvy collector, write out detailed instructions on how to handle and sell the coins and keep a copy with the collection.

If the coins have appreciated in value, it’s usually better to let the heirs sell them. If you sell them, the increased value will probably be subject to capital gains tax. If they are inherited, their cost basis will be their value on the day you died, and there will probably be no tax. Do you want the government to profit from your collection?

Cal

 

Like I stated in Post #9, I have seen 6 estates not go as the person intended even though they had good wills drawn up by estate attorneys. It wasn't the challenges to the estate that defeated the intentions of the deceased, it was circumstances that affected the outcome. One must be aware of this and take it into consideration.

 

I have my valuable coins in my bank safe deposit box which my wife and oldest daughter have access to. They have been given instructions about which on line auction house to contact in order to have them sold. Proceeds are to be divided among remaining children and grand children. The collection of coins I have at home that are not that valuable will be divided between the grand kids. Valuable means any coin I think is worth more than $200.

 

I'll be 77 in a few days. The advice that I've given to many older collectors is to sell the coins yourself. Your heirs will appreciate the cash the collection brings more than they would appreciate your coins. Having said that, I just recently (at the World's Fair of Money in Rosemont) started a new PCGS Registry Set of Standing Liberty Quarters. I bought two scarce dates, 1921 and 1923-S, and now rank #21. The grades are MS65 and MS64, respectively.

 

In my will I have ceded my coin and currency collection to my 2 grandsons. I have no other grandchildren and don't expect any more. But I also have a stipulation that it will be put in trust till they obtain the age of 25. Since they are Irish twins (born in the same year) that should suffice. Since they both turned 21 this year I am going to move the age up to 27. It also stipulates that it cannot be broken apart to be sold without at least 2 reputable dealers giving them a price on its worth. Also the 2 dealers would not be allowed to purchase the collection. I have other requirements about the collection in a private correspondence. Would like to see them keep it but in this day and age I doubt it.