Shuffling off our mortal coil... Kicking the bucket... buying the farm... what we leave behind

I know I've read threads on here somewhere about various contingency plans when we all go to "meet our Maker", etc.

If you have those threads, please PM them or post them here.

I'm looking for ideas. (No, I don't plan on "cashing in my chips" any time soon).

Some folks have a trusted friend or family member who have been given written instructions or know how to handle the stuff we leave behind. Some will just bequeath it all in their final will and testament.

But I'd like to make sure that my family doesn't go out and just sell the stuff to the LCS ("Loser Coin Shop") in my home town.

I have a friend who does estate sales and auctions. If he outlives me, that may be one way to handle it.

I was thinking that I might be able to direct them here to get some sound advice.

Would that be asking a bit much? Thoughts?

 

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Always have your will updated. Always identify an executor that will ensure your relatives get what you want them to get. In my will I specify exactly what coins both my kids will get; down to the grade, date, price of the coin(s). Edited Rules.

 

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In many states, a will by itself is not good enough to avoid probate. You are better off creating a living trust to specify how your estate is to be distributed.

Chris

 

I have a few plans.

1. Have money set aside to pay the SDB fees for 10 years going forward. This way the money is not really coming from heirs and they can let the items sit without a cost to them. Teach them how to change out the silica packs though.

2. Set aside cash that could be used so that coins do not need to be liquidated to for some time. Explain that stocks and other investments should be sold first as they are easier to liquidate.

3. Start giving some of the things away so that heirs become interested. If they don't become interested leave the business card of the dealer nearly everything was purchased from and let them have at it.

 

I have left the name of a trusted dealer with my mom and brother. Of course, I also talked to the dealer to let him know that this may happen.

 

We're in the process of setting up a trust.

When my wife's parents dies there was a trust in place (she and her sister).
It was basically all on one joint account; no or minimal charges.

When my parents died we (I and my sister) had to go through probate with me as the executor.
That took 1½ years AND cost $4000-5000.
Luckily we had an attorney that charged us a minimal amount.

So a trust will cost some up front money (but less than a probate) and will make things go smoothly at the end.

As for my collection I plan to die with it intact.
My wife has the name of a trusted dealer to use if she wants to sell it.

 

Put it in a trust. I had a Great Aunt die recently and everything she put in her trust has been easy to work with. Where everything else goes through the Probate and will end up being a nightmare.

 

We have a small local coin club and a bit larger coin club also we tell everyone that they might get a phone call from my wife one of these days in the future, from tomorrow on, they will help her disperse my collection if my children don't want it.

 

I expect when the county tax agent comes into the house to prepare it for auction for unpaid taxes, he will assume possession the coins about the same time he discovers my mummy in this recliner. My estate plan is simple.

 

A trust is the way to go, we set one up a long time ago for our kids (now adults) to make it easy on them.

You got off CHEAP with probate! When my Dad died we had a battle with our step-mother. It cost us about $30,000 before it was over! Lesson, a trust is worth every single penny, as I recall we paid about $800 for everything from an attorney.

 

It's my understanding that a will must be probated in court. It's another way for the state to take a piece of the inheritance.

When my mother died, she had everything in a trust. Everything went smooth as silk. Of course, having siblings like mine also made it go smoothly. No issues whatsoever.