What will be the fate of your collection once you're gone?

My wife and I have already had this conversation, and when I'm gone, she knows that the coins are hers to do with as she sees fit. I won't be around to object.

 

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So I see a lot fo you would leave it up to the family to do as it pleases... but would it be wrong to leave a note with your collection that says "don't sell it off, keep it in the family, I put so much time and effort into creating this from sources all over the world, it's more special than a small wad of $100 bills" ? I personally collect because I love the hobby, not the investment portion of it, and I would never in my lifetime sell any of the pieces at the heart of my collection. And I know once you're gone you obviously can't stop someone from going against your wishes, but is it wrong to tell them "No way, you're keeping it"? This is all assuming no one in the family but you cares about the coins. If there's a collector in the future generation, then problem solved.

 

I need to seriously start thinking about this. I have an excellent program for everything on the computer. Purchase dates, purchase prices, current values, for most everything. So hopefully somebody could look something up pretty easily on the program and not sell a $300 coin for $20 anyway.

I also have a document saved right to the desktop called "Death benefits". It's a list of all the insurance companies and social secuirty info,amounts, along with phone numbers, all in one place. It's so my wife wouldn't have to be left in the dark (or lied to!).
I'm sure she probably wouldn't even know about at least one of them if it wasn't written down and I couldn't blame her. All important documents are kept together in one place. My wife would become debt free and very well off from my life insurance. She would not need to sell anything if she didn't want to.

But my collection has no proposed direction at this time. Hoping to have a kid or two that might be interested some day. That's best case scenario. I'm sure I could get them interested.

At best right now I could will some to a couple nieces at this time. As far as going to someone that I would want to have them, but they are very young and who knows.

I would imagine there is not an easy answer for many of us. But if we do nothing in advance, it likely will lead to an undesirable outcome. No doubt.

 

As stated above, we've already had that discussion before. I can just write again what I wrote. As my kids show no interest in coin collecting, other than a remembrance of their "beloved father", I have an arrangement with a friend of mine, also a collector and trustworthy. Upon the death of the first one, his wife has to contact the second to get assistance from him in order to evaluate and sell the collection.

Unfortunately, the problem remains for the surviving one

Q

 

I may liquidate my collection long before I am gone, who knows. Otherwise it is well documented and cataloged for my children. If they are interested they will take care of it, if not they will be able to maximize the profit from the sale.

 

Taking it with me and booby traping my coffin

 

Like many here, I keep records of everything about my collection. My wife and kids know where it is and how to use them, and know the value of the collection. But, hopefully I'll live long enough to pass them on to a grandkid or two who has an interest in them. If not, they fulfilled their roll in making my life interesting and any fate they have will be peanuts compared to that.
Guy~

 

i am with de orc on this one. and i am not telling anyone where i am i been laid.
and at that stage i dont think i will worry to much. to much worry while i am liveing
no point in worrying about it when i am dead

 

The way things are now, I can't sell my collection without paying a large hunk of it in taxes. It's set up to go to my son by "way of will".
He will own it at current market value and be past that problem.

I'm lucky to have been able to do home school over the years and add what he needed to know about how money works and coin collecting to his education. I have no worry he will do well with it when that day comes.

 

This topic is more necessary than it is grim. Many excellent thoughts are being expressed. As a seasoned citizen, in a state of arrested decay, this is a topic that I ponder almost daily.

My two, now middle aged and childless, show absolutely no interest in coin collecting. In fact, they are annoyed that I continue spending to add to my collection. I retaliate by telling them that I'm in process of squandering their inheritance. Therefore, I well know that they will "dump" the collection before new grass has a chance to start growing.

TommyBee ----- the sage words you posted are most welcomed. If it is not too personal, would kindly explain the specific directions you have employed to preserve your collection. There are those of us who may wish to do the same in order to preserve ours. Trusting that this will not be too much of a bother to you.

 

Too hell with kids, I'm taking mine with me, when I die.

 

:bow::bow::bow: well said

 

I'd like to know about those directions too :bow:

 

I just turned 30 but I'm ready to go....LOL

Everything is set so when I go, the wife and kids get everything I own. My properties and coins, even under wares if they want! Who cares? When you're gone, you're gone.:thumb:

 

My coins are part of the family trust. The two children technically already own them. My son has an interest in owning the collection outright. I have left instructions for the collection to be either split monetarily in half or allow him first opportunity to purchase the others share. His major is in business management with a minor in finance. His head is on straight and he will do a good job of handling it when I'm gone. The paper trail and documentation, along with my personal evaluations and notes, are at the point of over kill. There is more information and options for them than they will ever need. I don't care what they do with the low grade stuff or most of my US Mint purchases. I might suggest selling those items and take a nice vacation or some other little fun extra in life. It will give them some memories, and intern, help them to remember me.

 

see that is nice how most on here, really want to leave there kids there collection.

3 years ago when i was 19 my grandfather passed away and one big thing he left me was one of his Harley's. my grandmother was in charge of everything though, and thought it was to dangerous for me. i am not immature and wasn't at the time either. my other hobby is cars, at the time i had a supercharged mustang and would never street race or even speed really, i raced at the track. anyway she gave it to my uncle who already got one of his bikes and had 2 of his own. i really wanted that more of a remembrance of a great man. he was my hero, and i wanted to customize just how he would of liked it.

i love my grandmother, but was upset and still am about that. its not the bike as an item, its more of sentimental thing. what really gets me mad is, she let me keep the guns he left me, even the handguns!

anyway, just make sure what you want to happen is written clear!

 

I love thinking about where my collection might go when I pass away, I've had a nice head start on my collection being so young when I started, and now I only buy, and never sell Large and small cents. So it is more of a hoard than anything now.
I would like to be able to hand it down, but if the next person in line for my collection has no interest in collecting, then it will go to someone who will appreciate it and will use it for research.

 

Yes this subject has come up many times in the past. I've thought about it for many years now with no solution. Now getting really old, no one hardly left anymore either in the way of relatives, friends, etc. They too pass away with time. Most of my family were lost in the WW2 wars so what came here was all there was and almost all gone now. I've got one Son and his Wife who have no interest in any of my collections or stuff. A problem too is they are far away in another state so if something should happen to me, they probably wouldn't know if for a long time. I sure wouldn't be able to call and tell them. Even if they did get it all they would probably sell off the entire coin collection to a coin store for a fraction of what it is worth. In my will it says lots of stuff but they wouldn't read it for about ten years later.

I think of this subject frequently now since I just finished a battle with stage 4 Cancer and if you know stage 4 usually means goodby but I'm still here. Lost my bladder, prostate, lempth nodes and most nerves in that area. But for now still here. Really wonder sometimes just what will happen to all these coins and I still go to coin shows and buy more and more and more. After a coin show I tell myself, Self, your nuts.

 

You're not nuts, Carl. It's all about the satisfaction and joy YOU get out of it. After you're gone who cares. We don't do this to please anyone else, we do it to please ourselves. So, in life, if it has served it's purpose, then you have done well and the rest will be left for someone else to sort out.
Guy~

 

As for me in this stage of life at 24, my wife would get all the coins. When we first got together she already had a little collection of her own that have now been melded together with mine. As for down the road, I collect for a rainy day if I need a large sum of money at once and have no other options. Its basically a bunch of coins for savings that I also derive pleasure from holding and viewing. My collection started at the age of 11 when my grandmother gave me a few coins of her own that she had found over the years in pocket change. Just this last weekend at a family event that I rarely ever get the chance to attend due to work, I showed her my albums with some of her coins floating around in them as well. She stated, out of all the grand kids, I guess I gave them to the right one, and I have a few more for you next time you visit . I hope my children could gain an appreciation for these coins, and if not, perhaps their kids might like grandpas coins, and I could give them all to them. I like to think like the buddhists, nothing is forever, not even this planet and all its precious coins and lives. Sure this is a long time off, but in another few billion years the sun will grow in size and our seas will boil off, then the earth will be consumed by the sun. Man I just love astronomy/natural sciences/history! They can really put this world into prospective.