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<p>[QUOTE=&quot;GDJMSP, post: 1330110, member: 112&quot;]It sounds like a lot of work, and it is, but I have always recommended that collectors do this. First of all you create a spreadsheet listing your entire collection. In that spreadsheet you list each coin, with a short description or variety designation, the grade, what you paid for it (which includes everything shipping, insurance etc etc), date of purchase, who you bought it from, current value, a sold column with total realized price, date sold, and who you sold it to.</p><p><br /></p><p>The cost, value, and sold columns need a formula built in that will give you totals in separate cells in each respective column. And the value column needs to be updated every year. And you print this out once a year. It is also important that you make your spouse or whoever aware of this spreadsheet, so should something happen to you during the year they can print out the current copy.</p><p><br /></p><p>Doing this really is essential, not only to your heirs but to you as well. For as you sell any coins along the way you do of course either owe taxes or have a write off against future sales. So you will need the records. It is also important that you keep the actual receipts for each purchase and sale.</p><p><br /></p><p>Then you write a letter explaining the spreadsheet and its purpose. In this letter you also include a list of people (probably either dealers you trust and/or friends), along with contact information that will help your heirs to sell the collection, if they wish, when the time comes.</p><p><br /></p><p>It&#039;s all a very common sense approach and one that needs done for obvious reasons. But I can almost guarantee you that less than 1% of collectors ever do it. Most people are simply too lazy, for like I said, it is a lot of work. And work that you have to update with every new piece and once every year.</p><p><br /></p><p>But do that, and you will have done all that you can do.[/QUOTE]</p><p><br /></p>

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