Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
Inherited Collection Part 2: Heritage Process
>
Reply to Thread
Message:
<p>[QUOTE="John Burgess, post: 7676625, member: 105098"]If you are executor on the estate then you have to do everything above board or you going to find yourself in a litigious situation with family especially if it's items nobody know the value of but thinks they know what the value should be.</p><p><br /></p><p>There's no way around an appraisal of the accumulation/ collection and an inventory of all items in order for it to be clear to the heirs what the value actual is and what they are getting. To get to that point though someone has to separate the wheat from the chaff so to speak and organize and catalog the collection.That is your starting point.</p><p>Gold needs to be separated from silver from copper from nickel clad. Then separated again by coin designs or types, then it's manageable to catalog what is there by dates and types.</p><p><br /></p><p>You can pay someone to do this in the appraisal but you are paying by the hour for the appraisal and ideally you'd want to limit that to as short as possible and have a good idea of what you have and what may have good value vs. What is bullion value or cheap even. A simple reference book like the red book can at least give you an idea if something may have a high value.</p><p><br /></p><p>There's no way around this work unless you want to trust some random coin dealer to be fair and not snake coins on the side, they shouldn't, but you leave to door open for it happening by not having it inventoried.</p><p><br /></p><p>It sounds like to me the distance is also a factor. If you are physically unable to do the job or just don't want to do it, you don't have to. The probate process can continue with someone else appointed to do the job.</p><p><br /></p><p>There's nothing worse than it taking too long for some heirs and fighting to begin along with accusations of self dealing or mismanagement of the estate. The longer it takes to proceed the more it looks like the executor is stalling for some reason and doubts set in.</p><p><br /></p><p>It's a serious job to perform between property, assets antiques or valuables, life insurances, stocks and investments and a coin collection. This can become a nightmare and if for some reason you aren't capable to fulfill the executor roll in a timely manner you'd be better off not doing it and the probate process appointing an executor that should be able to achieve the result of settling the estate and will efficiently and effectively for the heirs.</p><p><br /></p><p>When my aunt died she left everything she could to my younger brother solely and made her room mate her executor. There's no way to prove what she had or didn't have. There is no doubt her non working room mate took for herself whatever she could get like cash and stuff nobody knew about and stretched out probate and finalization for 3 years I figure my younger brother lost 200K out of the estate to her there were things willed or evidenced as existing that just disappeared and the answer was "it's not here she must of sold it at some point".</p><p><br /></p><p>I was supposed to inherit her coin collection in her will. There was no coin collection according to the executor and the attorney.</p><p>After dragging it out for 3 years.... yeah. Anyways karma pays in full if it happened. For a fact she dragged her feet selling my aunts house so she could live there rent free for 3 more years and the estate pay the bills on it. For a fact she had no income but was blowing thousands of dollars a month while not paying a dime to continue living there.</p><p><br /></p><p>It is what it is. Like I said I got a coin collection willed to me that didn't exist that was never cataloged or seen as far as I know. Not much to go on. My brother still walked away with hard feelings after 3 years and $400K and his own attorney fees in order to and the house finally sold and get the estate finalized in the end he couldn't prove she was taking anything or living off the estate all he could prove was she was taking her sweet time because that's how bad my aunt organized her estate and will.</p><p><br /></p><p>So, if the 2000 miles is a problem for you to do it efficency and effectively I'd say you are better off not doing it and letting an executor be appointed instead rather than get all this Ill will feelings on the down low against you.</p><p>Maybe that doesn't happen, just saying only you know your position and family members.</p><p>Just saying you don't have to be executor even if it's been appointed in the will if you feel your in way over your head, and you can lean on the attorney who's gonna make things happen and take a fee in worst case scenario if it's something you can't do but without an inventory of what is or isn't there, and an idea of what it should be worth, you open yourself up to getting ripped off or someone that doesn't care giving things up for a song instead of what it worth just to clear it out.</p><p><br /></p><p>I know, I know, it's a long story. BUT I don't see any way around getting the collection/ accumulation organized and inventoried, and appraised while your at it, if you can't do the first two steps yourself to save that additional cost.</p><p><br /></p><p>I'd also like to suggest to everyone reading if you don't want this to happen to a family membe after you go, inventory your coin collection, and whoever the executor is at least attempt to familiarize them with the collection and where you stash everything so they know where and a general idea of it when the time comes. Try to make it easy because it's a daunting task to get dropped into without a clue.</p><p><br /></p><p>Which reminds me I need to liquidate my toys/cards/comics collections from childhood and get rid of that burden on whoever has to clean up my mess. It's a walk in closet full and I could turn that into cash and more coins for the collection because to most people that don't know all that stuff is gonna look like trash to them and be thrown away. I don't even look at them anymore so feeling like I should let them go so it doesn't become someone else's problem[/QUOTE]</p><p><br /></p>
[QUOTE="John Burgess, post: 7676625, member: 105098"]If you are executor on the estate then you have to do everything above board or you going to find yourself in a litigious situation with family especially if it's items nobody know the value of but thinks they know what the value should be. There's no way around an appraisal of the accumulation/ collection and an inventory of all items in order for it to be clear to the heirs what the value actual is and what they are getting. To get to that point though someone has to separate the wheat from the chaff so to speak and organize and catalog the collection.That is your starting point. Gold needs to be separated from silver from copper from nickel clad. Then separated again by coin designs or types, then it's manageable to catalog what is there by dates and types. You can pay someone to do this in the appraisal but you are paying by the hour for the appraisal and ideally you'd want to limit that to as short as possible and have a good idea of what you have and what may have good value vs. What is bullion value or cheap even. A simple reference book like the red book can at least give you an idea if something may have a high value. There's no way around this work unless you want to trust some random coin dealer to be fair and not snake coins on the side, they shouldn't, but you leave to door open for it happening by not having it inventoried. It sounds like to me the distance is also a factor. If you are physically unable to do the job or just don't want to do it, you don't have to. The probate process can continue with someone else appointed to do the job. There's nothing worse than it taking too long for some heirs and fighting to begin along with accusations of self dealing or mismanagement of the estate. The longer it takes to proceed the more it looks like the executor is stalling for some reason and doubts set in. It's a serious job to perform between property, assets antiques or valuables, life insurances, stocks and investments and a coin collection. This can become a nightmare and if for some reason you aren't capable to fulfill the executor roll in a timely manner you'd be better off not doing it and the probate process appointing an executor that should be able to achieve the result of settling the estate and will efficiently and effectively for the heirs. When my aunt died she left everything she could to my younger brother solely and made her room mate her executor. There's no way to prove what she had or didn't have. There is no doubt her non working room mate took for herself whatever she could get like cash and stuff nobody knew about and stretched out probate and finalization for 3 years I figure my younger brother lost 200K out of the estate to her there were things willed or evidenced as existing that just disappeared and the answer was "it's not here she must of sold it at some point". I was supposed to inherit her coin collection in her will. There was no coin collection according to the executor and the attorney. After dragging it out for 3 years.... yeah. Anyways karma pays in full if it happened. For a fact she dragged her feet selling my aunts house so she could live there rent free for 3 more years and the estate pay the bills on it. For a fact she had no income but was blowing thousands of dollars a month while not paying a dime to continue living there. It is what it is. Like I said I got a coin collection willed to me that didn't exist that was never cataloged or seen as far as I know. Not much to go on. My brother still walked away with hard feelings after 3 years and $400K and his own attorney fees in order to and the house finally sold and get the estate finalized in the end he couldn't prove she was taking anything or living off the estate all he could prove was she was taking her sweet time because that's how bad my aunt organized her estate and will. So, if the 2000 miles is a problem for you to do it efficency and effectively I'd say you are better off not doing it and letting an executor be appointed instead rather than get all this Ill will feelings on the down low against you. Maybe that doesn't happen, just saying only you know your position and family members. Just saying you don't have to be executor even if it's been appointed in the will if you feel your in way over your head, and you can lean on the attorney who's gonna make things happen and take a fee in worst case scenario if it's something you can't do but without an inventory of what is or isn't there, and an idea of what it should be worth, you open yourself up to getting ripped off or someone that doesn't care giving things up for a song instead of what it worth just to clear it out. I know, I know, it's a long story. BUT I don't see any way around getting the collection/ accumulation organized and inventoried, and appraised while your at it, if you can't do the first two steps yourself to save that additional cost. I'd also like to suggest to everyone reading if you don't want this to happen to a family membe after you go, inventory your coin collection, and whoever the executor is at least attempt to familiarize them with the collection and where you stash everything so they know where and a general idea of it when the time comes. Try to make it easy because it's a daunting task to get dropped into without a clue. Which reminds me I need to liquidate my toys/cards/comics collections from childhood and get rid of that burden on whoever has to clean up my mess. It's a walk in closet full and I could turn that into cash and more coins for the collection because to most people that don't know all that stuff is gonna look like trash to them and be thrown away. I don't even look at them anymore so feeling like I should let them go so it doesn't become someone else's problem[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
Inherited Collection Part 2: Heritage Process
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...