To Will or Not to Will?

When you believe, or find out your allotted time is growing short, how will your collection fare?
- while you still have breath, gift it out to friends, relatives charities, until it is gone.
- liquidate via sale: to auctions, to dealer friends, to friends, flea market, where?
- keep your collection intact to the very end, put in will.
- some combination of these
- ?????

 

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See the link. It is part of what I am doing with my 70+ year collection.
https://www.cointalk.com/threads/what-to-do-with-my-accumulation.341614/

 

As far as my collections my boy's aren't interested in coins they like my collection but they don't have the passion for them.

So I'm going to have them sold at the time of my death and will them to my cats.lol

 

Very important topic. You shouldn't wait for "bad news" to deal with inheritance options. Be proactive, not reactive. One may not know when the time comes.

 

I plan to die with my collection intact (I'm 70+ also).
Then it becomes my wife's decision of what to do with it.
I have left her a suggested person to handle the conversion of coins to cash if she so wishes (which she probably will).

If she dies first then my will says who's next to receive the estate.

 

Welcome to CT and don't tell @MeowtheKitty about your cats

 

My wife would find it an annoyance to deal with coins, which rank right up there with fishing gear.

 

I don't have anyone to leave my collection to and most don't even know I have one. As a matter of fact I don't have anyone to leave the rest of my estate to. I'm 68 and the same age my father was when he died. I need to figure it out pretty soon.

 

I have watched six estates not go the way they were intended, even though they had wills. Everything went to the wrong people. Several estates in the millions.
One of the biggest was a friend who just couldn't let go even though he knew his time was very short. His 11+ million dollar estate ended up being cashed in by his stepdaughter who he hated and wouldn't allow in the house. His son and daughter both received about $250K. His wife received nothing.

Another's wife sold his 200+ collectible guns for little or nothing to a man my friend hated. Same with his 16 vintage Corvettes.

I've tried to counsel my family about what some of my vast ecliptic stash is worth, and how to research and dispose of it. Their eyes glaze over and they lose interest. And, they really don't have any idea about the value of most of my things.
Coins, Guns, race parts, antiques......

Heck. Even I get surprised. Just yesterday I found in one of my boxes, two vintage new in the package Hurst Shifter T-Handles...gold velvet.....was offered $300 for the pair and passed. Found out they are $200-250 each.

The problem has always been that I collect things I like, and when I take them out to sell, I start playing with them and realize why I like them so much....so I put them back away. Well, this year is different. It finally dawned on me to hurry up and start getting rid of the majority while I can. I started giving items to those that I want to have them and know will appreciate them. I have ads on Craigslist, Armslist, and Gunbroker.

It's a race to the finish......

 

My wife and I have way too much stuff. We to have started giving things to those who like them. Rather than birthday and Christmas gifts we tell the kids to pick something they like and take it home.

 

I have a prearranged deal with my dealer buddy for all my coins. All my silver gets divvied up between kids and grandkids. Sadly my fishing gear I fear will be terminated at a yard sale.

 

All my fishing gear is considered antique. Not because it was purchased as collectible, but, because I am an antique and I got the stuff from my dad and grandpa. I am slowly giving it to my kids, grandkids and great grandkids. They come to the ranch to fish and I send them home with some of the tools they use.

 

Planning for the trip to the rainbow bridge is a scary thought, I'm sure @MeowtheKitty agrees. Since I never had any litters, it's up to me, or momcat to disburse my collection of toys. Some toys are predesignated to their new curators. I'm planning on delivery before I get through my ninth live, but will probably have more new toys after delivery of the current ones. So the cycle will start again, that's fine, it will be someone else's problem. Unfortunately, they will paw through my stuff and realize how weird I really was. Coins, tools, toys, intended and unintended collections, these will be a few of my remains.

 

I didn't mention a will, but you're correct that they don't always go according to plan.
I was basically talking about leaving instructions as to what is there, values, (update occasionally) etc...Where to liquidate the collection is very important also. Need a trustworthy person/dealer that will give fair prices for them. Some say they don't care what happens after, but I don't agree with this at all. You wouldn't want someone to go to the nearest coinstar to cash out, or an unscrupulous dealer.
As always JMO.

 

The most difficult item I had to release was a 50lb pull straight bow my dad made in the 30's. He made a 35lb for my mom. They used to hunt together and be in competition events. My little sister has mom's and my youngest daughter has dad's. The bows were handmade with Osage Orange that dad found and cut down. I think they are safe.

 

I just couldn't handle the thought of collecting for over 70 years and then having it all run down a coin star.

 

Many inherited collections have, or simply taken to a bank. That's what helps keep the CRH (coin roll hunters) searching, and finding (the good stuff).

 

I suppose that is happening more today because the younger generation has no concept of coins. They use credit and debit cards and never see the change.

 

Unfortunately.....bingo.