These days, collectors are interested in a lot more than stamps and coins. Today’s collectibles include antiques, books, cars, wine, autographs, record albums, and comic books. Once considered something of a novelty, collecting is now big business. And that raises important questions for collectors.
Should you have a plan for passing on your collection when you die? Are you the only person in your family who knows the value of your collectibles? Do your heirs know how you want the collection handled? Fortunately, there are options.
If you want to leave your collection to someone who would appreciate your bequest, you should specify that individual in your estate plan. To avoid disputes about what’s included in the collection, provide your executor with an up-to-date inventory.
You may decide to donate your collection to a museum, a library, or an educational institution. With this option, you may want to stipulate that the collection not be sold in the future, or that it be exhibited in a certain way.
If your heirs are unfamiliar with your collection and don’t know how to get the best price, they may make unwise decisions regarding the sale. To protect your heirs and maximize their inheritance, leave detailed instructions concerning appraisals, potential buyers, and what you consider to be the most effective way to sell the collection.
Each person has a different view and understanding of the value of various collectibles. Having a plan in place for your collectibles will ensure they are passed down in a way that follows your wishes and are well taken care of. Have questions on our options? Contact us.