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grovey
Valued Member
USA
440 Posts |
 Posted 10/07/2005 9:23 pm
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just had this conversation with my wife. she is not interested in coins. I can be okay with that, I told her I want her to have a basic clue of how to read a slab and what the coin is. It is also one of the reasons I try and buy certified coins as all the guesswork is done and all she would have to do is get current price guide, upload pics and list the description on the slab.
I watched my Mother look so lost when my Father died. She did not know where everything was. bills, finances etc. I would just like Tracey to be prepared and semi-educated. She said are you planning on dying? I said well unless you know something I don't..Yes, eventually.
Anyone else ?
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Morgan Fred
Moderator
USA
2684 Posts |
Posted 10/07/2005 9:53 pm
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While I no longer have a SO, I do have a coin collection (and other collections) with significant value and relatives who will need to bury me and close out my estate, all of which must be taken into consideration upon my demise. Such considerations would vary significantly from one person to another, but I think the bottom line should be a legal and proper Will in which the question is clearly addressed. In my situation, I have entrusted my sister (who has no interest in numismatics) with disposal of my estate and have left instructions with her and in my Will on the best means to maximize the proceeds of the sale of my collection, also giving her a choice of venues which would best fit her situation of the instant e.g. sale at an auction (e.g., Heritage, eBay), consignment to a reputable dealer, or placement with a local coin club. Specific details for informally determining a coin's value and disposal (e.g., contact names, numbers, where-to-find info) is appended to my Will of which my sister has a copy and is periodically updated.
It is also extremely important that whoever is Executor of one's estate be given a Durable Power of Attorney in order that s/he has the authority to sign papers (especially financial papers) in the instance of one's incapacitation. In theory, a POA expires at a person's death, but this is flexible in many jurisdictions.
When in doubt about what to do, consult a trusted and reputable lawyer. This subject, however is best left to a separate thread; my experience with estate lawyers has varied widely from very good to very bad.
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crystalk64
Pillar Of The Community
USA
3147 Posts |
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catman
Pillar Of The Community
USA
954 Posts |
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GoldenRuler
New Member
USA
16 Posts |
Posted 10/08/2005 08:44 am
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That's a good laugh! You think we actually tell our wives we're spending money on buying coins? HA! :)
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grovey
Valued Member
USA
440 Posts |
Posted 10/08/2005 08:47 am
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Catman,
You could always put me in your will !
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national dealer
Pillar Of The Community
USA
2724 Posts |
Posted 10/08/2005 10:30 am
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I keep detailed records of each coin, including "Whom" to sell it to. I have seen many loved ones walk into a shop with "No Clue" as to what they have.
Since most of the internet forum users use Ebay as their source for coins, it will be a little more difficult for their loved one to "know" where to sell the coins.
Having dealt with the same dealers for years, I have broken down the coins into "who" gets what. I know which dealers pays the best for gold, silver, copper, type coins, ultra rarities.
Your list should be as crystal clear as possible. Losing a loved one is tough enough without having to worry about where you obtained the value of your collection.
Here is the general list that use in Excel:
1889-CC Morgan Dollar PCGS AU-50 Serial Number XXXX.XX/XXXXXXXX
Purchased 10/10/2004
XYZ Coin Shop Anytown, USA.
Purchase price: $4800.00
Dealer Bid/Ask Greysheet October 8, 2004: $4620.00/$5025.00
Dealer Bid/Ask Greysheet January 7, 2005: $4900.00/$5300.00
Dealer Bid/Ask Greysheet April 8, 2005: $5400.00/$5800.00
Dealer Bid/Ask Greysheet july 8, 2005: $5250.00/$5750.00
Dealer Bid/Ask Greysheet September 30, 2005 $5300.00/$5800.00
As you can see, the values are updated every 3 months using the same price guide, in this case The Coin Dealer Newsletter (greysheet).
This method also makes life very easy when insuring your collection, and keeping your tax records. An Excel spreadsheet is very easy to use and can be updated per your desire.
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crystalk64
Pillar Of The Community
USA
3147 Posts |
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Morgan Fred
Moderator
USA
2684 Posts |
Posted 10/08/2005 11:41 am
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quote:
Originally posted by crystalk64
I actually had a friend, a few years back, who told me of his new will and what he was leaving my children and grandmother as he had no family. Upon his death the lawyer produced another will that stated everything (his whole estate) would go to our local hospital! Biggest piece of fraud I ever saw and we couldn't do a thing about it. That was the last place old Henry would have sent the first dime!
I know more than one estate lawyer who is in jail and disbarred. I also know one estate lawyer who was clever enough not to get caught and is now a judge and quite wealthy. Several morals here, among them: don't let a lawyer also be the estate executor; appoint someone to be executor who is savvy enough and strong enough to dispute a lawyer who just came up with a "latest will"; and ensure your executor receives current copies of your will as you update them.
Fred
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catman
Pillar Of The Community
USA
954 Posts |
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grovey
Valued Member
USA
440 Posts |
Posted 10/08/2005 12:54 pm
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Catman,
Sorry if the "joke" was in bad taste. Hopefully we will all be around for a long while.Maybe make a will and entrust someone with your collections and specific instructions fro disbursment. As far as charities go there are soo many. Maybe a humane society or animal shelter. I knew someone who set up a fund at the vets office for people that needed serious medical care for their pets but couldnt pay.
All of mine will go to my wife to dispose of as she sees fit. If something happened to her first, then I really dont know. I may have to do some hard thinking there too.Probably a Humane society or a rescue group. I'm going on vacation next week and will think hard about this.
Its a sad thought but also a fact of life.
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crystalk64
Pillar Of The Community
USA
3147 Posts |
Posted 10/08/2005 2:06 pm
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MorganFred your post was GREAT advice. Actually, if a man/woman doesn't have living relatives I would suggest parting with most assets prior to death. That way you KNOW where they went! Then, I would do as you recommended. Leave as little as possible for a lawyer to interfere with. Catman old buddy I would suggest you hang on for quite some time yet as WE need you, your wisdom, and humor here! I wonder how many of the youngsters here have ever heard "lock, stock and barrel" before? Coins and guns have been my way of life. Hope I can pass the same on to some of my children as no one has more appreciation for mother earth or the great outdoors than the hunting community. They KNOW what is going on out there and don't see a false world through Walt Disney 3-D glasses or TV fantasy! I find it SO hard to believe millions of people think animals THINK like we do and have EMOTIONS like we do! What an imaginary world the media and the rights activists have created. And, while I am on the subject, I just thrill when someone looks at me proudly to proclaim "I am a vegatarian"! I get all over that one as this world is a LIVING world and all living things consume other living things to survive. And, even though our life styles and longevity are somewhat different NO plants ever volunteer to be killed or mutilated. NO plants walked out of the garden and jumped on to your plate! Everything is alive, whether it be a 3 month life span or a 100 years, and we KILL it to survive. Every living organism takes from other living organisms to survive and we ALL are a part of that chain. It has always been that way and always will.
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Terry
SILENCE MUST BE HEARD |
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rggoodie
Moderator
2997 Posts |
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Metalman
Moderator
USA
6533 Posts |
Posted 10/08/2005 11:09 pm
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You know my wife has no interest in collecting coins, but that does not mean that she is inept and unknowing ! even a cursory view of collecting, being in the presence of and involved with a collector will by osmosis if nothing else rub off.
Does this mean I will leave her to the wolves in sheeps clothing that are going to help her out? not on your life !She is not stupid ! and is not unaware of the cost of my collection and this in turn evolves into worth by simple reason.
suppose that I outlive my wife ? I have no family that is interested beyond the value ! I have no children that are interested beyond the value !
So what will I do with my collection? I havent decided yet and I see no reason to rush!
If I go first my wife is no fool, and if she goes first then Im still here to decide, if we go together, then it wont matter in the whole scheme of things Dead folks have very little standing in court, and if in fact a will is left then it is still debatable if it will be honored.
What I would like to do,assuming I am left to decide beyond my wife, Is to give my collection to a collector,preferably one who I have mentored and trust, perhaps in this way my collection will survive for at least a generation after my demise !
Rick
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Edited by Metalman - 10/08/2005 11:19 pm |
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Kyra
Pillar Of The Community
USA
867 Posts |
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wrk4lvg
Pillar Of The Community
USA
734 Posts |
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If my dad outlives me, he'll get my collection. I do have a few younger cousins who are sort of interested in collecting, if in a few years they're still into it then I'll probably make some changes. 