You Die Tomorrow, What Will Happen To Your Collection?

I have been recently been investigating what 'downunder' is called a perpetual trust which gets established on my death - this comes with a number of tax advantages. I am not sure if there is a similar thing in the US or elsewhere, but if your collection has any material value I suggest speaking to your financial advisor/accountant about the most effective way of dealing with your assets when your time comes. The other benefit of the trust is that there can be multiple beneficiaries so no fighting over one off items and you can also place restrictions over what can be done with each asset.
Just my 2 cents, food for thought.

I know that it is a very distinct possibility that my family and relatives may or may not be interested or adept at selling my collection in a way that would bring top dollar after my death.

Therefore, it is imperative to categorize all coins and paper monies in a way that it is idiot proof for whomever takes on the job of selling these items.

For example all of my coins have written in 'ink' on the front side of the Mylar holder the year, grade, description, acquisition date of the coin, and km # (if applicable).

On the rear of the Mylar holder I have written in ‘erasable pencil' the current and most competitive on-line auction price (EBay, Webstore, Heritage etc.). Pencil is used since this price is a dynamic and ever changing figure.

All of this information is then categorized alphabetically in a living Excel spreadsheet displaying the total running value of the collection valid only at the time the coin is first placed in the spreadsheet.

This spreadsheet is then 'printed' out completely every year with one copy being placed in a fireproof safe with the coins etc. Another CD containing this identical info. is also placed at a remote location for disaster recovery in case a fire or flood should disrupt the norm.

Then I have entrusted a fellow coin auction participant to be in charge of opening the safe and selling things off for my family in the event of my demise.

This process achieves a several goals:

1) A stronger than normal bond of trust is developed between my fellow auction participant and me since he/she knows that when selling the coins he/she can essentially name whatever price he/she wants to pay for them since I obviously will be out of the picture.

2) My non coin collecting family does not have anything to worry about since this is my trusted friend that will hopefully treat my goods in the same manner that he would want me to treat his goods if the table was turned...

3) Because I have now engaged this friend to be actively involved in selling my coins at my demise and buying my heavily discounted coins for his own personal collection, he/she will probably never ever get involved in a bidding war with me when we are bidding on the same coin at any future auction while I am living.

This is my plan that hopefully will work out when it is my time to meet my maker.

Well considering all my coins are just simple lincoln pennies and US State Quarters....itll prob just get sold lol

Our two youngest kids were here for Christmas. The three of us sat down and discussed our topic here.

Gave very explicit instructions about a rifle (from my half brother's grandfather) and a pistol (our mom's). Both go to my younger half brother.

Coins - probably the toughest. I will start an spreadsheet to advise of purchase price and market value. Advised my earlier reply would probably be the best. Next option - auction on CCF.

It will go to someone in my family who knows better than to take it all to the bank.

If money were no object, I would build a "panic room" on to the house. Steel walls and independantly climate controlled. House could burn, but this would keep things safe inside. Not to mention, that it could be used for food storage and sleeping if there was ever a nuclear attack.

Then, when not needed, you could rent it out as an apartment and recoop some of your money back.

But, being on a budget like I am, that would not be feasible for me. I just keep my collectin in a 7' wooden TV cabinet with doors that is handy to get in and out of. And my Baretta makes sure that no one opens it but me. :)

jc-

What model is the convertible? I used to drive my folks nuts, pulling my 65 newport into the grudge at about 20mph when I reached the door.

My aunt would give my collection to my childhood friend who is also a collector I guess. But she wouldn't care he's collecting just banknotes lol.