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 Replies: 31 / Views: 4,158 |
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Pillar of the Community
United States
968 Posts |
I agree with the people saying you should have the agreement in writing, but don't just do it with your friend. You need to do it with the sister as well. Dividing up estates causes issues to come up between heirs that you would never in a million years imagine happening. Maybe these two are really tight, and would never fight over the inheritance, but simply adding a second line to the agreement for her signature gives you a lot more protection than if just your friend signs it. Honestly, with the value we are talking about here you may want to get a lawyer to write up the agreement.
You should check and see if the father has this collection in a trust with his children as the beneficiaries. If so they can avoid estate taxes, otherwise a big chunk of it goes to Uncle Sam. Of course the father could sell them while he is still alive if he wants, and then he'd be the one to sign any forms.
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Pillar of the Community
United States
3540 Posts |
Before you proceed, view the collection...this will decide if this is a HUGE undertaking on your part.
Next, there needs to be a signed agreement between all FOUR of you, indicating who, what, when, where, and fees involved. A contract...period. Signed by all parties and notarized.
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Pillar of the Community
United States
759 Posts |
Um, the guy's not dead yet. So I would do nothing except say, "Yes, I would certainly help you out. Let's talk when the time comes, which I hope is a long, long way off."
Then when the time comes, please don't take legal advice from this forum.
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Valued Member
United States
110 Posts |
I am not a Lawyer but I can tell you this that even though your friend is the excutor of the estate unless your friend has Power Of Attorney this collection can not be sold without his father signing off on the sale.
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Pillar of the Community
 United States
548 Posts |
Lots of good comments. Thanks.  |
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Bedrock of the Community
United States
11951 Posts |
Very interesting situation your in. And you are getting some good advice. I am thinking, that is the late 70's and early 80's silver and gold both went up. So mabye there is a lot silver and gold coins. My suggestion would be to sell off all the common stuff first. Like the Roosevelt dimesand Washington quarters and Wheat cent. the collections I see, the common coins always seem to make the bulk of the collection. Selling the common stuff will help fund the proper selling of the rare or key date or high grade coins, and greatly reduce the amount of coins your working with. Using the big auction houses will give you the best chance of getting the best prices for your coins. There are also some big dealers in the country that have deep pocket customers. They can move coins and get you a good price ... and keep things more private. I can offer name of a good dealer like this. I do agree with others that the better coins should be sent into PCGS or NGC. To sum up the steps. (just my suggestion) - Sell all the common coins first. - Slab the best coins - Know the approximate value of all the better coins before selling. - Take your time selling the good stuff, wait for the right price. |
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Pillar of the Community
United States
968 Posts |
OneBowl,
Are you talking about the advice to get things in writing, to talk to a lawyer, and to examine the collection first? That's the only real legal advice I see here, and I think that is what anyone would advise him to do. Also, the biggest problem in dealing with estates is that most people don't work out the details of estate planning while they are still alive. Waiting until after the person's death usually causes big headaches.
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Bedrock of the Community
United States
20753 Posts |
Quote:
How would ya'll proceed?
P.S. The father is still alive... Looking back at the original post, I really didn't realize that the Father was still here. This could end up being a really sticky situation. I mean does the Father know you? Does he trust you? Does he want the coins sold? AND lots of other questions. I would think you should takd to the Father long before anything else is even started. You may well need something in writing from him and notarized by a notary person. Just one more problem. |
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Pillar of the Community
United States
548 Posts |
Nah. I was merely told by the future executor of the will that I'd get the commission.
Lots can change: mainly my bud changes his mind, or his mind is changed for him.
I think the probability of getting his commission is somewhat low, but let's see. It would be cool to work with all those coins...
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Pillar of the Community
1028 Posts |
Most of the specific advice regarding inventory and how to sell is all very good advice. Also, do make sure the friend does have power of attorney as has already been mentioned.
As far as how to proceed with commissions, any family disputes, what you sell them for, etc.....just do what's right. If you do that, even if you were in honest error at some point, you won't have any moral qualms about it.
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Valued Member
United States
326 Posts |
Good luck. I wouldn't touch it - what a headache it could end up being.
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Valued Member
United States
64 Posts |
Sounds more like a nightmare...  The shear volume could be overwhelming. I might buy a few choice coins and then point them in the right direction. Good luck! |
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Pillar of the Community
United States
548 Posts |
I'm retired, guys.
This would be cool. Yeah, a real PITA sometimes, but fun. I'd learn a lot, for sure.
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Pillar of the Community
United States
1348 Posts |
Just curious Lobby;
I posted something like this (a lot less value thought. Maybe $50,000.00) and I had people emailing me left and right telling me they would help me sell the collection and split the price.
Has this also happened to you? It sounds like you want to take this task on and help your friend out. I'm just wondering did you get any vulture type emails? (no names please)
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Pillar of the Community
United States
548 Posts |
Nope. Everyone's been extremely polite. I've found this forum to be quite helpful of n00bs like me. A nice place indeed. I haven't even gotten any vulture emails asking to buy the silver coins I've picked up off estates. Darn.  |
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Replies: 31 / Views: 4,158 |
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Posted 10/18/2011 5:33 pm
