“A real collector does not sell.” – Eli Broad
For those of you with an extensive collection of stamps, dolls, sports memorabilia, vintage cars or whatever you fancy, some consideration about how to pass on these valuable relics will make the job significantly easier for your survivors.
Take Inventory
A detailed inventory with estimates of value could be crucial since your beneficiaries and Trustee will not necessarily be knowledgeable about specific items in your collection and their potential worth. If an item is special for some reason, such as a signed baseball, this should be noted. The inventory, perhaps created in an Excel spreadsheet, should reference any authenticating documentation or appraisals. A road map to where these items are stored is vital as well.
Time to Sell
If no one else in your family or circle of friends has a passionate interest in your collection, then your survivors will likely wish to sell it. To obtain maximum value, provide guidance to your heirs by referencing suitable auction houses or other avenues for sale.
Expert Advice
If your collection is highly valuable, it is wise to consult an attorney and a financial advisor to avail yourself of their expertise in this area.