Guidelines for your family if you pass away

[pendragon1998]

Our recent losses on the forum have reminded me that it's a good idea for those of us who collect to make a list of selling / handling / bequesting guidelines for our non-collector survivors. Obviously, it's not the first priority for them if they lose us, but eventually, if they want to sell, keep, or pass on our collection, it would help them to have a basic list detailing:

 

 

1) How to handle the collection without damaging anything (e.g., instructions not to touch or clean coins)

 

2) A short list of places to sell the coins if money is needed, so that a fair value will be obtained

 

3) A list of everything in the collection and estimated values

 

4) A name or two and a link to this forum (or PCGS) so that questions can be answered or assistance with selling can be had. Include your user name and password.

 

5) A list of 'special' coins that you might like to be gifted to certain people, along with a note for the recipient describing the gift and what it means to you and them. (Or give them to them in person before you pass - they'll appreciate them more if they got to talk to you about them!)

 

6) A list of off-premises coins (e.g., those in safe deposit boxes) and instructions for access.

 

7) A list of auction house, ebay, paypal, and 'hobby checking' account numbers, user names, and passwords, so any remaining funds or bills can be accounted for. Don't forget to give safe combinations to a trusted person.

 

 

It would perhaps be a good idea to make a mutual agreement with a trusted coin buddy to step in and help each other's survivors with the other's collection (i.e., "If I go first, you'll help my family with the collection, and vice versa).

 

If you know someone who has passed away (well enough), you might want to gently remind the survivors that you're available to help catalogue and deal with a collection.

 

Keep the documents with your will or some other place that it can be easily found (before someone starts cleaning those 'dirty' coins).

 

My article may be of help: What You Need to Know: Inherited Coin Collections

(This article is also the #1 google result for "Inherited coin collection")

[JCM-Houston]

Already done, but a good reminder to those that may still think they are indestructable.

 

I keep my inventory in a spreadsheet, and the final sheet has a long list of instructions for disposal.

[Revenant]

Already done, but a good reminder to those that may still think they are indestructable.

 

Hey. I AM indestructable. Especially when I'm not.

 

Nah... I've done none of this. My step-father is a coin collector and has his own stuff. I generally assume that he'd deal with it if something happens to me. If he passes then I'll work something out then.

[123cents]

Great guidelines. Thank you Michael.

[Jeffrey Cardona]

Some great advise!

And just my worth...My wife has a good idea on how to deal with my collection and I have also educated my daughters a bit on what to do just in case both my wife and I happen to depart at the same time...

[physics-fan3.14]

Very important reminder. I have left my mother and brother instructions to contact James Garcia (with his agreement) in the case of my unfortunate demise.

[bsshog40]

Good advice. A Will is not a bad idea also to keep family members from fighting over stuff. It happens!

[comicdonna]

Great idea for a thread! I have a dangerous job so, my wife knows who to conact reguarding my collectibles if I should die. I still need to put together a list and value so she knows about what everthing is worth.

[bartlesvilleok]

Already done, but a good reminder to those that may still think they are indestructable.

 

Hey. I AM indestructable. Especially when I'm not.

 

Nah... I've done none of this. My step-father is a coin collector and has his own stuff. I generally assume that he'd deal with it if something happens to me. If he passes then I'll work something out then.

 

What happens if you were both to pass at the same time?

[World Colonial]

I keep an Excel spreadsheet with the specifics on all my coins but ultimately, only someone who is knowledgeable is going to be able to dispose of much of my collection for what I know it to be worth. Probably the best option for most others would be to sell it at public auction.

 

I also have this covered by my Will and have provided a 35 page document with an overview covering coin collecting generally and some specifics on the series I collect.

[pendragon1998]

Probably the best option for most others would be to sell it at public auction.

 

If you live in a large enough city and have the right buyers at the auction, fine. Most people, though, would probably get more on eBay than they'd get at a local estate auction, especially for quality stuff.

[bartlesvilleok]

Probably the best option for most others would be to sell it at public auction.

 

If you live in a large enough city and have the right buyers at the auction, fine. Most people, though, would probably get more on eBay than they'd get at a local estate auction, especially for quality stuff.

 

I agree with this, a local auction around here would not bring anything. If I heard of rare coins being at a local auction I would sure be there.

[World Colonial]

Probably the best option for most others would be to sell it at public auction.

 

If you live in a large enough city and have the right buyers at the auction, fine. Most people, though, would probably get more on eBay than they'd get at a local estate auction, especially for quality stuff.

 

By "most others", I was actually referring to anyone else besides myself selling my collection. And by public auction, I was referring to venues like Heritage, not any local auction. My collection is more specialized than most, especially compared to the majority of US based collectors who collect US coins.

 

eBay would be an option and certainly better than an estate auction for my collection or most others. (Selling coins such as my mint state Spanish colonial pillars at such a place would be insane.) I would be unlikely to recommend an estate auction to anyone and this would possibly even apply to what I would consider as the normal collections that most people typically inherit. Those are frequently or usually collections that I would not even consider worth buying.

[bartlesvilleok]

I have my slabbed coins listed on a spreadsheet. Don't really have a lot of raw coins as many of the coins I have are purchases sight unseen. I know many of you are against this but there are many of us that are just in little towns and nowhere close to B&M stores or coin shows/clubs so this is about the only way for many of us to get the coins we need/want for our collections.

 

Does anyone have some type of form we could fill out? I know I would be missing all kinds of things on it so reminders would be helpful. Right now the only one that knows the combos to my safe for what little I have at home is me and I am not sure anyone really knows that I have coins in my safety deposit box so I will need to fix that some how. If you have a family like mine then a WILL is very important. I will just say that is the reason I am the only one with combos to my safe and let you read between the lines there.

 

I am sitting here wondering who I would leave my coins to if something were to happen and nobody in the family really comes to mind. What about donating them to some place? Has anyone looked into that?

 

Thanks for all the great info so far. If someone has some sort of form, layout, spread sheet please share. I love fill in the blank type things.

[DC Dawg]

If you are looking for a different reference (to use along with Michael's essay), I found What to do with Granddaddy's Coins: A Beginner's Guide to Identifying, Valuing and Selling Old Coins. It's a new book and I have not read it, but it looks like it could be a good read.

 

You can find it at Amazon.com.

 

Scott

[just-john]

A lot of my collection has already been given away

to first my 2 sons next something for each of my 3 grand kids they each get a few coins when they turn 13 to do with what they want same at 16.Then the balance

when they finish 1st year of college. Trust me on this giving is more fun than leaving

[Houston Investor]

Hopefully by that time all of my coins would have been sold / liquidated. Its not my goal to leave rare coins for my estate. My rare coin business finances another hobby.