How are you preparing your collection for your heirs? 2 2

[Woods020]

Not to be morbid, and hopefully at 39 I have some time to prepare, but I’m curious what others are doing. I’ve currently got mine organized, semi cataloged (needs improvement), and instructions in my safes should something happen. I’m a little worried about raw coins and someone taking advantage, but the graded stuff I instructed to go to HA or GC.
 

Anyone have ideas in how they have prepared? I would roll over for quite a while in my grave if something happened unexpectedly and my daughter was ripped off. 

[Mohawk]

For me, it's actually rather easy.  I have no children and my fiancée and I never plan to.  My sister also has no children and no plan to ever have them, either.  Since I'm male and 2 years older than my sister and 8 years older than my fiancée, odds are I'll predecease them both.  They're my planned heirs and my fiancée is a coin collector and my sister, while she isn't a collector, is very well versed in the kinds of coins I have and their values.  So, for me, it's likely never going to be an issue as both my fiancée and sister are well prepared to handle their respective parts of my collections when I die.  However, if something terrible happens and they both predecease me, I may have to find another strategy.  If that happened, I'd likely just make sure I sold it all off before I died because I'd have no heirs at that point.  

Edited January 14, 2022 by Mohawk

[The Neophyte Numismatist]

On 1/13/2022 at 7:57 PM, Woods020 said:

 I’m a little worried about raw coins...

I started collecting almost exclusively graded coins for this reason.  Graded coins are much more intuitive for a novice to understand.  They remove a lot of the guesswork.  The market value becomes more established, and the coins are more liquid.  If I cannot accurately grade a coin with 85%+ efficiency, my wife has zero chance.  Anything nice that I get raw, I will have graded to save the headache for the inheritor.

I keep decent records, have many written resources, but I have not written instructions on where/how to sell my coins.  

 

[Quintus Arrius]

Honestly, I have never given it a thought. It's just me, aged 70, my wife, a smidgen younger than me, and my raucous Roosters. Most regrettably, my wife wouldn't know a loupe from a cantaloupe, so right there I'm pretty much dead in the water. There was no plan in the beginning, only compulsion. Now that that feeling has left me I feel dazed. I have no plan, and as I have been counseled, if you fail to plan, you plan to fail. Wow, you sure know how to hurt a guy with a simple question! 😉 

[The Neophyte Numismatist]

On 1/13/2022 at 10:19 PM, Quintus Arrius said:

 There was no plan in the beginning, only compulsion...

I think that is just the spirit of the Quintus-ential collector.

[Revenant]

The raw stuff isn't worth much and is mostly a kind of family herloin that I hope they keep. The graded stuff I have a document that explains things - what I hope will go to each son. What I think my wife should sell after I kick it - and I think I'll go first. 

[MorganMan]

No one in my family is the least bit interested in coins. I am in the upper 60's and will start to sell my collection, lest it will be sold for nothing by my heirs.

I can put the money to good use traveling the USA in a Motorhome with my wife.

Going to sell the graded stuff at either GC or Heritage.

 

[Fenntucky Mike]

My plan is no plan.  

Don't get me wrong, I have everything cataloged with prices paid and all other pertinent info listed. If my heirs can't figure it out from there then too bad. Ideally I'd pass it on or sell before my time comes, if not, maybe some lucky collector will get a deal.   My collection fetching top dollar after I pass is not going to make or break any one of my heirs, at least it better not. 

Edited January 14, 2022 by Fenntucky Mike
Spelling

[Simple Collector]

I actually use the NGC and PCGS registry on certified coins for this. Easy documentation, pictures and ability to add relevant information on value. It all goes to my grandchildren. 

[Quintus Arrius]

On 1/13/2022 at 11:05 PM, Revenant said:

The raw stuff isn't worth much and is mostly a kind of family herloin that I hope they keep. The graded stuff I have a document that explains things - what I hope will go to each son. What I think my wife should sell after I kick it - and I think I'll go first. 

[🐓:  Me thinks 🤔  this member, having just perused Charmy's dispatch from FUN in the sun, confused herloin with sirloin. For the sake of your lovely journal, the word is "heirloom."]   😉 

[Revenant]

On 1/14/2022 at 8:23 AM, Quintus Arrius said:

For the sake of your lovely journal, the word is "heirloom."]   😉 

I think those familiar with my lovely journal will know that my periodic bad spelling is one of its more charming features.

Edited January 14, 2022 by Revenant

[Quintus Arrius]

On 1/14/2022 at 9:30 AM, Revenant said:

I think those familiar with my lovely journal will know that my periodic bad spelling is one of its more charming features.

Notice the similarity between herloin and heroin?  Not charming!     (poetic license aside, I do love the homey atmosphere in the older but wiser neck of the woods.) 

[B.C]

I just added a note to the safe 

SELL on ETSY 

[Woods020]

On 1/14/2022 at 1:53 PM, B.C said:

I just added a note to the safe 

SELL on ETSY 

Make sure they make up a lot of oddities and errors with a 6 figure price tag for each. They should be set for life after they finish. 

[Mohawk]

On 1/14/2022 at 2:53 PM, B.C said:

I just added a note to the safe 

SELL on ETSY 

 

On 1/14/2022 at 3:12 PM, Woods020 said:

Make sure they make up a lot of oddities and errors with a 6 figure price tag for each. They should be set for life after they finish. 

Don't forget to get some outright fake coins in there as well.  I'd recommend some base metal 1804 U.S. Silver Dollars and 1911 Canadian Silver Dollars.  Then your heirs will be MILLIONAIRES!!!

[Mr_Spud]

Mrs_Spud gets them all if I croak. She’s about 10 years younger than me and no kids. She collects too, not as actively as me though. But she was the secretary of the Charlotte Coin Club when we lived in Charlotte and she knows who to contact there to handle selling my collection if she chooses to do so.

[Coinbuf]

I'm being buried with my collection, its mine and I want it!!   

[Woods020]

On 1/14/2022 at 5:14 PM, Coinbuf said:

I'm being buried with my collection, its mine and I want it!!   

I might be tempted to come find those buried Lincoln’s of yours 😂

[RWB]

Not much physical coin collection to pass on. However, all the copyrights for my books and articles are prepared for transfer to my kids one day. But, I do not know what to do with all the research materials and database. I'd like to have it used by knowledgeable people, but maybe that's wishful thinking.

Edited January 15, 2022 by RWB

[Woods020]

My biggest concern is my daughter isn’t ever going to be knowledgeable about coins. She likes to look through them with me from time to time, and loves seeing odd denominations that far predated her. That’s as far as I ever see her going. And I just worry because a large driver for me is to assemble something worth passing on and worth a meaningful amount that I don’t want to see get sold for pennies on the dollar. But I don’t think there is a magical solution. Leave as good of instructions as I can and hope she finds someone ethical to help her when that time comes. 

Edited January 15, 2022 by Woods020

[Mohawk]

On 1/14/2022 at 8:06 PM, Woods020 said:

My biggest concern is my daughter isn’t ever going to be knowledgeable about coins. She likes to look through them with me from time to time, and loves seeing odd denominations that far predated her. That’s as far as I ever see her going. And I just worry because a large driver for me is to assemble something worth passing on and worth a meaningful amount that I don’t want to see get sold for pennies on the dollar. But I don’t think there is a magical solution. Leave as good of instructions as I can and hope she finds someone moral to help her when that time comes. 

I think you nailed it, Woods.  We can only do what we can do, you know?  Not everyone is destined to collect.  But maybe I can offer a suggestion.  Maybe you should at some point much later, since you're only 39 (younger than I by two years) and you'll likely outlive some dealers who are presently active, do some research and leave her a list of reputable dealers or numismatists that she can contact when the time does come for her to inherit and sell your collection.  If you do that homework for your daughter, I'd say that her chances of getting a fair price for everything goes up.  Just a thought.

[Quintus Arrius]

@Woods020 

["Morbid"? Not at all.  Food for thought. Timely and invigorating!]  

[The Neophyte Numismatist]

My biggest fear is that my wife will sell my coins for what I told her I paid for them. 

[Dave1384]

Do not be anxious for tomorrow, for tomorrow will be anxious for itself. Sufficient for the day is it’s own trouble. 
 

In other words, I don’t like thinking about it.
I have expensive restored Pioneer and Marantz receivers , along with restored speakers which no one here wants. Because no one likes music.
 A decorative decoy collection which fills 2 rooms. Not much interest in those either. Slabbed coins, ? What are those ? , they ask.
So , yes , I have a problem. I’m kinda stuck. 
Since our friend Quintus is the Socrates of our gatherings , perhaps he’ll have an idea. 

Edited January 15, 2022 by Dave1384

[RWB]

If family do not care about them, these are the kinds of things better sold to others with similar interests. Heirs will likely do better financially with proceeds from your selling, than by inheriting the things you enjoyed. Be assured, they will face the same dilemma in the future.

Edited January 16, 2022 by RWB

[Quintus Arrius]

On 1/13/2022 at 10:19 PM, Quintus Arrius said:

Honestly, I have never given it a thought. It's just me, aged 70, my wife, a smidgen younger than me, and my raucous Roosters. Most regrettably, my wife wouldn't know a loupe from a cantaloupe, so right there I'm pretty much dead in the water. There was no plan in the beginning, only compulsion. Now that that feeling has left me I feel dazed. I have no plan, and as I have been counseled, if you fail to plan, you plan to fail. Wow, you sure know how to hurt a guy with a simple question! 😉 

UPDATE:  I regret to say I had fallen, and could not get up. I was taken to the hospital. There were some gray areas with the X-rays, etc. I was routinely tested for Covid-19. Positive!  I was treated via "infusion" with an Emergency Authorization Use of a new-fangled drug and discharged presumably for later follow-up after the infection abates. First thing I did was self-test my wife. Positive! She went to get formally tested, and was referred to a nearby Urgent Care car. There she was told to go back to the E.R., for treatment of high glucose blood and elevated enzymes.

So your post, which I replied to, has come back to bite me. I am behind a walker. I do not believe the long term prognosis is encouraging. My wife, I repeat, wouldn't know a loupe from a cantaloupe. Bottom line: I should've paid attention closer attention to your post. Let this be a clarion call to all collectors!  🐓 

Edited August 22, 2022 by Quintus Arrius
Die polishing, typos, etc.

[ldhair]

My properties go to my lady. They will take care of her for the rest of her life.

My collection will go to our son by way of my will. He will not have to pay any taxes and will own the collection at current market value when I pass. His 30 years of being around me has gave him a great understanding of the hobby. He knows I want him to sell off the collection and who to contact to make it happen. I can't sell it for tax reasons. He won't have that problem. 

When my lady passes, all properties will go to our son by way of her will and he will pay no taxes. Not bad for a kid that has never had a job in his life. Truth is, he earned it. Best son a person could ever ask for.  

[Redline68]

On 1/13/2022 at 10:16 PM, The Neophyte Numismatist said:

I started collecting almost exclusively graded coins for this reason.  Graded coins are much more intuitive for a novice to understand.  They remove a lot of the guesswork.  The market value becomes more established, and the coins are more liquid.  If I cannot accurately grade a coin with 85%+ efficiency, my wife has zero chance.  Anything nice that I get raw, I will have graded to save the headache for the inheritor.

I keep decent records, have many written resources, but I have not written instructions on where/how to sell my coins.  

 

I agree.  TPG's are what I choose.  They remove questions about authenticity, grade, and identification.  The last can be particularly important for tokens or non-US coins. Important other facts can be added to the back of the slab with a label-maker.  In this way, I think my heirs will at least have a fighting chance of not getting pennies on the dollar.  I like the idea of communicating suggested auction houses or dealers.  I intend to add that to the "fill in the blank" page of my will ASAP.

To those who plan to sell before you pass, I agree that this would be ideal.  The question then becomes: When?  As one who has unexpectantly woken up three times in intensive care and being told once that I may be permanently blind, once that I would not survive the night, and another that I would not survive 48 hours and to get my affairs in order, I can assure you there was not a lot I could do semi-conscious in an ICU bed with various parts of me not functioning.

Even today after cancer, stroke, numerous surgeries, stiches, staples, glue, clips, cauterizing, plates, rods, screws, and significant ongoing organ damage with a poor prognosis, I don't want to sell off everything.  It feels like I'd be throwing in the towel and waiting around to die.  Plus I enjoy coin collecting more now than ever.

[RWB]

I put "Rogaine" on all the slabs so they would have a nice head of heir. But now I can't read some of the labels -- and red heir'd ones are always arguing about their grades. Geeezzz.

[Quintus Arrius]

On 8/24/2022 at 1:41 PM, RWB said:

I put "Rogaine" on all the slabs so they would have a nice head of heir. But now I can't read some of the labels -- and red heir'd ones are always arguing about their grades. Geeezzz.

I wish I could approach this the way you have, but I no longer can. I am pretty much in the same boat as @Redline68. Worse, as I have [non-jokingly] said before, elsewhere: my wife does not know a loupe from a cantaloupe. I asked her if she knew where my assets were. She said, "I don't know."  I'm dead.