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When You Are Gone...

Started by marvelmaniac,

75 posts in this topic

marvelmaniac

marvelmaniac

Posted
Posted

Where do you foresee your books/collectibles going after you are gone???

I have 2 children (Son 39, Daughter 36) who I know will fight over the collection after I am gone.

As I got older it is something I thought about and did something about.

I created a will and broke down the collection by Titles and Numbers so it is specific who gets what.

Tried to keep it as equal as possible value wise.

I am a man of modest means so it is basically all I have to leave them of any real value.

My Son has collected with me and has gone to small shows and cons with me over the years(over 20) so he will want to keep his share.

My daughter on the other hand is going to want to sell, she even asked me...

"Will you be angry if I sell your comic books".

It still bothers me to this day that they may fight over the books or my Daughter will be looking for a quick buck and get taken for a ride just to sell quickly.

I already mentioned to my Son to look out for her.

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1Cool

1Cool

Posted
Posted

Knock on wood - I'm a ways from that stage in life but I think I'd slowly sell off my collection and invest the money into bonds or something to make it easy on my relatives. For me part of the thrill of collecting is seeing a book I bought for $10 become a $500 book over time but that's just me. If I had a huge mega collection (+ or - half a mill or more) I'd love to auction them off at a big auction house and sit in the back and watch the action. Of course I'd keep a short box of books that I enjoy too much to part with while I'm living but the rest can be liquidated while I'm still kicking.

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tv horror

tv horror

Posted
Posted

I can see your point, there will still be friction over who has been left the best books. You say your son shares your passion then why not leave them to him to continue your legacy, is there a house or other legacy like an insurance that she could have an equal share in the amount of the comics value instead. My own father when he died left no will but the personal effects he left are still very dear to the family and will be passed on along with his memory. Good luck on your decision.

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wombat

wombat

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No idea what kind of dollars we are talking about, but could you arrange for your son to buy out your daughter's share if possible? Maybe have something else of similar value replace the comics for her.

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comix4fun

comix4fun

Posted
Posted
Where do you foresee your books/collectibles going after you are gone???

I have 2 children (Son 39, Daughter 36) who I know will fight over the collection after I am gone.

As I got older it is something I thought about and did something about.

I created a will and broke down the collection by Titles and Numbers so it is specific who gets what.

Tried to keep it as equal as possible value wise.

I am a man of modest means so it is basically all I have to leave them of any real value.

My Son has collected with me and has gone to small shows and cons with me over the years(over 20) so he will want to keep his share.

My daughter on the other hand is going to want to sell, she even asked me...

"Will you be angry if I sell your comic books".

It still bothers me to this day that they may fight over the books or my Daughter will be looking for a quick buck and get taken for a ride just to sell quickly.

I already mentioned to my Son to look out for her.

 

 

 

 

 

 

My goodness...this is the Macabre Monday Thread.

 

Kudos to you for trying to do the right thing by everyone, even after you are gone.

 

I can't imagine saying something like that to my Dad. He's mentioned to me about things being left to me, etc. but I couldn't imagine discussing with him details of how I would then liquidate them.

 

If you want to protect her you should probably make your son executor and put him in charge of liquidating the portion of books assigned to your daughter and that she would receive the net proceeds of such sale. That way the child who understands the value will have control to prevent them being given away and your daughter will still get what she wants out of it, cash.

 

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joe_collector

joe_collector

Posted
Posted

Easy solution:

 

Sell a few big books, set up a T-bill or GIC for your daughter and will the rest of the comics to your son.

 

All she wants is cash anyway, and that way you can sleep well at night knowing your collection will stay intact for a while and Chuck isn't going to get 1/2 of your books for a bag of magic beans.

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thunsicker

thunsicker

Posted
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I have three kids and two who are interested in my comics. As they are a very small part of any estate I leave (under 3%) I've just said that they should split them between them and let my other kid choose something of equal value.

 

On a separate note I have great respect for your daughter. Talking about these issues are never easy and I'm sure it was not easy for her to broach this subject with you. My parents always talk to me about estate stuff, their parents never talked to them, making their own planning very difficult.

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comix4fun

comix4fun

Posted
Posted
When I die I'm taking all my collectibles with me in a giant funeral pyre.

 

 

Make sure you crack 'em out first.

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jaeldubyoo

jaeldubyoo

Posted
Posted

I have a wife and daughter who have absolutely no interest in my collection. The thing I worry about my collection would be dumped for pennies on the dollar. I'm leaving instructions for my wife on how to dispose of my collection. Whether she follows any of the instructions is a different matter. But she is a shrewd and astute woman and knows it can make a difference of thousands of dollars.

 

In regards to the OP's daughter and son--personally I would leave the collection to the son and find something comparable to leave for the daughter. Hopefully that will make it more equitable and the collection goes to the one most interested in it.

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spidrvacc

spidrvacc

Posted
Posted

I have a plan in my head of a sell point of all my collectibles minus the few I hold dear. I don't want to leave them behind . Will pick out my best few books to leave to my son. Im only in my 40's so hopefully I got a long time to worry. But even when I was 15 I always said when i hit 55-60 I would sell , so for now 55-58 is the sell date. Still 6-8 years to that imaginary date. But me and my wife plan to sell the house in a few years as the kid moves out / goes to college etc and move into a small apartment somewhere. Would want to downsize at that point. I remember my uncle when I was younger he was a model car and train enthusiast. When he moved he sold most of his cars and trains keeping his favorite. My father in law has had a austin healy with him for 25 years. Took that car from NY to Denver to Nevada to NJ now. He worked on it all weekends etc. Finally he is thinking of moving out of the house and downsizing at 70 and he sold it. Was a shock. But its what we do.

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InvstmntComcSuply

InvstmntComcSuply

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I am a man of modest means so it is basically all I have to leave them of any real value.

 

If the books are the majority of your estate, ask your son which 10, 20, or 50 comics he would like to have. Go with a flat number of comics that you think would end up being about 20% of the value of the collection.

 

Begin selling the remaining high value books

Put 1/4 of the collection value away for your daughter and the remaining away for a rainy day fund.

 

Enjoy the drek and leave it to your son.

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mrwoogieman

mrwoogieman

Posted
Posted

I told my wife she will be all set with the life insurance and pension and what not so that she doesn't need to think about what to do with all my comics.

 

What I want her to do is offer them for a buck each at some kind of estate or tag or garage sale and blow them out. Pass it along to future generations of collectors.

 

Obviously I'm not someone who has a significant amount of their net worth tied up in collectibles. ;)

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musicmeta

musicmeta

Posted
Posted

Good Thread! I "plan" on selling most of mine before I'm gone but will leave instructions on how to get the most value or direct them to reputable dealers that will treat them fair.

My wife will want to sell them ASAP but she does know some of them are worth a few bucks so she won't get burned selling.

 

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