Leaving your collection to someone 2 2

[Kevin.J]

On 1/5/2022 at 7:12 PM, Kevin.J said:

I don't want to stick anyone with a headache as no one in my life has any interest in comics at all and I fear some big dealer taking my missus to the cleaners.

Recently a local auction house sold a fairly large collection after the owner died and left it to his sister, knowing nothing about comics, she put the whole lot to auction and did very well.

My collection is a lot bigger and broader than that one but I do think it maybe an option for the future, I just don't think I can bring myself to do it yet.... or ever.

I would like to downsize to a nice little cottage in the country but I don't think that can ever happen if I keep my collection.

I would have loved to pass my collection on to someone who had passion for the hobby, but I guess it wasn't to be.

 

 

On 1/5/2022 at 7:37 PM, MattTheDuck said:

Have a "pick 'em" here on the Boards where you list all the books you want to pass along to hobbyists, and then anyone with at least 2,000 posts on this site can be in a line and choose books one at a time each until they're all gone.

Yeah I don't think my missus would be too happy about that, she has her heart set on the auction at some point I think, whether or not that includes my involvement or not remains to be seen

My big give away was about 10 years or so, I was desperate for space so I gave away all my worthless drek and a lot duplicate 1970s-2000s Marvel & DC runs, so many you wouldn't believe it, she wasn't happy then either, even though it was really her idea, she would be really mad if she knew that a lot of that worthless drek isnt drek anymore  

 

[KPR Comics]

On 1/5/2022 at 1:12 PM, NoMan said:

in all seriousness i still have to get my will changed. as the wife and i have no children the bigger books are given to some mess friend of the wife who doesn't like me and i don't like him. it's really something i have to sit down with the lawyer and do

Strike through his name and insert the name of the person you want them to go to.  Then initial the change.

 

[troydivision1]

On 1/5/2022 at 1:48 PM, KirbyJack said:

My wife is very concerned that I will die and that my collection will be a giant headache. My plan is to sell off enough that what’s left will be easy.

I read on these boards many moons ago about selling down the collection at least 10% per year beginning at [insert age here] and I took it to heart.
So, each year I sell approximately 10% of my books on eBay.
Pool the money and improve my 50 piece personal collection.
This year my partner, step-son (who already helps with packing), and I will begin working together on selling.
I do keep a excel file of the current FMV (updated monthly) of my personal collection and also all my slabs to be sold.

This next part my read blasphemous, but if I had my way I'd ask for a few HTF /rare books to be cracked out of their cases and tossed into a bonfire along with my ashes.
(I've always teased my partners throughout the years that whilst they are my current love - comics were my first and Star Wars was second)

[lizards2]

On 1/5/2022 at 1:51 PM, wombat said:

For everyone saying they will liquidate their collection so it isn't a burden for anyone, that is great until you get hit by a bus tomorrow. You should definitely have a plan B so people know what to do if they have to do it themselves. 

My dad was run over and killed in a Walmart parking lot. We thought he had another 20 years left. Life interrupted.

I think about that all the time, as far as how quickly to get affairs in order.  I should live until 90 or 100 - but he should have as well.

[gadzukes]

I'm 60.  I made out a will this year (finally).  It was fun allocating comics to different people.  I have a wife, a son, a daughter, and 2 step daughters.  I left some serious comics to all of them.  I have a Supe 1, a Cap 1, and an AF15 7.0 so there's some serious value there.

Of course.... I consider my collection to be a big part of my retirement so I'll probably have to adjust my will a few times as I negotiate my retirement.  But it felt good to have some things set in stone so there's no in-fighting if I pass unexpectedly.

Also.... I've taken to putting a strip of blue painters tape on the back of every slab I own with the name of my wife or one of my kids to let them know it's for them in case something happens to me.

Edited January 6, 2022 by gadzukes

[oakman29]

On 1/5/2022 at 10:15 AM, Robot Man said:

Do it and do it soon. I dragged my heels and procastinated for a long time. When I finally did it, it was pretty quick and easy. Lifted a lot of weight off my shoulders. 

My wife is a probate paralegal and she sees this stuff every day wills are contested and usually never what the deceased wishes. What you really need is a living trust, or else it will go into probate.

Legal fees are free for my input.😉

[PopKulture]

On 1/5/2022 at 9:14 PM, oakman29 said:

My wife is a probate paralegal and she sees this stuff every day wills are contested and usually never what the deceased wishes. 

I've seen this more than a few times too in my experience.  

[oakman29]

On 1/5/2022 at 11:08 AM, wombat said:

I have provided my wife with the names of people to help her sell if needed. I should probably tell those people they are on the list. 

I gave my wife the same thing in my living trust. There are actually 6 people on the boards here for her to call. You Wombat are one of them.

[PopKulture]

More than once, I've spoken with my wife about MyComicShop as an option. In time, I'll put a few more options to paper. This topic usually comes up when she expresses a concern that I'll precede her. 

Trouble is, I have so much other stuff beyond comics that are a lot less liquid or widely-collected. If my boys have no interest in investing the minimum effort to realize a fairly sizable return selling these other collectables on the Bay or some other venue, then at least they can scroll through my phone and call any one of my numerous collectables contacts and at least give them to someone that gives a damn. A neat old cigar box, a rare pop bottle, an old B-movie poster, a fairly ornate old tobacco tin, my leather-bound two volume edition of John Marshall's biography of Washington, an early Hal Foster Tarzan Sunday page - even a comic - these are things with little to no intrinsic value; instead, it provides an eventual opportunity for the owner to become a prospective seller and maximize its potential. Invest little or no time, and you're likely to realize little potential. With a fairly minimal time investment, your ability increases dramatically to turn some of these relics into that month's utility bill, or a seemingly unremarkable clump of similar artifacts into a weekend getaway.

We're continually trading time for wealth in some capacity, and knowledge optimizes your return. I tell them this all the time: hopefully, they're listening.  

Edited January 7, 2022 by PopKulture

[wombat]

On 1/5/2022 at 10:50 PM, oakman29 said:

I gave my wife the same thing in my living trust. There are actually 6 people on the boards here for her to call. You Wombat are one of them.

Lol. You are on my list. 

[Terry JSA]

On 1/5/2022 at 8:44 PM, gadzukes said:

I have a wife, a son, a daughter, and 2 step daughters.  I left some serious comics to all of them.  I have a Supe 1, a Cap 1, and an AF15 7.0 so there's some serious value there.

What would it take to become your son? Asking for a friend. 

[Robot Man]

On 1/5/2022 at 7:14 PM, oakman29 said:

My wife is a probate paralegal and she sees this stuff every day wills are contested and usually never what the deceased wishes. What you really need is a living trust, or else it will go into probate.

Legal fees are free for my input.😉

Yes, I went with the Living Trust. 

[oakman29]

On 1/5/2022 at 9:11 PM, Robot Man said:

Yes, I went with the Living Trust. 

You are a smart man.👍

[PopKulture]

On 1/5/2022 at 11:11 PM, Robot Man said:

Yes, I went with the Living Trust. 

Definitely a solid option, but the successor trustee can often become the "bad guy" if the rest of the trustees can't agree on something not fully spelled out, such as the disposition of commonly-held assets - often a house or other property. Bottom line: if it's in one's nature to be contentious, then no amount of mindful planning will prevent them from being someone else's headache. It's unfortunate that the hobbies that bring us the most joy can have negative consequences when we're gone. 

Edited January 6, 2022 by PopKulture

[Timely]

My dad has a house full of car parts for exotic older Lamborghini’s and other  sports cars. “This bolt is rare and is worth $500, this one I can get $40. This carburetor set is worth 20k.” Now imagine a house full of this! I keep telling him we have no idea what these car part are and what they are worth. It would take years for him to document all the stuff. Some parts guy will come into this house and buy everything for pennies on the dollar. 

[KCOComics]

I have two younger children (9 and 4) and I do need to do a will at some point. 

I've always assumed that some day this won't be as fun anymore. I won't get the same thrill out of chasing keys and arguing about wolverines first appearance.  When I reach that point, I'll discuss it with the family (my children would be adults I imagine).  And like with any asset, I do view it as a family decision. 

Ideally, I would like to leave my kids the book or books that mean allot to them.  1 or 2 comics they would have down to their kids one day. 

My oldest son and I have spent many weekends driving all over New England to hunt down old funny books and I hope those memories will be important to him. My youngest son is getting to the age where he can join us. Comic books have been important to me for years, but bringing my children along for the journey has made it incredible.  

So I would hope there would be things they would want as a keep sake. But the majority of the collection I would want to sell and use the money to improve life for my wife and children..... Many many years from now. 

 

[D2]

Leave them to me!!

[Robot Man]

On 1/6/2022 at 5:58 AM, KCOComics said:

I have two younger children (9 and 4) and I do need to do a will at some point. 

I've always assumed that some day this won't be as fun anymore. I won't get the same thrill out of chasing keys and arguing about wolverines first appearance.  When I reach that point, I'll discuss it with the family (my children would be adults I imagine).  And like with any asset, I do view it as a family decision. 

Ideally, I would like to leave my kids the book or books that mean allot to them.  1 or 2 comics they would have down to their kids one day. 

My oldest son and I have spent many weekends driving all over New England to hunt down old funny books and I hope those memories will be important to him. My youngest son is getting to the age where he can join us. Comic books have been important to me for years, but bringing my children along for the journey has made it incredible.  

So I would hope there would be things they would want as a keep sake. But the majority of the collection I would want to sell and use the money to improve life for my wife and children..... Many many years from now. 

 

Do not procrastinate big things like this. Do it now. It is very important. You literally don’t know when you wake up in the morning if today could be your last.

I had a life changing situation arise a few years ago that I was not prepared for. Getting my Living trust and a financial planner took a couple of meetings and a couple weeks. Way easier than I thought. Felt a huge weight off my back.

Not cutting the lawn or fixing a kitchen cabinet are things you can procrastinate.

[MattTheDuck]

On 1/6/2022 at 5:58 AM, KCOComics said:

I have two younger children (9 and 4) and I do need to do a will at some point. 

I've always assumed that some day this won't be as fun anymore. I won't get the same thrill out of chasing keys and arguing about wolverines first appearance.  When I reach that point, I'll discuss it with the family (my children would be adults I imagine).  And like with any asset, I do view it as a family decision. 

Ideally, I would like to leave my kids the book or books that mean allot to them.  1 or 2 comics they would have down to their kids one day. 

My oldest son and I have spent many weekends driving all over New England to hunt down old funny books and I hope those memories will be important to him. My youngest son is getting to the age where he can join us. Comic books have been important to me for years, but bringing my children along for the journey has made it incredible.  

So I would hope there would be things they would want as a keep sake. But the majority of the collection I would want to sell and use the money to improve life for my wife and children..... Many many years from now. 

 

Also be sure you have enough life insurance right now.  We had a friend die in a plane crash leaving a non-working spouse and three young kids without any life insurance at all. 

[revat]

On 1/6/2022 at 4:42 AM, Timely said:

My dad has a house full of car parts for exotic older Lamborghini’s and other  sports cars. “This bolt is rare and is worth $500, this one I can get $40. This carburetor set is worth 20k.” Now imagine a house full of this! I keep telling him we have no idea what these car part are and what they are worth. It would take years for him to document all the stuff. Some parts guy will come into this house and buy everything for pennies on the dollar. 

Does your dad have a 'car guy' that he trusts that he could make (or recommend) a trustee of the 'car stuff' who would oversee (with pay) selling off of car stuff?  Or one could research a car part auction house ahead of time, who will catalogue and auction everything off (for a fee of course, and/or percentage of sale).  Obviously you won't get the full price as if you were selling each piece individually for retail, but with a bit of planning and research and maybe legal help you could plan to make it smoother, net 30-60% of value (instead of less than 20%), and make sure the tax planning works properly.

Or at minimum have your dad right now try to identify things that are over some dollar threshold, maybe $5K or $10K.  I don't know anyone's ages or proximities, but you could just slowly start a project of every time you see him spend 30 minutes or an hour sorting and cataloguing stuff.  Bring in a box or whatever.  Get to spend time with your dad, make things a bit easier for the future, etc.