Leaving your collection to someone 2 2

[Robot Man]

On 1/5/2022 at 10:12 AM, 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

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. 

[NoMan]

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. 

you are right. it's all fixing to be a bad scene if Noman should become Deceasedman

[KirbyJack]

I’m very proud of my family. After everything was finalized with my mom’s will, her attorney wrote us a thank you note. He said we were the ONLY family he had ever dealt with to have zero conflict. 

[BigLeagueCHEW]

On 1/5/2022 at 9:56 AM, rexinnih said:

Well my two daughters don't have much interest in my collection but my plan is to slowly sell off in my retirement years. 

 I love you dad, think of me.

[BigLeagueCHEW]

On 1/5/2022 at 10:27 AM, KirbyJack said:

I’m very proud of my family. After everything was finalized with my mom’s will, her attorney wrote us a thank you note. He said we were the ONLY family he had ever dealt with to have zero conflict. 

My wife and her brother were on the same level. Both showed interest in sharing everything when their mom passed.

I can't say the same with my sister if my father were to pass.

[KirbyJack]

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.

[Dave2739]

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 have the same plan. I don't want her to have to deal with this stuff when I'm dead. She'll have enough on her plate.

[shadroch]

On 1/5/2022 at 11:51 AM, Dave2739 said:

I have the same plan. I don't want her to have to deal with this stuff when I'm dead. She'll have enough on her plate.

Selling my collection is as much fun as it was putting it together. I logged on to MCS this morning to see $800 worth of sales overnight, and $200 more was bid on my auctions. Then I get an email saying they mailed a check for $2900.  Life is good.

[wombat]

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. 

[wombat]

On 1/5/2022 at 12:55 PM, William-James88 said:

 

What will happen if I ever do die

If? Do you know something the rest of us don't?

[Kevin.J]

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.

 

[MattTheDuck]

On 1/5/2022 at 11:12 AM, 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.

 

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.

[William-James88]

On 1/5/2022 at 2:10 PM, wombat said:

If? Do you know something the rest of us don't?

It's very existential, but if some people have found a way around paying taxes, maybe I'll find a way around that other certainty.

And no joke, part of the reason I have not done a will, nor signed my organ donor card, is because I feel doing that seals the deal. 

As anyone can see from my profile pic, my favourite story is Neil Gaiman's Sandman and I really love that bit about the man who just chose he would not die. We'll see where that gets me.

[fmaz]

One of the big issues with passing down collections, and, I believe, one of the facets of the OP’s original question, is what do with something that has a) monetary value and also sentimental value?

Having just one child, we don’t have to worry about dividing my collection among children, but I have — in the last 10 years or so — been increasingly aware of the vast discrepancy between the monetary value of the collection in my hands and in anyone else’s. Regardlessly of sentimentality. 

What I mean is, at that point my collection was much larger (40+ long boxes) and while there was a lot of good stuff in it… giving that to my son would be akin to giving him a burden. He’s not going to tote that around wherever he lives… and as much as he fondly remembered our shared love of comics (or at least mine) my guess is the sheer size of things would lead him to sell the lot to a collector (maybe saving a few key books for himself?) for pennies on the dollar … since that’s what happens.  That never sat well with me.

So over the past 10 years here’s what I’ve slowly been doing.

1. I’ve been selling down/ consolidating my collection. I’m down to about 15 long boxes now, including 1 long box full of graded books (I had none at that point) … with the goal of eventually getting it down to maybe 8-10, max. This includes my near complete ASM run which I decided to cut off at #400 for sake of size. That alone is 3 boxes. I want the boxes to be ALL good stuff, so that, he could decide to keep it if he wishes, or if not, he could sell it off some of the bigger books, smaller lots or full series, if/when he wanted cash. 

I’ve also taken every $ I’ve made from selling books and bought original comic art with it… which has become my new collecting focus. I frame every piece I buy, and I get him involved in every purchase. I know he won’t end up keeping all of these either… but I’m sure he’ll keep several.. and the rest also he’ll be able to move individually if he wishes.

Now, I still buy books and add to my collection.. mostly because, you know, they’re comics and I love them.  Plus I’m still trying to curate the best possible collection that represents ME I can in whatever 8-10 boxes I eventually leave him.

But I’d like to think that what I think is the monetary value of the collection when I pass it on to him will actually BE the monetary value of the collection to him… so he can choose, of his own accord, between sentimentality and money as it suits him.

[wombat]

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. 

[Brian48]

My collection(s) go to no one.  All my comics are to be shipped to an auction house in the event of my demise.  All profits from the sale will go to my wife and kids.  None of whom care about comics or sports cards.  

[Namtak]

My father has a simple view of things.he said to me -when i die things i had like my coin collection.....dont keep it around just by guilt or sentimental values keep a few as memories or because you like it the rest sell it or give it away.....dont think too much about it i dont want to burden you with any of my belongings its just things after all.and thats what ill do even with his comic collection....some that he prized for a good reason like his first comic he bought and 40 years later he got it signed by herb trimp that ill keep and others that will contribute to my collecting goal. thats just me.....

[fmaz]

On 1/5/2022 at 4:51 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. 

Excellent point, and something I forgot to mention.  As part of my project I started a spreadsheet - it tracks all my art, listing all the pertinent info (artists, book, page, etc as well as est. value).  For my graded comic box I have the same thing.  Same for my vintage toys and statues. For the comics I only have that right now for “completed” sets or parts of the collection I know won’t change… otherwise things are kind of in flux and ongoing.  But your point is well made.   Can’t always assume you’ll be able to talk someone through everything. 

[ExNihilo]

I've expressed to my family the relative value of my books.  CGC books are likely to have the most value.  Books in Mylite2s/Archival bags will range from $100-$1000.  All other books can just be sold en masse to the LCS for pennies on the dollar.  Sure, they could get more selling them on eBay or here on the boards, but I'm not going to burden them with the time consuming nature of listing items for sale that they know nothing about.  I've expressed that I would like some of these books passed from generation to generation, but if my family sells my books, so be it.

I also don't have kids at this time so I don't have to consider the quandary of splitting assets, but if it ever came down to it, my books would be given to whichever children expressed interest in comics.  If that's only one child, then they get the full collection.  But i'd make sure that all my kids understood that distribution of assets would be even.  So any kids who don't get comics would receive some other asset or cash of relatively equal value.  Value is difficult to define though.  You can't just assign a number to something of sentimental value.  I dunno, i'll cross that bridge if I ever get there.

[shadroch]

In my will, I leave all my comics and comics related art to the Hero Initiative. I talked to Steve B. about it a few years ago.