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Protecting Your Heirs


nicholasz219
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Sorry, I probably am different of you but I do not understand why the people would worry of what happens to their things when they die.

 

Ideally, I suppose what I'd like as a coin collector (alive or after death) is someone to see and appreciate my collection as I do. Knowing the time and effort it takes to complete collections and the eyes/judgement it takes to pick the better pieces from the not-so-good ones. The main point of the article is that this is quite a lofty goal, perhaps even an unrealistic one.

 

I'd say a fairly high percent of coin collectors are also investors and bargain hunters at heart- I know I definitely am. There's a part in most of us that enjoys spending the time to pick quality coins for not just their beauty, but also for their future investment potential. I wouldn't exactly be turning in my proverbial grave if my heirs sold all my coins off at face value, but the thought sure gives me a twinge. At the very least I'd like my hard "work" (cherry picking, cataloging, evaluating, etc) to provide them some happiness from the (proper amount of) money earned on their sale.

 

 

Why the people care so much of what would happen with their things when they die. Why do not you think what happens to YOU after death?

 

This is certainly a valid question, but not one I am even going to touch with a 10 foot pole!

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GX: A Cherrypicker at heart, you always will be....

 

Kopeikin: I see where you are coming from, and respect that and my opinion will be explained in the reply below to KoRnholio...

 

Kornholio: You are probably about 75% in the same line of thinking that I am in your response. I'll clarify my reasons as to why I posted the link to the article.

 

My Dad died when he was 48, after a year long losing, possibly hopeless battle with brain cancer. Luckily enough, my Dad was of sound mind enough to get his house in order while he still had the capability to do so with my Mom. If you think the thought is a dreadful one to consider while perfectly healthy, think of the trauma it causes both you and family to do when the verdict has already been rendered.

 

Also, I started collecting like most of you when I was pretty young, at about age seven. I never was presented with the death scenario until I became a teenager when a good older friend of mine, Ted, passed away unexpectedly. Luckily, Ted and I were friends with the same dealer who is as honest as they come and Ted's wife entrusted the dealer to help her liquidate the collection responsibly (fair price to people who enjoyed the coins or would put them on the market for those who would enjoy them). I was honored to be asked to help catalog, grade and price the coins as well as spread the word to fellow collectors.

 

I guess the best thing we could do while living is just prepare a set of directions with the locations, values, people to preferably go to, et cetera now so if we fall ill, we can just tell the next person where to look for "everything" or if we get hit by a train they will find it in the safety deposit box or in our personal papers. A simple how to or instructions left in a will clears up a lot of confusion, bickering and loved ones getting whamboozled out of their rightful inheritances.

 

If I didn't have a daughter or anyone that loved me when I die, well then throw my coins in a ditch. They are after all, just things. I can't do anything then anyway. But I do have a daughter and if she doesn't care one bit about what I cared about that would be fine. But at least she could use the collection to get the right amount of money to do some good for her, in whatever regard she saw fit. If I could give her a bit of happiness or relief after I am gone, well, that would be worth the twenty years of cherrypicking, grading, cataloging, and everything.

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G

 

If I didn't have a daughter or anyone that loved me when I die, well then throw my coins in a ditch. They are after all, just things. I can't do anything then anyway. But I do have a daughter and if she doesn't care one bit about what I cared about that would be fine. But at least she could use the collection to get the right amount of money to do some good for her, in whatever regard she saw fit. If I could give her a bit of happiness or relief after I am gone, well, that would be worth the twenty years of cherrypicking, grading, cataloging, and everything.

 

Well said.

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On a more serious note, when I made the inheritance back in 2002 I found some safe deposit box keys, loose - no bank name etc. Just a couple of weeks ago I finally found the stuff on an unclaimed property site, a safe deposit box that we had not been informed of.

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