The Most Fun Part Of Estate Planning: Taking Inventory Of Your Memorabilia Collection
What is it with old guys collecting old stuff and talking endlessly about it to anyone who will listen? Your grandpa had his coin collection, your dad had his baseball cards, and the neighbor who lived down the street had a garage full of model trains. Some guys love vinyl records, some love old comic books, some love vintage military supplies, and some dude on YouTube even collects MREs from around the world. There is something about collecting items from your youth, or even stuff that previous generations associated with their own youth, that brings you inner peace. It is hard to explain whether tending your garden of once-prized items makes you feel young or whether it helps you make peace with death, but the truth is that time marches on. If you are a millennial or a member of Generation X, your kids do not appreciate your Star Wars figurines nearly as much as you do, and when you die, the action figures that made you smile for decades will be, to your family, just another pile of “personal property” for them to sort out. That is, unless you state explicitly that they are a valuable part of your estate. An Orlando estate planning lawyer can help you turn your collection of what is, to all appearances, old junk into valuable assets that your family will be proud to inherit.
You’re Not Living in the Past; You Are Saving Your Heirs Time and Money
Bringing a shoebox of collectibles to Christmas dinner and shouting, “But this limited edition Luke Skywalker action figure is so cool!” while your grandkids barely look up from their devices will not make your heirs wealthier. In fact, it might make them poorer. Your family might not love Star Wars, but they do love you, and after you die, your collectibles will just be a reminder that you are gone. They will just put your stuff in storage and ignore it, or sell it at an estate sale for much less than its value.
Instead, you should make a spreadsheet listing each item in your collection and details about its condition, authentication certificates if any, and how it came into your possession. Follow the memorabilia listings to see how much the items have sold for recently. Update the spreadsheets to show when, where, and for how much analogous items sold. This project is as much fun as it sounds. What could be better than reading up on the items in your memorabilia collection? It is the ultimate labor of love for your memorabilia collection as well as your family.
Contact Gierach and Gierach About Sharing Your Wealth With People Who Don’t Share Your Passion for Memorabilia
Dealing with a deceased relative’s personal property can be a major struggle. An estate planning lawyer can help you itemize your personal property to make less work for your family members during probate. Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.