It’s not unusual after someone dies for loved ones to end up fighting over things that the deceased person never thought about, rather than the home, investment and retirement accounts and other high-value assets. That’s largely because people are more likely to detail in their estate plan how those larger assets will be handed down than what they consider smaller assets like collectibles.
Not only can these “smaller” assets like collectibles have great sentimental value, however, but they can indeed have significant monetary value.
If you’re ready to put your estate plan in place, it’s important not to forget about things like watches, rare books, dolls and other toys and other things that may have been handed down to you – even if they’re stored away somewhere, and you haven’t looked at them since you inherited them. Likely, you want to find the people in your family who will most appreciate them.
Getting appraisals from the right people
It can be wise to get an appraisal of any items you think may have some significant monetary value. This can serve a number of purposes.
For example, say you have a collection of old pocket watches that belonged to your grandfather. They may be worth a lot or relatively little. It’s helpful for whomever the beneficiary is to know what they’re worth.
You can get some idea by looking at collector sites online. If they seem to have monetary value, by taking them to a reputable appraiser, you can get an estimate to keep with the items and note in your estate plan so the inheritor knows their value and doesn’t get short-changed if they ever sell them.
Further, if it turns out you have some high-value items, you’ll want to take that into consideration when determining who gets what. You likely wouldn’t want to leave one grandchild a highly valuable collection and leave another one a collection that’s worth almost nothing. Maybe one grandchild would like your collection of much-played-with Barbies that’s worth next to nothing. However, at least, you’d want to even things out some other way.
Handing down your collectibles responsibly and fairly as you craft your estate plan is just one reason why it’s smart to have experienced legal guidance.