1. Home

What Happens to Your Collection if You Drop Dead. . . . Unexpectedly?


You hear about this happening all the time. A long-term collector dies and the spouse or family has to dispose of his or her collection. What would happen to your collection if it had to be sold or disposed of by your family next year? Now think what would happen if you died today! Who would do it and how? I personally sold a large part of my fishing lure collection recently and learned a lot I hope to apply here to help others who may want to make plans to sell their collection.

We've all heard collectors 'joke' about how they fear, if they died, their wife would sell their collection at a garage sale and get $5 a piece. The reality is more likely that a 'friend' of the family would liquidate your collection and, depending on the friend's level of expertise and connections, the price realized would vary considerably.

Who sells your collection if you die suddenly will make all the difference in the world. Where they sell it is almost as important. The question you have to answer is who will sell your collection and how. The choices you make now will pay rewards to your family at a time when they don't have the desire or knowledge to do research to sell your collection. People often put off this kind of planning, like their will, because no one expects to die suddenly. But, it happens and we all know it.

Now, I'm not talking about putting a page in your will to tell your family your wishes that your buddy Fred will take care of your collection. I'm talking about a full-blown liquidation plan made by the person who knows your collection best...you.

I'm going to ask you to confront this problem by taking action to make a plan. This will help your family avoid this task by you taking a few steps now.

Next >> Echols' Action List for Your Collection

©2014 About.com. All rights reserved.