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| Posted: Tue Nov 13th, 2007 11:18 pm |
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1st Post |
mythos
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I have to write a new Will soon. I will be naming the State Trustees as Executors. My son is intellectually disabled and will receive all debts:( and collections . The collections will need to be sold up, so, given that Tarot Collecting is not well known as anything more that a hobby of no value, I need to alert the Executor that the collection is of high dollar value (well, some of it). Any suggestions on who a Trustee could consult? How to go about all this?
Unfortunately I can't leave much to my son to financially help him in life after me ... I work mainly to leave him with living and coping skills which will get him through as easily as possible. He can't read or write, though he can, and does live independently with his partner. He will need lots of support when I cark it ... financial help to sort things out. He has a pension, but I don't want him to be ripped-off. So ... I need them to understand the true value of a tarot collection.
These people (trustees) already know about rare books, and collections of Girl's Boarding School Stories of the 1920's and 1930'2 ... and all my other stuff ... y'know Victoriana, Art Deco etc., but not decks.
Any suggestions?
mythos:)
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| Posted: Wed Nov 14th, 2007 12:41 am |
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2nd Post |
skad1
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I would suggest a complete dated list with an estimated value to be attached to the will. That would let them know that the decks are an item of considerable value, and to treat them accordingly. It also provides documentation.
This is a good thing to think on. I also have wondered what would happen if I was in a car accident or something.  The members of my family that will probably end up as my executors would probably toss the collection as being a "godless creation of the spawn of hell". sheesh
Does anyone insure their collection? My insurance company had alittle trouble with the idea. And they are a national major insurer. We finally ended up putting them in the rare and collectable book category. And since books are quite flamable, the premimum was steep.
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| Posted: Wed Nov 14th, 2007 10:15 am |
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3rd Post |
AdamMcLean
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skad1 wrote:
Does anyone insure their collection? My insurance company had alittle trouble with the idea. And they are a national major insurer.
Here in the UK, standard house contents insurance does not effectively cover collections and artwork. You can put any figure you want on the value of items when you take out the insurance and think you are covered but you will have great problems in the case where you have to make a claim. I have consequently taken out a specialist insurance with a company that specialises in insuring collections, artwork, paintings etc. They insure collectors and people such as antique dealers. It is extremely expensive, but I have no alternative as so much of my life is bound up in my paintings and books and to some extent in my tarot collection. The main problem I need to insure against is fire and the associated smoke and water damage.Last edited on Wed Nov 14th, 2007 10:15 am by AdamMcLean
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| Posted: Wed Nov 14th, 2007 10:59 am |
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4th Post |
debra
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For estimated value, it helps if you have evidence of what you paid and when. Also I suggest that you recommend to the executors the names of a few tarot specialists who could give an estimate of value once you've shuffled off this mortal coil. For example, Jeannette at Tarot Garden knows her stuff across a wide variety of decks--she might do an assessment of value for free or for a fee--you could write and ask her. I know she buys decks from estates. Your son is lucky to have such a mum as you.
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| Posted: Wed Nov 14th, 2007 09:20 pm |
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5th Post |
mythos
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I don't have contents insurance. Costs too much. Keeping a dated list of estimated value makes sense. I thought of Jeannette, but who is to know who is in business, who has retired, who is already collecting tarot decks in their next life-time, when one carks it?
What if one has the misfortune to get Alzheimer's, have a disabling stroke etc, one would be unable to update a list or communicate with a 'Jeannette'? And no, this is not morbid thinking. There is Alzheimer's on both sides of the family. That means that I have high stakes in the genetic crap-shoot of life. Strokes? Berry Aneurysms? Who knows what might happen. Caring for my 82 and 87 year old parents has made me very aware of such issues. I already have a degenerative, and so far, unsuccessfully treated disease, thanks to a blood transfusion in 1975. Hep C ... what a delight. Not to mention a whole host of other chronic illnesses. If my son was not intellectually disabled, I 'd just leave him the lot and know that he could deal with it. There is no one else. That is the disadvatage of living a life of solitude and isolation. It's a choice but, like any choice, it closes doors on some options.
jmd from AT's would be ideal because he only lives a dozen or so kilometres from where I live, but we are in the same age range. Another consideration.
I suppose that I will go with the itemised list with estimated values and a clear note pointing out that these decks are only increasing in value.
When I'm dead I'm dead ... but I would like to help out my boychild whom I love.:)
mythos:)
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| Posted: Wed Nov 14th, 2007 10:11 pm |
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6th Post |
Papageno357
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the only way to ensure that your child will be reap the full monetary benefit of your collection is to sell while you are still in control.
This is a practice wise collectors (in all fields) fall back on and it makes estate planning much cleaner.
at some point you'll have to deal with the unpleasantries of advancing age and you'll need to make a decision.
better you should dispose of your collection properly when the time is right, instead of leaving it to chance......because if your heirs are not knowledgeable or incapable, they inevitabley get short-changed.
Last edited on Wed Nov 14th, 2007 10:12 pm by Papageno357
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| Posted: Wed Nov 14th, 2007 10:20 pm |
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7th Post |
mythos
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Thank you papageno. That is not an option which I had even thought of. It is a good one.:) Mind you ... the thought of selling any of my decks ... even the cruddy ones is difficult to contemplate.
mythos:)
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| Posted: Wed Nov 14th, 2007 10:39 pm |
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8th Post |
Papageno357
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the other thing to consider is that you want to minimize the impact on your estate.
it may be an ego boost to say......look I have thus and such in my collection, aren't I clever.......but unless you are someone like Jeannette or Adam, it really doesn't make sense (to me) to impose an additional (potential) financial-administrative burden on the estate........although the executor will love it.....they will deduct that extra %for the time and effort spent on trying to assess and dispose of your collection.
do you want to make your child secure or the executor rich?
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