What Are The Steps You Take When You Inherit A Collection?

Thank you internet. If there’s one thing that the World Wide Web has proven, it’s that no hobby or interest is unique to just one person. Every single thing has a market or community. This can come in handy if you inherited a collection and you want to sell it. In today’s video, we’re going to address what happens when you inherit a collection.

If there’s one thing, just one thing that the internet has taught us, it’s that there is a community, a marketplace for everything no matter how weird, how out there, there are people who want to be a part of it, who want to buy that thing.

Perhaps this is even truer than ever today with NFTs. If you’ve lost a loved one or you’re handling the Estate for someone or perhaps you’re handling the sale of the items from the Estate as a reseller, and there is a collection, there are few steps that you have to take. 

What Are The Steps You Take When You Inherit A Collection

 1) Make sure that the Heirs all agree on the plan of action. Do they want to keep it for themselves? Do they want to sell it or perhaps donate it? Or do they want to hold onto it in the event it may increase in value?  We’ve seen some homes where a collection of items is so old or so original that it actually belongs in a museum! All Heirs need to agree in order to move forward.

2) Before you deem something trash, because it has no inherent value to YOU, you definitely want to search to find those who may enjoy it and do some research on what they’d be willing to pay for the collection. You can find a specialist in that particular field to handle the research and negotiations.

3) Sentimental value. We cover this in a few other videos as well. Be warned that while the items in this collection may have sentimental value, they will probably serve someone who appreciates them much more than sitting in boxes in a basement somewhere. And in the future you will still need to take care of it.

4) This is a variation on the desire to keep it – if you think your collection has value that will appreciate over time – That’s what the specialist should be able to tell you. But remember, someone has to be willing  to store the collection carefully until that time It’s a potential point of conflict among Heirs, which usually means siblings.

Hope that helps.

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Are you in a fog and need help seeing your way through this mess? Let us help.

Discover exactly what you need to do as the legal heir to ensure that your loved one’s affairs are handled properly from a legal and financial perspective.

Can An Ex-Wife Cash In???

Can An Ex-Wife Cash In???

In our asset recovery search – we sometimes find an insurance policy with a really weird twist.
I’ll give you an example.
Robert died and Robert had an insurance policy.

Read More »