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From time to time, I run across a news story that has the form of an “old master painting hanging for years in a local place, discovered to be a lost work of some great painter, worth millions.”
I have been trying ever so slowly to throw away things I no longer use. I realize that some stuff may have actual value. I found the photographer of polar bears playing I bought for my son’s room has become quite distinguished–the last sale was $1475 on eBay. Would my family have taken the time to research the photo? I can’t point my finger at them from the grave, but I am sure they will point a finger back at me for not leaving a list of valuable items.
If you devoted a lifetime to collecting stamps or Royal Dalton figurines, your family will probably know to treat them differently from a stray Pokémon card. Maybe you have already itemized the valued items in your estate plan? Did you leave the collection intact to one person, individually allocate the pieces, or leave it to them to figure it out? You could just tell your heirs to sell them. Have you provided instructions so they know the best dealer is not eBay or the Facebook Marketplace, but the dealer you visit once a month?
You need to inform the family of these items now and later. I have a few valuable first-edition books that I scooped up in bookstores over the years. I cannot expect my kids to know they have more value than the 100s of other books I own. If I want to try to protect my assets after I am dead, I need to tell my heirs what is valuable and how to liquidate the items best. They do not have to listen to me and can sell them or give them away, but at least I can help them make a conscious decision. Like all estate planning issues, you can make the process easier if you discuss and inform them in advance. A listing of valuable items, describing where they are, and a conversation will help your family settle the estate and help prevent sticky fingers from walking off with them, thinking no one else in the family values the item.
While the first edition I scooped up at Powell’s Bookstore may be worth more than my estate legal bill, your son may value more that collection of Hardy Boys books ($125 on eBay) you both read to share with his children. Another son may value your old golf clubs or boat —those items they have a connection with from time spent with you. Understand the difference between emotional and economic value.
Most of us are unaware of the emotional connection family members have with different objects in our homes. And family members may not know your connection with ‘stuff.’ When my grandmother died, I asked my mom for the candlestick holders my grandmother used every Thanksgiving. My mother said, “She probably bought those for a dollar at Woolworths.” The next Thanksgiving, I hosted Thanksgiving, and I saw a tear in my mother’s eye when she saw them on the table. Will my kids remember the story? Should I expect the same emotional connection with a great-grandmother whom they never met? What of mine do they value that is not valuable?
Free may have a cost — be practical. Last week, while buying stamps in the post office, I overheard a woman and the clerk discussing the cost of shipping a large painting to Arizona. Given the size and distance, the cost was over $250. “Let me return after I think about if I really want this?” she said. Will the daughter who wants that painting of the Maine coast from the family vacation spot want to ship it to their home?
Have a discussion with your kids. Ask whether specific items have emotional value, and create an inventory. Inventory the items of value the kids may overlook, and discuss with them who should get what. You may want to sell now or donate the valuables no one wants. If you already have a will, ask your attorney what the easiest way is to amend it to add an inventory of items and who gets what. Ask whether a simple codicil —an addendum —is easier to create and update than updating the whole will. If your state imposes an estate tax, ask about the advantages of gifting items of value now to reduce your eventual estate tax.
The journey of sorting through your possessions and understanding their value—both sentimental and monetary—can be daunting, but it’s an essential step toward ensuring your family’s peace of mind and preserving cherished memories. By communicating with your loved ones, creating an inventory, and seeking professional advice, you can help prevent misunderstandings and potential disputes. This proactive approach not only safeguards your legacy but also fosters a deeper appreciation of the emotional and historical significance of the items you leave behind. Ultimately, thoughtful planning and open discussions will enable your family to honor your wishes and celebrate the stories embedded in each treasured possession.
Matt Halperin, CFA, is the founder of Act2 Financial, an app that helps seniors avoid financial fraud. For 30 years, he worked as a portfolio manager and risk manager at large U.S. money managers. Matt currently serves on the investment committee of two endowments. He has a BA and MBA from the University of Chicago, and resides outside of Boston.
Apparently some Pokemon cards are sufficiently valuable people are stealing them.
Older people have valuable items without being aware of it. The right plastic toy from the 70s or 80s can be worth a lot of money, particularly in the original box. A lot of these types of items are stowed away in attics or garages.
I have a Thomas Kinkade print of the SF Giants ballpark during the 2002 World Series hanging in my home office. At a Fan Fest event in 2003, they were selling 100 autographed copies (he was there signing) for a $100 donation to the Giants Community Fund. Kinkade isn’t normally my cup of tea as a painter, but the print is beautiful and $100 donation to charity was a no-brainer. Some years later, Kinkade died suddenly and all of his work became more valuable. I looked up my print and it was valued at $3500! I’m keeping it because I like it, but I don’t know that anyone would think it was valuable after I’m gone.
Similarly, in 2021, we were looking to decorate our new condo and bought five prints by a Hawaiian artist from a gallery on Front Street in Lahaina. Lovely people there; we’d stopped in regularly on our visits to Maui, and it was fun to actually buy something. They gave us a recommendation about where to get the prints framed in Northern California, and they turned out just beautiful. We sent photos of them hanging on our walls back to the gallery in Lahaina, and they were so happy and shared the photos with the artist. We last stopped in at the gallery in May, 2023, to say hi. Of course, the sad ending to this story as that Front Street burned to the ground in August 2023, including our gallery. Those pieces of art have incredible sentimental value to us now. I walk by them and say a prayer for the residents of Lahaina as they still are in the early stages of recovery more than two years later.
My wife Suzie has an original “swimming girl” poster from the UK West End cinema premiere of Jaws. She got it from the daughter of Spike Milligan—a legendary British comedian, although I don’t think he’d be known in the US—who she lived next door to as a kid. I’ve got no idea how or why Spike’s daughter had the poster in the first place, but there you go.
We just consulted with our elder law attorney regarding making a few small changes to our document. We just received the letter to sign with the cost for the changes. He wants us to pay $2,800, including a $750 professional courtesy discount to affect the changes. We are mulling over whether to go ahead with the changes since they are so minor.
Ouch!
This was good. Thanks, Matt. We have gone through this with my family and will be going through it again soon with Spouse’s family. Sentimental and emotional items mostly. We are retirement age ourselves, so don’t really need more stuff. And our kids don’t want our stuff. Chris
Comprehensive post. Personally, I would hope the collector has already done the heavy lifting with a list of valuable items in their estate documents.
Over the last few years, I’ve dealt with clearing out three family members’ homes. I certainly didn’t spend any time going through the deceased’s belongings; it’s a time-consuming and difficult enough commitment without the additional responsibility of trying to value items. That commitment, I feel, rests solely at the collector’s feet.
Yup. If you feel it has value then best to document all that for the estate or better still sell while still able to adminster it, otherwise it will likely be some house clearance picker making the money.
I’ve noted the value of a collection is often in the eye of the collector and the satisfaction it brings to that person rather than a financial return.