|Will your family know what your collection is worth?
James' uncle Fred passed away last year. He collected old tractors. Fortunately, James and his dad knew somebody reputable to find out the value of the tractors before selling them. Fred really enjoyed going to tractor shows and looking at tractors. It was good to make sure that he hadn't purchased some really valuable tractors over the years. It would have been better if we had found out he collected some that were very valuable.
It made me think of the different things that people collect. If you collect something valuable, leave a note to your family of what the items are worth. It’s also a good idea to give them a name of whom to contact to sell the items. Also, it helps to have the history behind the item.
Read more about helping your family learn the value of your collection on her blog.
#8 Estate Planning Mistake - Failing to Organize and Consolidate
One of the biggest factors causing delays and increased cost is the inability to locate assets. We encourage our clients to have a list of their assets and where they are located, especially if you hide money. Otherwise, Goodwill or whoever buys your house will end up with the money. I actually heard someone on the radio telling people to buy silver bars and bury them in the backyard. One of our clients was cleaning out her mother's freezer and was getting ready to throw out what she thought was meat wrapped in aluminum foil. She realized it didn't weigh the right amount, so she opened up the foil and found thousands of dollars in "cold cash."
To learn more about avoiding this mistake, please visit our blog.
Thank you for the referrals!