Do You Have Realistic Expectations for Your Estate?
Probably nothing is more dreaded than setting up and planning your estate. But it is something very important to do, especially if you have a collection of vehicles and/or memorabilia. You should always seek council and legal advice from a professional estate planner and your attorney. But there are several important facets to keep in mind for collectors, estates and family members left to handle estates.
Whatever you do, on your deathbed don’t pull your spouse/significant other close to you and whisper in their ear “Whatever you do after I’m gone, don’t sell the Corvette for less than $80,000.” It is difficult enough to handle an estate and that just makes it even harder. Set realistic expectations on values and don’t do it once and forget it. Make sure you update the pricing (up or down) every year. Nothing worse than a family member thinking they are dishonoring your wishes by selling the car for market value, not your unrealistic value.
Obtain an Appraisal or at Least the Advice of an Experienced Collector/Hobbyist
Whatever you do, have a thought-out plan including a certified appraisal and where you think the car would be best suited to sell. If you think a certain auction house or consignment dealership is best suited for a particular vehicle, then convey that in writing to the family. Do your homework so that the family doesn’t have to.
Do you have a trusted “car friend”? You might have them as a consultant to the family. This will be a huge help to all involved. Also, have you made arrangements for transportation, detailing, light mechanical or any other things that might come up when it’s time to dispose of the collection? The more of these items thought out ahead of time by you, the better.
Don’t assume that the family will or will not keep the collection so plan as if they will not. This is an emotional time for family members and the more that you can pre-plan the better for all involved. Have a concise plan for all of the above items and things will go much smoother. Remember, these old cars become part of the family and fond memories and good times are hard to sell, especially when they want to honor your wishes. Provided complements of Classic Auto Mall. Located in Central PA less than two hours away from most Collector Car Guide readers, Classic Auto Mall showcases a variety of classic and specialty vehicles of various makes and models. For more information, see ad at: Classic Auto Mall or call 888-227-0914 to schedule a free tour today.
