My will...?

[Bern]

I have about 10k to 15k worth of music related items (guitars and all sorts of gear). Assuming I leave this wonderful world, I'm pretty sure my family actually does not know the value of it. In your opinion, what would be the best way to ensure for them to get the best value for something they would have otherwise no use?
Should I specify something in my will? Or, should i just simply educate them about the value?
Btw, this is serious question...

[Xtremca]

You are more than welcome to will them to us AGF'r and we would be more than happy to look after them upon your departure. I've always wondered this same question myself. I just now tell my wife to remember to keep them properly humidified. Her response is usually they're gone as soon as I kick the bucket and she's buying herself something nice. Darn women.

Back to your point, if there is anything of importance, then put it in the will. Then the family would be forced to see what info you provided.

[rmyAddison]

I have a spreadsheet with values for all my gear, the will says who gets what, the spreadsheet give them pretty close values. And I have lots of pix for insurance..............

[cotten]

I think it is wise to consider such things now, rather than wait until a time when this might be difficult. I like Rich's thoroughness! In my case, we just have one "child," a son who is into music even more than I am. He knows that will one day my guitars and gear will be passed down to him, yet he honestly doesn't seem to be in too big a hurry for it. Of course, he will come up, put one hand on my shoulder (the other hand will be holding my McKnight or 914 case), and with a twinkle in his eye will ask, "Hey, Dad, how you been feeling lately?"

cotten

[The Dude]

It's probably a good idea to write up a summary of anything valuable that you own, including items of personal value. Even if it's not in a formal will, the survivors will have a clue to what some of the stuff you've/we've been hoarding is and why it's valuable.

[Masao]

If the guitars are important to you then write them down in your will as to who gets what, what they are worth and why they are important to you. Then discuss this with your family ahead of time so there is a clear understanding of your instructions. This should minimize squabbles among the surviving family members. Actually you should do this with everything in a will. I have seen cases where the surviving family had no clue what to do with items (no instructions or will) and/or no idea about the willed item. The surviving family squabbling over the 'estate' was not pretty.



Ken

[kydave]

All the will or trust will do is direct the distribution of your assets. If you have that much in music instruments, am I correct that you might have substantial other assets? If so, you should investigate a living trust to avoid probate expenses at your death.

But Rich has the right idea, putting together a spread sheet (AND leaving it where your executor can access it!!!) with paid values and current (update as needed) values as to what your family should expect them to bring if they sold them all to a dealer AND if they sold them to individuals. Make sure you have a realistic comprehension, too.

Estate planning is a good idea for anyone with even modest assets and I constantly see the results of good planning, bad planning & lack of planning at my office.

[imwjl]

If you have that in guitars and loved ones consider estate planning to include a trust, pour over will, durable power of attorney.

I've had unfortunate experiences teach me how important that can be. Some steps you can take now will mean lower $ costs later and make it very likely those still around will have a much easier time. Also that your own wishes and not those of somebody else will be carried out.

This doesn't have to be as expensive as an attorney might quote you. You can do some of the work to keep costs down.

[kydave]

Do NOT do an "online trust" yourself. It'll just make your family spend money on an attorney to fix it. I've made some decent billable hours trying to mitigate damage done by "do it yourself" trusts or really poorly crafted attorney trusts, too.

Looking at one right now where the unclear way the old attorney drafted the trust leaves it arguable whether or not $50,000 each goes to just two people, OR if $50,000 each goes to the descendents of those two people...

Big difference and people will be taking that to court, when it could have been very easily avoided by using a competent attornery originally.

[tbeltrans]

My wife and I just completed our wills and associated documents. We put instructions to the executor of our estate/trust to get the appropriate people to appraise and sell the items, with the money going into the trust to then be distributed. I suppose if there was somebody in line to inherit who had an interest in the items, then maybe you could instruct the executor to let them have first dibs. In any case, all this should be discussed with the attorney who does the will and associated documents.

Tony

[SongwriterFan]

Originally Posted by kydave

Looking at one right now where the unclear way the old attorney drafted the trust

Perhaps if they'd just use plain English instead of legalese . . .

[kydave]

Originally Posted by SongwriterFan

Perhaps if they'd just use plain English instead of legalese . . .

No kidding...

Unfortunately, in this case it wasn't a matter of legalese... It was a matter of the plain English not being well used.

[SongwriterFan]

They say you can't take it with you when you go, but I think I can make sure nobody else gets it.

I'll just instruct my (hypothetical, non-existent) lawyer/executor to cash out everything I own, convert it to gold, and put it in my coffin.

Or just have them spend it all on the best plot/coffin/service/etc they can find . . . maybe hire bands, etc. . . .

[Saltamontes]

Newbie to guitar playin (learning) here, so my GS mini does not cost a whole lot. Flyfishing now, that is a different story, my worst fear is that my wife will sell all my flyrods for the amount I told her I had paid for them

[The Dude]

Originally Posted by Saltamontes

my worst fear is that my wife will sell all my flyrods for the amount I told her I had paid for them