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DOES YOUR FAMILY KNOW THE REAL VALUE OF YOUR COLLECTION?
In “The American Stamp Dealer & Collector”, issue of October 2010, Bonnie Smith, presenting herself as “The Phemale Philatelist”, wrote an interesting column that relates to the article that I wrote for the November 2010 LOG. My article discussed the need to leave contact information about your collection. Ms. Smith’s piece deals with the question of honestly evaluating your collection. Ms. Smith relates how heirs, and/or spouses often times do not know the value of the material that they have inherited. Heirs with a valuable collection may not get the full value for what they have. Others, expecting a large settlement, are often sadly disappointed with the offer they receive. Ms. Smith writes: “I implore you to be honest with those people who will be involved in the disposition of your collection. However, if there is some not-completely-honest dynamic already in place that you feel can’t be rectified at this date, at least have a statement of the facts with your estate papers so that the honest information will be available after you are gone. If your collection is worth more than your family thinks, I doubt you want your heirs to be taken advantage of because of their lack of knowledge. On the other hand if your…collection is worth considerably less than you have stated or intimated, please don’t make a potential buyer the “bad guy.” A buyer can only pay a reasonable wholesale price for your collection. And, just as important, be honest with yourself…You don’t need to spend a lot of time re-cataloging your collection every few years, but it is helpful if you have some conscious awareness of these components: 1) how much have you spent on your collection; 2) the quality of the better covers…3) the approximate current wholesale market value of the collection; 4) the sale amount you would be happy with; and 5) how you feel your collection would best be sold… Leave enough information about your collection with your other estate papers, with your attorney, or with a trusted friend, so that when you’re no longer around, your heirs can be comfortable disposing of your collection and reap the full financial benefit they deserve.” Ms. Smith says it well. As a service to the membership, the USCS has created a mechanism that will allow the covers in your collection to be disposed of in the event that you have not left plans on what to do with your collection. The USCS presents alternatives and suggestions and is in no way binding upon any member. Copies of this card will be printed annually in the LOG as a reminder to the membership. In an article in the July 2010 LOG, I wrote about the question, “What do I do with the collection now that he is gone?” It is the hope of the USCS Board of Directors that this card might mean that this question will be less often heard. If there are any questions that you care to discuss with me feel free to contact Stewart B. Milstein at sbmilstein@gmail.com, cell phone 917-453-4612, or PO Box 1051, Cortaro AZ 85652-1051, (Nov-Apr) or PO Box 340141 (May-Oct).
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