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Saturday, June 5, 2021

Collections are often worthless, despite beneficiaries' expectations

When it comes to disposing of the contents of a deceased's home, an executor has to be careful not to sell something valuable for way too little money. Doing so will only cause the beneficiaries to look to the executor to make up the financial loss. 

However, beneficiaries sometimes need a dose of reality. They look at Mom's collection of porcelain dolls or Dad's stamps that he's been collecting since he was a child, and they see dollar signs. Sometimes the assumption that collected items have value is misplaced. In fact, the majority of collections of all kinds are actually of little or no monetary value.

I'm attaching an article that mentions all sorts of things that people have collected over the years and busts the myth that such items would fetch any sort of decent price. Click here to see the article. It's pretty extensive and in fact lists a few collectible items that I've never even heard of.

If there are any executors reading this article, I don't want you to assume that the items that you are dealing with are worthless. You still have to do your due diligence when it comes to antiques, collections, artwork, and unusual items. But I hope that beneficiaries reading this article will realize that they just might be wrong to expect that collection of Beanie Babies to hit the jackpot.

The people collecting these items did so because they loved them or found them interesting. That doesn't mean other people will pay money for them.

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