Sorry to sound morbid

[KrisM]

But, wouldn't you want your family to know what is of worth and what isn't?

They would at least be in a position of knowledge to sell, keep, or give your collection.

Seems irresponsible to me to not let your beneficiaries know what the worth is of your 'stuff'.

Of course I do.
But the stuff in the house like music is for enjoyment, not as an investment. Who knows what it'll be worth when I die? It might be tomorrow, it might be 50 years from now.
My take is that my beneficiaries know that my stuff isn't worth a ton but is worth more than just chucking into a bin. "Before you give it away or chuck it, check ebay and google" is kind of the mantra about this around here.

 

[motorstereo]

I guess it depends on what's in the collection.
If I pass on and my wife and kid don't want to deal with the vinyl do I expect them to go on and on trying to sell those $2-$5 albums individually? Nah. Bin-ing stuff like the blues, jazz, Beatles, Wilco, Zep, etc would be silly from a money point of view, though.
Even if it's way below market value they're better off being cashed in.
Even stuff that has little to no value dollar-wise it is better off being donated to a thrift, or given to a music fan who'll dig it.

Mmm hmmm; You'd be quite surprised at the amount of work that goes into trying to pare down a massive collection. There comes a point when it's a huge relief to chuck it in a dumpster and be rid of it. For instance we had over 200lbs of audio transformers to move. They went to the scrapyard for a whooping 2 cents a pound after unsuccessfully trying to peddle them. 4 days of yard sales, dealing with flaked out craigs buyers all for very little monetary gains compared to the work involved. Some of the cherished vintage is not as valuable as some people think it is. Imo the best thing someone can do for their beneficiaries is don't leave them a pile of audio equipment to go through. Keep those collections to a minimum. Leave cash in a shoebox as a much better alternative and it doesn't go out of style.

 

[dosmalo]

Leave cash in a shoebox as a much better alternative and it doesn't go out of style.

This.
Nobody ever returns cash.

 

[MannyE]

How cool would it be if the AudioKarma community would get together to create an audio Nirvana? Get it? Karma... Nirvana...

Here's the idea.

One wealthy AudioKarma member who lives on the East Coast and one that lives on the west coast each leave their homes and wealth to the audio community. Stipulated in the will would be that every room in the house would be converted to a listening room for different kinds of systems. One for analog, one for digital, one for surround. The fund left behind would only be used to pay the annual property taxes, insurance and upkeep of the museum. AudioKarma members and anyone else that wants to experience the setups would make an appointment to spend an hour in a certain room for a small fee.

Yeah.

 

[KrisM]

Mmm hmmm; You'd be quite surprised at the amount of work that goes into trying to pare down a massive collection. There comes a point when it's a huge relief to chuck it in a dumpster and be rid of it. For instance we had over 200lbs of audio transformers to move. They went to the scrapyard for a whooping 2 cents a pound after unsuccessfully trying to peddle them. 4 days of yard sales, dealing with flaked out craigs buyers all for very little monetary gains compared to the work involved. Some of the cherished vintage is not as valuable as some people think it is. Imo the best thing someone can do for their beneficiaries is don't leave them a pile of audio equipment to go through. Keep those collections to a minimum. Leave cash in a shoebox as a much better alternative and it doesn't go out of style.

Oh, no surprises here. I get it.
I've been on the sidelines, on purpose, to a few family estate situations. Ugly stuff.

I don't expect anybody to give a hoot about any gear I have.
I was talking about the music. It'll either be enjoyed by my beneficiaries, sold by them, or donated somewhere.
A Facebook post with a pic would have people lining up to claim what's left of my music collection. No bin involved.

 

[usedto]

I've also thought of leaving instruction's for playing an album.

1. If it skips, tape a penny to the tonearm just above the needle.

2. If it still skips, replace the penny with a nickel.

3. If it STILL skips, try a little steel wool on the scratch.

 

[4-2-7]

Does anyone really think someone is going to sell the records from an inherited collection lol? Lets see we'll price this at $2.00 cuz motorstereo said so......... oh boy look at that one that's worth a 5 spot..........

Well if that's the kind of records you have there is no need to document anything, and whoever gets them they might just give them away.

While I have a lot of records, maybe around 7000 I would say in todays prices about 2000 of them in the used class sold in this area would be $5.00 records. So if they took the cheap 5 buck records and boxed them up in one lot and sold them for a buck, thats $2,000.

Now maybe around 1500 used records that are marked as $10-$20 (I'll skip the math here)

Probably another 1000 records in the used class that are $50- $500, even a few that are $1000- $2000. (I'll skip the math here)

In new audiophile records maybe another 2000 with store stickers on them from $25- $60, many out of print and the prices well over $100.

At least 50 box sets old but mostly new with price stickers on them from $60-$700

I'v only ever looked up around 450 titles in discogs and posted them to my collection. A lot of them are just I wanted to know what copy it was and many are just so so records....
Collection Value:* Min $13,429.20 Med $21,253.82 Max $35,113.50

It adds up, and with indicators of prices on my records in my collection, I think someone would have to be an idiot to just toss them in the dumpster, you'd even work you ass off to sell them. You'd be better off kicking the mac gear to the curb...

 

[rxonmymind]

We also donate on a monthly basis to Hospice thrift. After going through all the junk my parents left behind I wouldn't wish this on anyone.

As the only son my dad left me an entire house to deal with. I took a good HARD look with my wife by my side. Went out to eat slept there a few days and left with only pictures, old VHS tapes and some tools. The rest I had an estate sale person deal with it. In hindsight I would have snagged his old radio but I wasn't into this hobby.
I wouldn't wish that on anyone. I was this " close to getting five dumpster to haul it all away. Point is if your kids are adults by thrat time they'll have much of the same stuff you have and there is no need to "double up". I wasn't trying to sound as if I didn't care fro they stuff but I simply didn't need any of it. It was a valuable lesson for me.

 

[motorstereo]

Now maybe around 1500 used records that are marked as $10-$20 (I'll skip the math here)

Probably another 1000 records in the used class that are $50- $500, even a few that are $1000- $2000. (I'll skip the math here)

In new audiophile records maybe another 2000 with store stickers on them from $25- $60, many out of print and the prices well over $100.

2 different coasts 427 and 2 different sets of values. You're not going to sell any; none; zero not a single bite on any of those valuable records for that kind of money here in New England. First hand experience tells me what we think our prized possessions are worth and what they are able to sell for once an untimely death happens are 2 different things. You may think you're doing someone a favor by leaving vast amounts of gear that appeal to a specialized group of collectors but in reality you'll be leaving someone with an overwhelming headache. Not only audio gear but a family member also left a vast Lionel train collection that was supposed to be priceless. Mmm hmm; take a guess at how that turned out.

These are eye opening first hand experiences for me and I refuse to leave any specialized collections behind. Something that appeals to and has value to the masses such as cash or real estate is a much better choice.

 

[4-2-7]

You're not going to sell any; none; zero not a single bite on any of those valuable records for that kind of money here in New England.

I'v been selling and shipping records all over the country

First hand experience tells me what we think our prized possessions are worth and what they are able to sell for once an untimely death happens are 2 different things.

But that's not the topic, this thread is about letting loved ones know a value, fair market price. This way they are armed with information, what they do is entirely up to them.

You may think you're doing someone a favor by leaving vast amounts of gear that appeal to a specialized group of collectors but in reality you'll be leaving someone with an overwhelming headache.

Actually I don't have a collection of old vintage gear, I have a stereo. That can be easily looked up as to a price, and the equipment I have will sell very easy.

Something that appeals to and has value to the masses such as cash or real estate is a much better choice.

Again very much off topic, I buy things I want to use and enjoy, we all do. The topic is "what do we do to let others know about it's value". You seem to think this topic is about investing and maximizing assets to secure your family after death.

The facts are even though we we enjoy what we have and gradually accumulate things, some things will have value after our death. We are not buying it as wealth storage, but to enjoy our life and live with what we enjoy. My records will be marked for others to see, even though the price can fluctuate, at least they will have some info if they choose to look into it more. Selling off my records even at a quarter of it's value will bring someone a big chunk of money. I will not be leaving them a bunch of dead weight .50 cent records, nor do I want to store records like that in life.

 

[Quadman2]

As 4-2-7 put a different spin on this, let me also add that there is STILL a certain % of people out there who do not have a will in place. It is a must to have one!

Plus, know the basics by heart what goes into the composition of a will and the different roles/tasks of the ones who will be carrying out your wishes.

If you do a have fair $ layout in the way of gear/collection, it wouldn't hurt to leave your value assessment with the OS.

Q

 

[toxcrusadr]

Thanks for bringing us back to the main point Quadman2. Although the discussion has been interesting.

I don't intend to leave behind a bunch of very specialized junque as some kind of investment. I doubt many people do. Planning to get rid of it is therefore important, and maybe a lot of us don't do that.

And there's always the possibility that you or I may not live to a ripe old age with plenty of time to disperse our baggage. Any one of us could kick the bucket tonight. Have we planned for that?

 

[toxcrusadr]

How cool would it be if the AudioKarma community would get together to create an audio Nirvana? Get it? Karma... Nirvana...

Here's the idea.

One wealthy AudioKarma member who lives on the East Coast and one that lives on the west coast each leave their homes and wealth to the audio community. Stipulated in the will would be that every room in the house would be converted to a listening room for different kinds of systems. One for analog, one for digital, one for surround. The fund left behind would only be used to pay the annual property taxes, insurance and upkeep of the museum. AudioKarma members and anyone else that wants to experience the setups would make an appointment to spend an hour in a certain room for a small fee.

Yeah.

Given the thread topic, rather than leaving their homes to AK (interesting idea), I thought you were going to say: wouldn't it be nice if there were somewhere to send all the junque, an AK vintage audio heaven warehouse, instead of into dumpsters. I've inherited stuff from guys who did ham radio and worked at telephone companies and electric utilities. Luckily I have room to store/organize/share it with AKers. But if I kick off a lot of it will probably end up scrapped. It's not that valuable. motorstereo's 200 lb of audio transformers though, ouch. Sad to see that kind of stuff lost. Not to pass judgment on your decisions, just saying. There are people who can use this stuff, but they're usually not where the stuff is at the right time, and that's the problem.

 

[MannyE]

Given the thread topic, rather than leaving their homes to AK (interesting idea), I thought you were going to say: wouldn't it be nice if there were somewhere to send all the junque, an AK vintage audio heaven warehouse, instead of into dumpsters. I've inherited stuff from guys who did ham radio and worked at telephone companies and electric utilities. Luckily I have room to store/organize/share it with AKers. But if I kick off a lot of it will probably end up scrapped. It's not that valuable. motorstereo's 200 lb of audio transformers though, ouch. Sad to see that kind of stuff lost. Not to pass judgment on your decisions, just saying. There are people who can use this stuff, but they're usually not where the stuff is at the right time, and that's the problem.

That's an even BETTER idea! A big warehouse with shelves. Depending on the size, small areas could be built out for listening to various systems. Time could be set aside by a fee or by volunteering to work in the warehouse either restoring equipment, cataloging software or whatever is needed. It would be a great way to preserve things many people would love to have, but don't have the room/time/money to do. Don't forget that there also collections of tools and repair equipment that's also going to go the way of the Dodo is nothing is done.

It would still need some kind of endowment to keep the HVAC system and the lights on.

I'll bet someone like that crazy-awesome millionaire in Brazil (the one with the millions of records) would like this idea.

 

[MannyE]

Well if that's the kind of records you have there is no need to document anything, and whoever gets them they might just give them away.

While I have a lot of records, maybe around 7000 I would say in todays prices about 2000 of them in the used class sold in this area would be $5.00 records. So if they took the cheap 5 buck records and boxed them up in one lot and sold them for a buck, thats $2,000.

Now maybe around 1500 used records that are marked as $10-$20 (I'll skip the math here)

Probably another 1000 records in the used class that are $50- $500, even a few that are $1000- $2000. (I'll skip the math here)

In new audiophile records maybe another 2000 with store stickers on them from $25- $60, many out of print and the prices well over $100.

At least 50 box sets old but mostly new with price stickers on them from $60-$700

I'v only ever looked up around 450 titles in discogs and posted them to my collection. A lot of them are just I wanted to know what copy it was and many are just so so records....
Collection Value:* Min $13,429.20 Med $21,253.82 Max $35,113.50

It adds up, and with indicators of prices on my records in my collection, I think someone would have to be an idiot to just toss them in the dumpster, you'd even work you ass off to sell them. You'd be better off kicking the mac gear to the curb...

Let me know when you feel ill. I'll be the guy with the rented truck asking "Now?" every hour or so....

 

[rayj]

Valid suggestion made earlier to be general ( less specific ) in the bequest as from this day on pieces and parts will inevitably go away, and then the will is in error already. Speaking of which I chose to make a will with the only assets being the house and the cars. ( aleady the cars have been changed out ) Im not willing to go make changes to the will as it took some amount of effort to do it in the first place. The 2nd part of my passing documents are instructions to my closest sibling(s) ( or use other close personal friends or advisors ) to carry out the bulk of my ordinary posessions. For instance, all my stereos and records go to X nephew , Y nephew, or Z neice, ( in that order ) whomever wants them. If no-one wants them put them on CL for $X, take no less than $Y. Donate to GW if no takers. My guitars would go to a musician friend of mine. He can use them or sell them. The instructions document took a lot of thinking and revision as I had to describe where what and who were the significant parts of my life, including my online accounts, passwords, etc. My family is implicitly trustworthy to carry these out to my intentions.

 

[abpeep]

Our will was written with basically the house and bank accounts as the only assets with percentages to each heir (three) - the rest is personal property which can be split up amicably, or the Executor can designate a system for awarding items to the heirs, or the Executor can sell the personal property and distribute it to the heirs equally. To facilitate decisions on my record collection, I am planning on printing my discogs collection when I finish and
will place it with the will and directives.

 

[MannyE]

My advice is to go to a lawyer, pay the $750 he/she will charge and tell them what you want. Remember, you're only going to make one will. A lawyer makes two per day. They will know little tricks of the trade to make sure your assets are distributed or preserved in a way that will make you happy.

 

[ETLS]

This.
Nobody ever returns cash.

Especially when it starts off, "I'm a little short this week".

 

[Stefus_Prime]

Gotta befriend a little neighbor kid and get them into HiFi, problem solved!