Preparing for the end.
 

No, I'm not a Prepper but I have been thinking a lot lately about what my wife would do if I died un-expectantly. My cars and stuff have been in storage for most of our married life (44 years this month) and now that we have settled down in the US I am getting unpacked and sorting and I'm realizing that I have a bunch of stuff along with cars that she really doesn't know anything about.

Obviously if I'm dead I won't have any say as to what she does with the cars and stuff and as obvious, I won't care. But I do care about not leaving her or the kids with any stress because of my toys.

Have any of you done a spread sheet or a simple list of your stuff and either listed who you wanted it to go to or stated a reasonable current value along with what you paid for it to help with a sale if needed?

If you have done the value part, where did you come up with your values? I think you would get tired if I started listing "what's it worth" posts!

I know values change over time but at least she would have a reference point to start with.

Re: Preparing for the end.
 

“What it’s worth”is a moving target and subject to opinion, situation and the economy at the time. What it’s worth of late has been weakening imho
It is good to get an inventory for sure and add today’s “worth”.
One of the best thing to do is line up a trusted fellow hobbyist to aid in dispersal. I repeat trusted!

Re: Preparing for the end.
 

I'm very fortunate in that my wife shares my enthusiasm of the old car hobby. I'm upfront with her on what things are valued at, but she's not concerned with that. Most likely she'll sit on stuff for a bit out of nostalgia but will eventually get with one of our many friends to help her value items at that time or simply gift cars/parts/tools to someone she knows will value and care for what has been given.
Her being active in the hobby keeps her keen to people who are dishonest as she has seen how vultures can circle.

Re: Preparing for the end.
 

This has been on my mind as well like a take all price for the good bad and ugly .

Re: Preparing for the end.
 

Get a will, and put your wishes in writing......problem solved!

willing.com makes it easy.

Re: Preparing for the end.
 

My father is a clock collector. Some of his clocks are quite valuable (although antiques aren't as popular as they were just a few years back). His will is written in very general terms of what happens to his stuff. He took slips of paper, put peoples names on them and stuck them to the back of clocks; furniture, some of his tools, and important keepsakes. Whoever's name is on it, will get it. On some, he even wrote why he selected it for them.

He is 92 and still around...and still telling his best stories.

Re: Preparing for the end.
 

Eccentric…..not that easy but a will does specify who gets what. Will cannot produce a buyer at any value nor knowledge of the recipient.
The problem is I’ve seen many unsuspecting/unknowing heirs get $.10 on the $1.00. There a vultures among us.

Re: Preparing for the end.
 

I listed everything done to the car, the costs and have the receipts. Listed a price range. Also have a few parts with values marked. Swagged the values based on ebay going prices--not asking prices. Who knows what will happen but I will rest better knowing that I at least tried.

Re: Preparing for the end.
 

This topic has been on my mind also. The hobby has been very good to me. I have had a lot of fun over the years. Obviously the big things, the cars, can be appraised and sold. I hope to enjoy them till the end. If I get the opportunity, (knowing the end is coming), I will strive to sell before. It is all the stuff that goes with the hobby, parts and tools that I want to be used by other restorers. There are plenty of young restorers, raising families, that are finding it difficult to participate in the hobby.



I think the answer can be easy. First, make it very clear to your heirs, DO NOT THROW THE STUFF IN THE DUMPSTER!!! It is time to help out the next generation of restorers. Contact your local Model A Clubs and give the stuff away. Most of the tools you have are well used and do not have a lot of value. It is important to label things so the future owner knows what he is looking at. In my case, there is Model T stuff, Model A stuff and 1932 stuff. Put things in one location and label the location. Alternatively, take your stuff to a flea market/car show and plan on selling it at a very reasonable low price. I would even consider a couple of "free piles" so you are not taking the stuff back home.



If you have any restorations in progress, make an effort to get the car back together and presentable. It is the only way it will have any value. Good luck everyone and make the most out of a wonderful hobby. Ed

Re: Preparing for the end.
 

Price paid and date gives a good reference point. Maybe add adjusted price if the item has been refurbished after it was purchased. After that, adjusting for the current conditions will be a lot easier. It might be best to take surplus to a few swap meets or some well described garage sales before you no longer can.

Re: Preparing for the end.
 

I just recently had a legal will prepared. But for all the miscellaneous stuff like the tools I wrote out a "living will" in my own handwriting. It is not legal but it is with the legal will and spells out what to do with the tools, etc. and also what was done to my Model A and the current estimated value. In the legal will the Model A gets sold and the proceeds divided among the kids. But if someone wants it bad enough they can buy it for the going price minus what would be their share of the proceeds and the remaining proceeds divided among the remaining kids. None of my kids have a burning desire to own the Model A. But who knows what will happen when the time comes. The living will can be revised at any time in the future.

In my living will, the parts go with the car. There are not that many, I try to keep the inventory down as much as possible and only keep spare parts around that I am likely to need.

I bought my Model T from a gentleman who was 85 and who felt it was time.

Re: Preparing for the end.
 

Ya' I hear you on this, not getting any younger here as well. I little variation on the issue.. Only one Model A and maybe a couple boxes of parts, should be no problem there. What will be a problem is the basement machine shop. A couple of lathes, shaper, mill, tooling, etc etc, We have been in this house for near 50 years. Fortunately we have a walk -out basement. so moving the heavy stuff is not too big a deal. Nice modern well maintained house 2k S.F. I had a thought the other day, market the house complete WITH the shop! Understand that will severely limit the market, but for the right guy, what a bonanza. Any real estate professional opinions?
Joe B

Re: Preparing for the end.
 

Where I live, there are a few auction houses that specialize in online estate sales, often living estates. I've noticed that tools, particularly vintage tools in good condition, tend to fetch good prices (good for the seller, I mean). The trick is to work with an auction house that already has a good mailing list of guys who are in the market for the sort of thing you're selling. Don't go with the one that does fine art and jewelry.

Re: Preparing for the end.
 

I like Eds take. give away the smalls and write a list every 2-3 yrs as to values of vehicles you own. It gives a starting point and that is what matters. If you are currently restoring a car, it will go up in value a bit, a few yrs out, by the improvements made. if left in pieces, it may even go down........

It isnt rocket science, but in the end, is a smart thing to do, as it doesnt take that long for you, as the collector, to figure out basic values.

Re: Preparing for the end.
 

Trust in a family Trust legally prepared providing peace of mind and protection for all involved.
Wills have their place - trusts are accessible for updates etc.
Having covered two family members without a trust during probate.... believe me it’s well worth looking into.
You definitely want to avoid PROBATE Court.
Best to all ✔️

Re: Preparing for the end.
 

My biggest fear is that after I die, my wife sells my stuff for what I told her I paid for it!
Seriously now. I had a friend who owned several Model As and was diagnosed with a terminal condition. He had time to get things organised with his family and although she hasn't said so, his wife is selling off some of his collection at prices he put on them. IMO, that was smart because as soon as he took the assisted voluntary dying package and departed this world, I bet the vultures were circling.

Re: Preparing for the end.
 

I second SHEC, set up a trust for you & your wife. Family can turn ugly where $$$ are involved.

Re: Preparing for the end.
 

Re: Preparing for the end.
 

Woofa….

One of my favorite quotes is from the movie “A River Runs Through It” with Brad Pitt..

“When you love someone the things you most want to give them are the things least wanted”

How true

Re: Preparing for the end.
 

For vehicles: Make sure that the recipient is on the title with you, ie you “or” recipient whether that be your wife or kids. That is the easiest way to avoid putting vehicles in a will or trust and automatically avoids probate.

Car and collectible markets go up and down all the time. I’m not sure putting a fixed value on these items is the best way to go. Are you really going to spend the time and effort to price out everything on even an annual basis? My suggestion would be to have a trusted friend or two that knows your hobby, whatever it might be, to be listed as an advisor.

Get advice from a reputable estate planning attorney.