Estate planning question


For estate planning purposes, how do folks pre-arrange for disposition of your system if family is not interested in having it? Any suggestions as to who might handle a $200k system in the Chicago area? TIA

cantorgale

Actually, there's a service some entrepreneur, or Audiogon themselves could provide. The entire system could be listed, Blue-booked, and auctioned when the time comes. 

Almost 2 years ago while doing our Family Trust, I had them write in the document that 1 friend/ 1 good customer, would help sell everything so my wife/Family members would not be burdened with this task. Yes these 2 individuals know my system and the costs of the gear so hopefully it will not sell for 10 cents on the $ but maybe just under 50%. The estate planning attorney had never done anything like this before but once I explained how much we were talking about thought it was a good idea. 

Most of my gear will be kept by family and friends. I advised them to contact TMR about the rest. They have consistently offered me about 65% of what used gear sells for.  New price irrelevant. No one in my family knows how or wants to sell used high end audio gear. 

There are a few dealers in your area .I have had good luck with Saturday audio.they sell used equipment. Good luck and hope your healthy.

I answered this on another forum, but FWIW, I think TMR is a good alternative because it offers a low hassle method of liquidating the asset, expertise in pricing and advertising, usually a quick turnaround, and, most importantly, finality. If the system is a significant asset-six figures-all that can be important if your heirs/executor don't know anything about this stuff. TMR makes money, so your estate won't get top dollar. But nor do you risk a long, frustrating dispute with a buyer in which your heirs are at a big disadvantage. A prearrangement with a dealer to consign is another option but will not offer the same level of insulation and finality.

Just leaving a note or informal instructions may not be enough. If your instructions are not in your testamentary document, you could unintentionally dispose of your equipment in a way you don't intend and will make liquidation harder. Think about putting it in your will. 

My kids only know my system is dad's "stuff'-no idea what it is, what it does, what its worth, how to sell it-left on their own, bad decisions are entirely likely. Obviously, the more valuable the system, the more care is in order-a $20k system is one thing, a $200k system requires a different level of planning.

Unpleasant to think about, but a lot of us are pretty far down the tracks-I don't buy green bananas any more. This is an important, but easily overlooked planning point for the inevitable date with Mr. Bones.