Ya can’t take’em with you, unfortunately.

Rich, you make a good point. Most of us will be dealing with this sooner than later. I have to admit I've been thinking about this a lot lately. My family should not be burdened with disposing of my stuff, when the time comes, hopefully not too soon......

I keep telling my family to "call Greg at Stout Auctions", but they don't know what that means. I am going to need to take an inventory someday and write instructions. There are also a couple of train stores that may get some stuff. No way will they get what I paid, but they may get something... In the meantime, I need to pair down the items that are no longer of interest. It's hard.

You never know how much time you have. I think I have plenty of time, but tomorrow may prove me wrong.

George

I am not an attorney but the one who drew up our five Final Documents suggested writing Instructions to the Executor/Executrix which include such things as Greg Stout's phone number and what to do with the stuff.  That's all it is, stuff. Placed in the same folder as your wills, PAs, DNRs, etc.  In reality, with very few exceptions I'd be willing to bet a nickel that the actual purchased price of our toys is less than one percent(1%) of our estate.  Does it make any real difference(time and money wise) if that one percent liquidates at 33%, 45% or 62%? Do your heirs really care?

John in Lansing, ILL

i told my wife to "trash" all items, all  were purchased for me to play with. Kids, Grandkids don't want them , put them on the curb.

Brent

Brent,

What's your address?

Some people in the club I know have it in there wills or trusts that such and such sells there collection. I’m currently selling my 3rd collection and have been informed by 2 other people that I will most likely sell theres.

I told my wife if I die suddenly or get killed at work...

“Get a dumpster”

Have you given as much thought and time to the Do Not Resuscitate instructions as you have given to what to do with your toys?  John 

I told my wife to “Burn” all my Custom Decals I’ve made and tons of files of Art work for Custom decals I’ve created  I don’t want someone getting a hold of my leg work and taking the credit. As for the rolling stock she knows what to do she said if I go first some things she’s keeping for the girls and the grand kids if we ever get any 

Great topic makes you think about it

If you haven't done so already, now is a good time for you and your significant other to make out your "life documents" - at a minimum - wills, power of attorneys (if you become disabled) and health care proxies (a/k/a DNR's), with a local attorney.

If you have a specific individual or individuals who want your train stuff then put a paragraph in your will about who gets it and a provision of what happens to it if that person should predecease you. A typical provision might be, "I hereby give, devise and bequeath my entire model train collection, including but not limited to locomotives, rolling stock, accessories, electronics, scenery and trackage, to my _______________, Mr. __________________________, to be his absolutely and forever. In the event that the said __________________ shall predecease me, I  direct that said collection shall  be left to ______________________."  Just make sure you speak with the individual(s) beforehand to make sure they want the collection. Nothing worse than leaving something to someone who doesn't want it.

In the alternative, you could put, "I hereby direct, as soon after my decease as possible, that my executor/personal representative sell my entire model train collection, including but not limited to locomotives, rolling stock, accessories, electronics, scenery and trackage, on the open market for any amount reasonably obtainable and that the proceeds therefrom be distributed in equal shares to my children, ____________________ and _______________________. My executor/personal representative may use the services of a broker, agent, auction house, hobby store or any other reasonable means with which to liquidate said collection."

The language is limitless, but if you don't put anything specific in your will about how you want your train collection disposed of, at least put a paragraph in your will that states, "I may leave a Memorandum stating my wishes with respect to the disposition of certain items or articles of tangible personal property. Such Memorandum, however, will be simply an expression of my wishes and shall not create any trust or obligation, nor shall it be offered for probate as part of this Will." And then write out a memo of what you want done with your trains and keep it with the will.

Hope this helps and Lee, just in case, what's your wife's name ?

What's the point of going to heaven if you can't take your trains?

Kirk

www.sgma.us

I've told my 2 sons to take what they want of my stuff (just don't fight over it) and then have your mom sell all the rest.  She knows a couple of people that can help her to get at least some money out of them.  My boys will probably take all of my tools which I have a ton of and maybe one or two locomotives, all the rest of my trains, Fn3, Sn3, HO, G Scale and my O Gauge stuff will be sold off.

I didn't really think I had all that much but when boxed up and all was said and done, since we are moving and I'm the one doing all the packing for the move, my trains filled up 75% of an 8X8X16 PODS, that was the 1st one, I'm now on the 3rd and forgot I had some stashed away in boxes on some steel shelving out in the garage.  They are now tucked away into the 3rd PODS and will be ready to go cross country in the near future.  Since I'm figuring on 4 to 5 PODS possibly 6, I'm writing down the PODS number and keeping a fairly basic list of what has gone into each one.  When we find a new home in the Dallas area, I will know exactly which ones to have delivered first.

This was a good topic, can someone post the Greg Stout phone number or e-mail address please.

Cheers,

I think the best thing you can do is to inventory all of your trains along with an honest evaluation of each item's condition (and price if you want to do that too).  It's fine if you decide who will get what, however your list will provide some guidance for them should they decide to sell any of it.  That way they don't end up selling a rare, high-valued prototype for pennies.  If your list includes prices, then make sure you state which price guide, reference book, magazine, expert, etc. you used to arrive at your appraisal for each item.  It's important, because values change yearly.

I agree with rattler21 where he states, "In reality, with very few exceptions I'd be willing to bet a nickel that the actual purchased price of our toys is less than one percent(1%) of our estate."  The thing is, not everyone in your will will be getting your big ticket items such as your house(s), car(s), boat(s), etc.  Whoever ends up with the trains may perceive a few hundred dollars as being a lot of money---especially if that person is young and just starting out with a new family.  In that case, any help in squeezing the most amount of money out of each item would definitely be appreciated.

My son in law has more interest than his own son, so my standard gauge, LGB and PIKO will all go to him! Problem solved! ☺

As we all likely know, much of what we own, especially in O gauge.. & particularly 'modern era' stuff, has dropped in value significantly.  I've looked over prices for things I have & noticed the drastic value decline.  That, coupled with the fact that many other folks are trying to sell the same, exact items, presents a stiff disincentive for attempting to sell, or instructing others to sell, at a later date. 

My experience so far is I sold two collection to train city hes getting old like all of us and his son  is involved hopefully when its time again to call his company when I'm gone.. All I can tell you is everyone said they would come up with the money when I want to sale but when the time came no  one  'came up with the money"  but train City pulled through...,.,.  I keep saying Evan here  don't put down train prices .. One day you'll  want to sale .. I say buy high sale high..  when we are high in the sky (lol) ....

Ecclesiastes 9:12

Moreover, no one knows when their hour will come.

Better call Greg Stout today if you really love your wife more than your trains.

What, me worry?

I fail to see the desire to get the most possible dollars out of the trains after we're gone.  It's not as if we'll be able to spend those dollars any more than we can take the trains with us.

If we want to maximize the sale returns, sell them now while we can manage each sale.  We know more than anyone else what we think it's worth (of course, the market knows what it is ACTUALLY worth, so we should be prepared for disappointment if we inflate their value).   We could spend our retirement making a career of offering the trains for top dollar, and revel in being able to guarantee the highest inheritance for whoever gets the money.

Who choses to go this route, I don't envy that retirement.

Better yet, we should enjoy the trains and not worry about what they bring in afterward.  If Charlie Siegel gives our survivors ONE penny on  the dollar, it's still one penny more than they had before. 

Who says our deaths are supposed to enrich those left behind with treasure that rusts and moths destroy?  We can give those people ourselves NOW--even if that means playing trains with them--and they (and WE) will be happier about the whole thing.  If the money is all they want, well . . .  they need to be disappointed.

rattler21 posted:

SGMA1 posted:

What's the point of going to heaven if you can't take your trains?

Kirk

www.sgma.us

Surely you jest.  John

Surely that should be obvious.

(This is when you reply "And stop calling me Shirley.)