The Importance of Making a Will
Heirlooms and in particular personal collections which have become increasing popular and valuable in recent times.
For example, recently a grandmother in the USA had told her children that she had a valuable comic collection and not until she passed away, the family found them. Unbelievably there was a Superman #1 comic which was one of the original 500,000 printed (this was certified by a small advertisement which appeared in that issue) and subsequently sold for $9.3 million!!
Making a will for a personal collection means deciding who should receive your items, how they should be managed, and putting those wishes into a clear legal document so they are actually carried out after your death. Thoughtful planning helps preserve both financial value and sentimental meaning while reducing family conflict.
Understand your collection
Before writing a will, it helps to define exactly what “your collection” includes and why it matters.
- Collections are usually treated as personal possessions (or “personal chattels”) such as art, books, coins, stamps, memorabilia, instruments, or other tangible items you own and use personally.
- These items can have financial value, but they also carry emotional and historical importance for your family or for institutions such as museums or libraries.
Catalogue and value the items
A basic inventory makes it much easier for executors and beneficiaries to manage and fairly divide your collection.
- Create a written or digital list describing each item or group of items, with photos, where it is stored, and any supporting documents such as certificates or provenance.
- Ask a qualified appraiser or knowledgeable dealer to value higher‑value pieces, as this can guide decisions about insurance, tax, and who receives what.
Decide who should receive what
You then decide the long‑term home for the collection, which might combine several options.
- You can leave specific items (or the whole collection) to particular heirs who share your interest, or have your estate sell the collection and distribute the proceeds according to your will.
- You may donate some or all of the collection to a museum, library, charity, or even a new trust or company (such as an LLC) created to hold and manage the collection.
Put clear instructions in your will
Your will should give precise, written instructions to avoid disputes and confusion.
- Name the items or collection clearly, name the beneficiaries, and state whether items should be kept, shared, or sold; attaching photos or an inventory can reduce arguments over what you meant.
- You can also refer in your will to a separate “letter of wishes” that lists particular gifts or guidance; this is usually not legally binding but executors often follow it and you can update it without rewriting your will.
Choose people to manage it properly
Good administration is crucial, especially for large or specialist collections.
- Appoint an executor (or professional executor) who is organised and, ideally, understands the type of collection or is willing to work with specialist advisers such as appraisers, dealers, or conservators.
- Consider leaving funds or insurance proceeds to cover storage, conservation, appraisal, and sale costs so the collection can be preserved or sold carefully rather than rushed.
If you need help with a deceased estate or the valuation of your collection then please do not hesitate to contact us on 0114 279 6959 or email info@ewbauctions.com