What happens when we die?
We don’t mean in the metaphysical or spiritual sense. Heaven, Hell, reincarnation, lights out… you do you. There are plenty of other places on the internet to hash that out.
No, we’re talking about your possessions, specifically your collections. Since we’re at the Model Car Hall of Fame, more specifically, all those model cars.
There’s a chance someone in your family shares the same passion for the hobby you do, in which case your collection might go to them intact, which would be great. But there’s also a chance that people are only somewhat interested in your collectibles and only want the ones they like. In which case (you don’t want to hear this) they might liquidate things in some form or another.
To get ready for such time, may we make a few suggestions?
First, have a will that spells out who gets what in great detail. Whether that’s the entire collection or certain models, designate them ahead of time.
Second, have insurance on your collection. There are companies out that specialize in such things. Just google “model car collection insurance” for several to look into.
And third, have a detailed database of all your models, what they are worth, and notes on condition and rarity. Some folks use Excel or even Quickbooks as a ledger. Our friends at hobbyDB have a great tool for doing that as well. Much of the data already exists on their site, so you can just check off the ones you have and add additional information.
John Kuvakas, an occasional contributor to the site has a great article on how to get started. It’s a lot of work at first, but gets easier as you go, and you will thank yourself. So will your friends and loved ones. Check it out here.