Estate planning for your stamps
Don’t delay Do it today!
Plan ahead
Planning is essential to ensure the value of the collection
is not lost
to beneficiaries. The planning requires preparation of a detailed inventory, an
honest valuation and clear instructions or guidance for the distribution,
retention or liquidation of the material. These will help the estate
administrator determine the correct and best options.
Help the estate administrator
A collector's stamps are likely to be the most unusual and difficult part
of an estate to administer. The stamp collector’s surviving partner, family
member, personal friend or a professional will administer the estate and most
likely they will not be experienced philatelists. The collector, with some
advance planning, can help them get maximum value.
Honest valuation
A common mistake is the collector has not shared an honest valuation with anyone
else. For any number of reasons the material may be over-valued or under-valued.
This could lead to either unrealistic expectations or very poor realisations for
the estate.
Make sure the collection has a realistic valuation and record it. This should be
updated at regular intervals. This information should be kept with a relative,
friend or trustee of the will. If wanted, keep the information in a sealed
envelope with clear instructions when it is to be opened.
Make sure whoever is going to administer the estate knows where the information is.
Inventory
The most important document can be a simple listing of major parts of a
collection. This should include any mounted exhibits, number of albums and title
of their contents and the nature of loose material. The list should also
identify the location of each segment.
Stay organised
Keep your collection in good order. This helps the administrator
identify the
material. It will also help when the time comes to sell the material.
Time is money. A dealer will charge more to value a badly organised collection or
provide only cursory inspection and possibly overlook items of value. An auction
house may not lot auctions for best return to the vendor if this requires a
disproportionate amount of time.
Record special bequests
If material has been promised to another collector or organisation this should be
in writing along with the inventory. Heirs may be swamped with alleged promises
of this type and can be protected only if there is a written record.
Instructions for the administrator
The collector should advise the estate administrator whether the collection is
insured, for what amount, and the renewal date of the policy.
It is advisable to have written instructions on friends or dealers whose advice should
be sought in the dispersal of the collection. The name of a specific person,
rather than a company, should be stated.
Options for disposal
For options on disposal check the N Z Philatelic Federation’s brochure I've
inherited a stamp collection.
Make sure a copy of the brochure (or any other similar document) is available to guide the
administrator.
Federation brochures can be found on www.nzpf.org.nz
or by writing to:
NZ Philatelic Federation
PO Box 58 139
Whitby
Porirua 5245