As a speculator, I had built a great comic book collection, used to fund my law school tuition and expenses. As an attorney, I have represented clients whose collections contain books that even the most well-connected collector can only dream of owning. Comic book collecting and speculating is a disease one never truly can get out of their blood and even when we leave the hobby we never truly can escape it.
Estate Planning and Your Collection
What brought me back to collecting after a brief hiatus was a case involving a pedigree worthy collection, the lack of a proper estate plan, and the fact that only a few thought it was worth anything. In a case before the court, I was confronted with every collector's worst nightmare, a collection that took a lifetime to put together, being sold for not even pennies on the dollar.
Imagine my initial surprise seeing a collection with original comic book pages stacked in a large pile, high-grade keys in boxes up to a ceiling, and rare toys all in their original pristine boxes. The original owner had passed away and these items were stored in a rundown, vermin, and bed bug-infested home by a family member. The collection took up several rooms in the house and was worth many times the value of the domicile. Ultimately the case would make people in the court take notice that comics could be worth money as this collection would be sold at Heritage Auctions by court order. The sad thing is that many people reading this article could also end up like the original owner by having your collections sold for pennies on the dollar if you were injured or killed tomorrow!
I have seen families fight over checking accounts in court worth a few thousand dollars and yet ignore the valuable collectibles that fill the house. I want to ask you, the reader if you have an estate plan for your collection? Does your family even know that your collection is worth potentially a lot of money in the market? If you answered no to either question make sure someone you trust knows about your collection in the event you are injured or die. Leave notes so that if they do have to go to an LCS or auction house they can at least have some knowledge on your items. My best collecting advice to you is to seek out an attorney licensed to practice law in your state and have them draft a formal estate plan for you. Having an attorney draft a proper estate plan that includes your collection is the best protection you can get. A friend once told me it is better to plan one day too early than one day too late. My purpose with this column is to educate you the reader because I would prefer your collection to go to where you want rather than your family selling this book in VF+ for $1 at a garage sale because they did not know the value of the book (true story!).
And Now My Final Thoughts....Wakanda Forever!!!!
A few days ago we lost Chadwick Boseman. He was a great actor who will be missed. While his life was short he left a legacy that will last lifetimes for his fans. His death reminds us that nothing lasts forever. We have taken decades to build our collections and if something ever happens to us how will we want the tale of our comic book collecting legacy to end? Preparing for what could happen might not be viewed as sexy by some, but many of us have invested too much time and money to have our collections end up at an LCS or garage sale being sold for a few hundred dollars. An estate plan covering what happens to your comics is essential to ensuring that your collection is properly handled in the event of sickness or death.
