Ever since the first baseball cards appeared in the 1860s, people have been collecting sports memorabilia. Sports memorabilia involves many different objects. It can be a ticket from a one-off special exhibition game, a signed poster of a legend, or a game-worn jersey that was blessed with blood and sweat.
Whatever the case may be, sports memorabilia can be quite valuable. Babe Ruth’s 1920 jersey sold for $4.415 million. While everyone has different collections, what you have kept around may be worth a lot of money. When you need help with wills in Florida, we can help.
Assessing Your Collection
In order to properly divvy out your collection, it is a good idea to figure out how much it is worth. There is sheer economic value, but you should also consider emotional value.
For example, someone who has been a longtime fan of the Florida Marlins may want to pass on a jersey that they got very long ago. While this may not bring a massive bid at the auction house, you will want to make a note of it if you want your grandchildren to receive it.
When you have a big sports collection, it is a good idea to get it appraised. The person who determines the value should be a professional. You should keep in mind that it never hurts to have a second opinion.
There are a few things that you can do to help preserve your items’ value. For instance, try to keep the item in as pristine a condition as you possibly can. Many people feel that they need to stitch up a tear in a jersey, but this can ruin an item’s value.
If you can get a certificate of authenticity, that makes your item far more valuable. There are many fakes on the market, and owners need to know that their item is genuine. As part of the appraisal process, you will want to ensure that the memorabilia you own is real.
How you divide your assets depends on how you look at them. Some people look at their collections as investments. The value of certain goods is supposed to grow over time. If this is the case, then you will view it differently. Other people just want to pass their love of a team down to the next generation. You should assess your collection, and yourself.
Wills, Trusts, and Sports
You can list your sports memorabilia in your will just like you would list your house, assets, or other items. Just like a will, you can put all your sports memorabilia in trust. When you write your will, it is useful to try and describe individual items as accurately as you can.
It is possible to give your entire collection to a particular individual. When writing a will concerning your sports collection, it is wise to provide the most specific instructions you can. This applies to other wills, and to estate planning in general.
Something you may also want to ruminate on is selling your collection. Your children may not share your passion for a specific sport or team, and you may see significant returns from the auction house.
If you need help with wills in Florida, The Berman Law Group can assist you. Our experienced, personable, and ready to help you out. Call us today for more information.