How many of you have an "estate plan" for your system when you go?

[Bobm]

Does your wife or SO truly know the value of your system, or of your music collection, when you depart this earth? Will they know how much to ask for when selling it? Or do they even know how to turn it on properly to use it themselves if they plan on keeping it?

I told my wife to contact one or two of the guys in my local audio club. They will help her sell it off. I also explained to her NOT to bring my records to the local used vinyl store, instead, get a young college kid to put the worthwhile ones up on e-bay after researching their value. She can give him 50% of the selling price for his/her effort.

What's your plan?

[JackD201]

Fully transparent. My system is insured for fire and even acts of God.

[Bill Hart]

Yep, mine probably needs to be updated. Also, records can be of very high value, not as easily reckoned with as gear. I was trying to get a estate lawyer to do a piece for The Vinyl Press on the subject of an estate plan for records. As we get older, it becomes a reality that has to be dealt with~

[Johnny Vinyl]

I have no one to whom I can leave my gear and/or collection (absolutely no interest from anyone), so I'm in a quandary about what I should do.

[Garth]

you can leave it to me. just truing to be helpful

[cpp]

Fully transparent. My system is insured for fire and even acts of God.

Well you really need to check the finer print. You might be totally covered, but , A guy in our audio club had his home flooded by Hurricane Matthew, he had excellent insurance and a flood policy. His big old Maggies and PS audio mono's were destroyed. His Insurance company only gave him partial for their age, "called depreciation" and he got from FEMA money all right but it was to rebuild his first floor so little was left to replace his mono's. Don't believe everything your insurance person tells you. And he thought everything was covered.


"" Most homeowners insurance policies cover the contents of your home (i.e., personal belongings) on an Actual Cash Value (ACV) basis. Many insurers offer an option of insuring personal property at replacement cost using the HO 04 90 endorsement. The premium will be slightly higher for this coverage; however, you may want to consider the option.

For example, if you selected ACV coverage and bought a new television in 2001 for $700 and lightening destroys that television in 2008, your insurance will not pay the full $700. It will pay a lower figure that reflects the televisions current value, let’s say $350. If you selected replacement cost, however, and the same television now costs $900, you will initially receive the ACV for the TV ($350). If and when you replace the television, you should provide your insurance company with a receipt of purchase for their consideration of paying the balance ($550). Your insurer will require proof of purchase for full reimbursement consideration. ""

Whether your property is insured for replacement cost or actual cash value, it is important to keep track of its value. And also which acts of God occur. And also some items are not covered under a ACV policy, like fine art, collectables, jewellery, those require another form of coverage and they must be appraised before insurance coverage is applied. .

For living wills, wills and trust etc... inventory your stuff, take pictures and clearly detail where things go and to whom.

[Bill Hart]

Equipment, for the most part, is replaceable with some exceptions. Records may not be--finding a clean playing copy of an old rare pressing isn't something that is just a question of $....
I actually just reviewed our coverage given our pending move--to make sure there would be no issues while in the hands of movers, while in storage, and in transit.

[Steve Lefkowicz]

As i mentioned in another thread, when I go, my son is taking the whole collection and all the gear. That's already official. My brother gets any of the records my son doesn't want. I also have a few local audio buddies named to help sort it out and pack it up, assuming they're still around.

[Madfloyd]

I want to know where Larry's collection is going. Of course I'm sure that's not for at least another 40 years....

[astrotoy]

Thanks Ian. My son-in-law is getting more interested in stereo. I got them a decent starter set for their first home. Need to have the grandkids grow up a bit more before talking about records and tapes. That was the reason I did my 10,000 records and tapes ripping project - since they would need an extra (big) room to hold my vinyl and tapes.

Larry

PS/ I dropped by Brian Hartsell's shop (The Analog Room in San Jose) over the weekend. He has 47K records at last count spread between home and shop. He is starting to cull dup copies and got his son interested to post them on ebay - giving him a share of the take.

[Madfloyd]

Do you know the son's eBay moniker?

[cpp]

Since my grown kids have really no interest in a TT and all the other gear, I'm going to leave my LP's to our local audio club (except my Beatles and Yardbird and Hendrix collection), they know who to contact to sell those. . My gear, the wife and my kids know who to contact to sell it off and they can do what they want with the cash.

[dcc]

Easy. My son to whom I injected the virus.

[mkuller]

If you need an estate plan for your audio system, that's a sure sign you've gone overboard. In the next couple of years I plan to downsize my 5 bedroom house to a condo, sell my system and buy a smaller one since I will be unlikely to have a dedicated music room. Not an estate plan; just a plan.

[mep]

If you need an estate plan for your audio system, that's a sure sign you've gone overboard. In the next couple of years I plan to downsize my 5 bedroom house to a condo, sell my system and buy a smaller one since I will be unlikely to have a dedicated music room. Not an estate plan; just a plan.

Sorry Mike.

[Bobm]

If you need an estate plan for your audio system, that's a sure sign you've gone overboard. In the next couple of years I plan to downsize my 5 bedroom house to a condo, sell my system and buy a smaller one since I will be unlikely to have a dedicated music room. Not an estate plan; just a plan.

Here you go Mike. Just add a cellphone containing music and you're all set.

[mkuller]

LOL! I was planning to aim a little higher than that.

[rockitman]

been thinking about the same thing myself.....I have the words in my will "I direct all of my stereo equipment, music media (Vinyl Records, RTR Tapes, CD's, ect) and related accessories be appraised at my death by a professional appraiser(s) knowledgeable in such property and sold off at fair market value...."

[kcin]

I need to do this, I started with a piece of masking tape under each component with detail. lists and files can be lost - but I will do both. A shame neither of my children have an interest in this stuff. They're 15 and 20 .

[Garth]

I was planning to keep on working and live forever. Who says a plan has to be realistic .

Fully insured with values and and riders to prove it.

I do need to value my records as I do not have list, just to big a job to do. I started once with a computer program got 3 or 4 hundred in and stopped at lest the As are done well ABC NEVER GOT TO THE DS .

I have only seen dead rock stars on this site I can not play a note so I might live forever.

[Doxycc]

i took a video of the record spines in my record shelves. not perfect, but in most cases good enough

[Garth]

Thats a good idea as a quick fix