Anyone who owns a collection of memorabilia will need to include it in an estate plan.

People can collect almost anything.

While stamp and coin collections are universally popular, others focus their attention on memorabilia from sports teams to comic books.

Even if someone has spent a significant amount of money on these assets and understands their value, people cannot assume their heirs are equally aware of the personal and monetary importance of the collection.

According to a recent USA Today article titled "That baseball card collection? You need an estate plan for it,” heirs may simply donate or sell away your collection for pennies after you have died.

Yikes!

To avoid this fate, it is important to include your memorabilia in your estate plan.

Your collection could be lost or squandered without a clear estate plan.

Estate Planning for A Collection

Whether your collectibles carry financial or sentimental value, you should document what you own.

Create a detailed inventory of each item, including an estimated value.

You can use a phone to take pictures of each item and list them in a file folder or spreadsheet.

What else should you include in your inventory?

You should write a description of each item, share how it was obtained, explain any reason for possible monetary value, outline what you paid for the item with receipts, and provide an estimate of the possible current value.

If spreadsheets prove too challenging, taking photos or videos of your collection could be a helpful alternative.

Insurance Needs for Collections.

If a collection has monetary value, then it will need to be insured.

You should take a video of every room in your home and a record of all items in your home to provide to the insurance company.

Because homeowners polices vary in what they include in their coverage, you cannot simply assume your homeowners insurance will cover the loss of a collection.

You may need to purchase an additional policy for collections of memorabilia, jewelry, or musical instruments.

Before granting coverage for these items, an insurance company typically requires documentation of your collection and an appraisal of its value.

Getting Collection Appraisal.

Although professional appraisers can be costly, having property valued can be key to both insurance coverage and estate planning.

After getting an appraisal for your collection, communicate its value to your heirs.

Educate them on how to properly maintain it, its value properly, and where to locate the provenance and value documentation.

If your heirs do not want to keep your collectibles, you can research auction houses or dealers to purchase the collection before you die or to connect with your heirs so they can sell the items.

Estate Planning for Collections.

If you have a valuable collection, you may want to add an extra layer of security by titling it to a trust.

What are the benefits of a trust with collectibles?

A trust allows you to provide more specific instructions on the distribution of the assets.

You may want to give half to one child and the other to a niece.

Whether your collections are financial investments or simply sentimental, it is important to clearly communicate your wishes in your estate plan.

An experienced estate planning attorney will help you create a plan to meet your needs and to prevent estate battles over your personal assets.

What are Key Collectible Planning Takeaways?

One cannot assume heirs will understand the monetary or personal value of a collection.

Those who own memorabilia or collectibles should create an inventory, have their items valued, purchase additional insurance if necessary, and establish an estate plan.

An estate plan can provide clear instructions for how heirs should handle collections.

And, the value of your "stuff" truly is in the eye of the beholder.

For example, in my 32 years as an estate planning attorney, I have witnessed more families torn apart by fights over "grandma's yellow pie pan" or priceless "ceramic bullfrog collections" than I can count.

By working with an experienced estate planning attorney, you can help prevent estate battles over all manner of inheritances and the misuse of assets.

This post is for informational purposes only and does not provide legal advice. You should consult an attorney for advice on any specific issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.

Reference: USA Today (Sep. 6, 2025) "That baseball card collection? You need an estate plan for it”