Last Wills and Testaments

[Anonymous]

I was at a recent CNWHS rail show,and a small topic that some of us were discussing was whom would get our model railroad equipment,magazines,books,and the like, when you would pass on to the other life(death).Would you have a will made out to certain organizations like the NMRA, a histroical society, your local library,a museum,pass the stuff onto your siblings,or ?. Yes its an interesting question,and I am wondering if anyone has ever thought about this like I have,and wondered the same?
Andrew

[Javern]

I think I will just let my family fight over everything

[Big_Boy_4005]

Funny you should ask, as I just happen to have a freshly drafted will sitting here on my desk awaiting my signature. It contains no specific provision for any of my trains. Instead, I will make my wishes known through a letter to be attached to the will. It is much easier to make changes in the letter than in the will itself. Now if only I could figure out what to do with all this stuff.

[tatans]

I hate to say this but a lot of model railroad equipment ends up in the dump because the people responsible for disposition have no idea of what it is, ( this also includes family members) they think they are just old toys. I attended an auction recently and saw a large box of brass engines that had been dumped roughly in the carton and were all severely damaged ( most were damaged beyond repair) and someone bought them all for $20.00, who knows what happened to them? this is an important topic.

[eastcoast]

In a Living Will, I have stated that my collection is to stay in the
family and passed on as heirlooms. Of course, after I do pass,
it really is not going to matter anyway, I won't be here to see the
results of a will. I can only hope that my well taken care of collection
is passed on to someone who will enjoy them and cheri***hem
as much as I do now.

[Anonymous]

QUOTE: [i]I will make my wishes known through a letter to be attached to the will.

Be sure you check with your lawyer (even though we don't like them very much! [xx(]) about that letter. Even if it is attached to the will, it may not be part of that legal document. Best bet is to put your trains into the will directly as a bequest to whoever will become the caretaker of the railroad. Even better, pass them along to whoever now, by drafting a letter to that person giving them joint legal ownership of the layout and all its equipment and appurtenances. [8D] This should also take them out of the realm of your estate, and reduces any estate tax later.

[acgilbert]

(1) A "Living Will", also known as a "Directive to Physicians" only controls artifical life support issues prior to death, and does not deal with property inheritance issues. That is the province of a "Last Will and Testament".

(2) In many states, bequests in a letter attached to a Last Will and Testament will have the same full force and effect as if recited in the Will itself, provided the Will has a paragraph authorizing use of such a letter.

(3) If one wants to avoid inheritance taxes by making gifts prior to death, the gift must be "completed" both as to passing of legal title and as to physical delivery of the property involved. Also in some situations, more than 3 years must have passed between the date of gift and the date of death.

Each state controls its own inheritance tax rules and regs, which may well vary from the above, and Federal Estate Tax rules and regs change frequently, so check with your attorney or tax advisor before making any significant decisions involving big $$.

[Anonymous]

When I climb that grade to HO Heaven , Hobby Recycling Hobby Shop will gave my site supervisor a bid for the works. I have to do my homework and list the items so he can work up a bid.
Expect no more than 40% of the prices advertised by trainworld.

[Fergmiester]

QUOTE: Originally posted by Big_Boy_4005

Funny you should ask, as I just happen to have a freshly drafted will sitting here on my desk awaiting my signature. It contains no specific provision for any of my trains. Instead, I will make my wishes known through a letter to be attached to the will. It is much easier to make changes in the letter than in the will itself. Now if only I could figure out what to do with all this stuff.

Elliot: After all we've been through I hope you've included me!

My wife has a good idea as to what the net value of my empire is worth. If the kids show little or no interest then it will be sold off to the highest bidder. Does this bother me ? No.
As long as my family is taken care of and have no financial worries I won't be around to worry about it.

Fergie

[Big_Boy_4005]

QUOTE: Originally posted by Jack P

QUOTE: [i]I will make my wishes known through a letter to be attached to the will.

Be sure you check with your lawyer (even though we don't like them very much! [xx(]) about that letter. Even if it is attached to the will, it may not be part of that legal document. Best bet is to put your trains into the will directly as a bequest to whoever will become the caretaker of the railroad. Even better, pass them along to whoever now, by drafting a letter to that person giving them joint legal ownership of the layout and all its equipment and appurtenances. [8D] This should also take them out of the realm of your estate, and reduces any estate tax later.

Not to worry, the whole thing was checked by my father, whose former law partner drafted the will. The trains will just fall into the personal property catagory, along with clothes and household items. Their value is small compared to the rest of the estate I will leave.

I ended up having to go through my mother's and my grandmother's stuff. Most of it was junk anyway. Hopefully my kids won't feel that way about my stuff. (lots of luck)

Of course, I'm not planning on checking out any time soon, I'm only 43, but you never know.

[Big_Boy_4005]

QUOTE: Originally posted by Fergmiester

QUOTE: Originally posted by Big_Boy_4005

Funny you should ask, as I just happen to have a freshly drafted will sitting here on my desk awaiting my signature. It contains no specific provision for any of my trains. Instead, I will make my wishes known through a letter to be attached to the will. It is much easier to make changes in the letter than in the will itself. Now if only I could figure out what to do with all this stuff.

Elliot: After all we've been through I hope you've included me!

My wife has a good idea as to what the net value of my empire is worth. If the kids show little or no interest then it will be sold off to the highest bidder. Does this bother me ? No.
As long as my family is taken care of and have no financial worries I won't be around to worry about it.

Fergie

Gee Ferg, I didn't know you were into Lionel. [swg] Actually your plan is probably what I will end up doing, except I'll have to leave them some kind of inventory and valuation listing.

[jrbarney]

I'm certainly not a lawyer, but I'd like to suggest that those whom have sizeable estates consider putting their financial assets in a revocable trust to avoid probate. In my opinion, this topic of what you want done with your models should be covered in the leading railroad magazines more often.
Bob
NMRA Life 0543

[Anonymous]

QUOTE: Originally posted by jrbarney

I'm certainly not a lawyer, but I'd like to suggest that those whom have sizeable estates consider putting their financial assets in a revocable trust to avoid probate. In my opinion, this topic of what you want done with your models should be covered in the leading railroad magazines more often.
Bob
NMRA Life 0543

Agreed.

Plus the fact that the average age of model railroaders is rising as well. This is going to be a hot topic before to long. Of course a plus side could be for a young pup like me. All the older participants of the hobby die, flooding the second hand market. Brass 4-8-4s for $100.00 [:D][8D][:D] Wishful thinking, I know.

Due to the recent death of my grandmother, I have been thinking alot about my personal end game alot lately. So Far I think I will stipulate that my layout will pass to the child, grandchild, or great grandchild, who would like to take over the layout lock stock and barrell and continue its operation, and expansion. Should no direct decendent of mine wi***o take it on, then I will leave it to a museum, along with the neccissary funds to build a proper home for it, and eneugh funding to help out with maintenence and upkeep.

But alas I am 22 years old. Life doesn't begin until Im 40. So I will not dwell on it to much.

James

[Anonymous]

This is a sore subject with me
My grandpa passed and he had tons of stuff lost of lionel prewar and american flyer. His HO stuff was mostly Varney kits and old mantua
everything was well maintained and oiled. He also had lots of actual railroad signs a 4 lamp signal derail sign and a turnout with the round sheetmetal signal mounted to it. Lanterns he had at least 50 different ones.
so he had quite an investment of train items Grandma sold all of his "train crap" for 2000.00 this also included two layouts one in HO and the other in O27
enough stuff to fill the biggest U-haul there is. I know for a factit would have fetched quite a bit more if she had been smart but she I have found out recently hated his trains. Now she is complaining she is running out of money hmmm guess you should have done it differently with his "crap".
I myself got a few pieces and hind sight 20/20 I should have taken a lot more
so make no mistake how you want your collection dispersed
otherwise its gone and the grandson who you spent so much time with teaching him about trains will be sad

[tatans]

Addendum to my first note on dispersal: I talked to a friend of mine who works part time at an auction house, re: model trains, he said there are 3 hobbies that create problems at an estate auction, Stamp collections, Model railroading, Coin collecting. A considereable amount of very valuable stamps are ( "lost"?) or disposed of to the garbage as no one has any value of them. Model trains are simply thought of as old toys and given to people or children who in most cases really have no interest in them and have no idea of the value, or sold at auctions for almost no decent prices by people who have no information of the hobby, and last they are dumped in the trash as "toys'. lastly, for some reason coins retain their value (it's money) Again it's a good idea to see these models disposed of correctly.

[Anonymous]

I see a real problem with my situation. I would say I have a very good size collection, but nothing that you could retire on. The problem is, how do you a place value on something that you have been telling your wife doesn't cost that much?

I told her that I would place an envelop in a secret location that someday she would find. Once she finds it, she could get an idea of what I have spent and its subsequent worth on the open market. I'm trying to conceal what I've spent, but at the same time trying to help her once I'm gone. I'd hate to have her sell the lot for $25 when I'm sure she could get $5000 for it on ebay. I'm sure she will need the extra money.

[Anonymous]

dgoodlander:

Seems like you're in a tough spot. I guess you could always claim "appreciation" ie: "Some of this stuff is worth two or three times what I paid for it!"

[Anonymous]

The stuff that has sentimental value to me will go to certain places, like the Life-Like C628 my brother bought me for Christmas when he was 10 will go to him. Everything else will be sold off, hopefully by someone that knows what they're doing, unless someone in the family wants it.

[Anonymous]

My first idea was to never leave this world, but then I grew up and found that someday we do end up going to that big roundhouse in the sky. I made a COMPLETE inventory of my train stuff on the computer and keep it up-dated, daily if necessary, with each and every purchase or change in the status of any piece, so that my wife, or executor of my will, knows exactly what everything is worth. I did put into my Will how I wanted the train collection handled once I am shunted off into that permanent, weed covered siding.
I experienced what happened to a friend's layout when he suddenly passed on - his wife just threw everything into a big truck and had it carted off to the city dump. She sent over $50,000 worth of stuff to the dump. When I told her the real value of his trains, she almost fainted - then cursed, then I left for fear of my life!
I'm not a lawyer, but my advice would be to PUT IT IN THE WILL!!!
Norman

[Anonymous]

The end of my life looks like it'll be a long time from now, but I'll be dead, so I don't care what people do with my trains. I'll at least try to educate my family on whats worth keeping, and what isn't.

Alvie.

[Anonymous]

Its very interesting as to what certain people have to say,since I had posted this topic.My condolenses go out to those that have already lost loved ones. What is unbeleiveable is yes, there are people that dont know what to do with the train equipment,and yes,sadly it does get disposed of. In some cases a woman who runs a hobby shop with her husband had told me that ,they get calls from people, that just dont know what to do with the stuff,or they will give it ot the Salvation Army,then they in turn will call the hobbyshop and give it to them to sell.Some will even take it to an antique dealer and let them sell the trains. As for what I had stated about donating books to a local library,I found out,that the library has a very stiff policy of what they want in their collections,and at 90% of the time, the books that you would give them,would go directly into the annual book sale.To me, you figure a library would like to have some books that they cant afford,though that is not the case and it is a dirty shame. Agian I'm glad that I posted this topic,as it is something that we all as model railroaders should be thinking about,'cause you never know what may happen tomorrow.[sigh]

[aloco]

I've given it some thought, and the best idea I could come up with is to catalogue all of my toys and provide detailed descriptions of each item. If ebay still exists when I die (or some other type of Internet auction service) it all goes up for auction and my surviving relatives can split the proceeds. I highly doubt that any of them will have any use for the junk that I've collected over the years.

[TBat55]

Get a digital camera and burn photos CDs (cheap & enormous capacity). Advertise in the MRR Classifieds and mention the CDs.

I'm surprised train magazines don't have more listings for local estate auctions!

[bsteel4065]

I'm taking it all with me!
And I'm writing out a cheque made payable to myself as well.
Hahahahahahahaha!!!!!!!!!!!

[rvanparys]

Well this is a most interesting subject... Here I am a bit over 60 and heading for Iraq... I have neatly catalogued my 45 years of collecting and ran them against the Walther book with a 25% discount. Since most of my collection is in kits, this should be a rough approximation of the collections worth.

I would encourage all model RR to take the time to catalogue and realistically approximate the value of their collections. While my better half has supported my addiction to choo choos, she only has a brief idea of the amount that has found its way to the neat shelves in our basement....

For you heavy hitters out there... MAKE SURE YOUR SPOUSE KNOWS THE VALUE OF YOUR COLLECTION....

[:)]

[Big_Boy_4005]

I think we all need to remember that all of this train stuff is worthless unless it can find it's way to someone who likes it. We need to leave information to our survivors, or it will go in the trash. Furthermore a layout is absolutely worthless. The only value it could possibly have is salvage of track, structures, and maybe electrical equipment. All of the time, energy and creativity is a total loss.

As much as I want my children to want my trains, I need to have a backup plan in case they don't. Being unmarried, my sister is my personal representative, and she is the one who needs to know what to do when I'm gone.