Dear Lee,

Collectors, more than most, must plan ahead. We are always thinking about what to buy, where to buy, why to buy. Unfortunately, we rarely think about how to sell—even if we are facing downsizing or death.

Three weeks ago, our friend Jim died alone in his condominium. He had a plan to signal friends when he was home. A hat rack outside his door held his hat if he was in. If the hat wasn’t there, friends knew he was not home. When Jim missed a lunch date, his worried friend stopped by and saw the hat. When Jim’s door was opened, his body was found.

Jim started collecting more than 50 years ago, and his home is a treasure trove. He and his parents were well-known in our city, and his family photos and documents would be welcomed by the historical society here. He always wore vintage designer clothes that should be in a museum costume collection. But will his heirs know what to do with the collections? So far, no one has found his will.

In this day of fewer printed local newspapers, information about death can be very much word-of-mouth. Jim is being buried a month after he died—it took that long to find his relatives and make plans. As a collector, he must have planned to donate some of his memorabilia and collections, and to give someone or some organization money from the sale of his condo and its contents. If no will is found, the court will decide what to do.

Think about what should happen when you are no longer enjoying your collections. Make sure you have a will, and that your family or friends know where to find a copy. Be sure to review it regularly. Lives and laws often change. There are special legal requirements for handling pensions, IRAs, donations, appraisals and inheritance taxes. Recent restrictions relate to sales and donations of antiques, collectibles, endangered species and environmental hazards.

P.S. Our new 56-page special report, A Diary: How to Sell, Settle and Profit from a Collector’s Estate, is available at KovelsOnlineStore.com or mail $19.95 plus $4.95 postage & handling to Kovels, P.O. Box 22900, Beachwood, OH 44122.