(Topic ID: 257831)

Estate planning for pinheads.

By TaylorVA

4 years ago


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  • 74 posts
  • 52 Pinsiders participating
  • Latest reply 4 years ago by TigerLaw
  • Topic is favorited by 5 Pinsiders

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    There are 74 posts in this topic. You are on page 2 of 2.
    #51 4 years ago
    Quoted from Whysnow:

    There are a few people specifically listed as Do not sell (I have rare games that a few may want and F them. They were dicks when I was alive so they can suck an egg when I am gone, lol) and my friends will honor that.

    iStock_000016203481Large (resized).jpgiStock_000016203481Large (resized).jpg
    #52 4 years ago
    Quoted from Mr68:

    [quoted image]

    Oddly, you are not on the do not sell list

    #53 4 years ago

    If you don't have a Revocable Trust with "pour over wills" then that's step one.

    Pinball machines are "personal property" and will get split according to Will/trust without the necessity of probate. Not titled assets.

    You should create a "personal property memorandum" PPM which acts as a codicil to your Will and dictates where your golf clubs, china, pinball machines, etc. go and to whom.

    Sign and date in your own handwriting, no witnesses necessary.

    Change your mind? Tear it up and do another one.

    #54 4 years ago
    Quoted from iceman44:

    If you don't have a Revocable Trust with "pour over wills" then that's step one.
    Pinball machines are "personal property" and will get split according to Will/trust without the necessity of probate. Not titled assets.
    You should create a "personal property memorandum" PPM which acts as a codicil to your Will and dictates where your golf clubs, china, pinball machines, etc. go and to whom.
    Sign and date in your own handwriting, no witnesses necessary.
    Change your mind? Tear it up and do another one.

    Any good templates or online links that would help with this. ?

    #55 4 years ago
    Quoted from iceman44:

    If you don't have a Revocable Trust with "pour over wills" then that's step one.
    Pinball machines are "personal property" and will get split according to Will/trust without the necessity of probate. Not titled assets.
    You should create a "personal property memorandum" PPM which acts as a codicil to your Will and dictates where your golf clubs, china, pinball machines, etc. go and to whom.
    Sign and date in your own handwriting, no witnesses necessary.
    Change your mind? Tear it up and do another one.

    Exactly what I did...My basic " hopes and wishes" doc dictates what happens to my personal crap ( and other things) that lives w my Will at attorneys office. Can shred, modify as I see fit without screwing w the bigger assets.

    I truly hope that I tire of the hobby before I die, however. They will all go, and my kids won't have to deal w them.

    Can see it happening, just not anytime soon..

    #56 4 years ago
    Quoted from wolverinetuner:

    I’m even closer if you want to play some EMs!

    Thank You!!! Awesome I love all types of Pins

    #57 4 years ago

    I'm surprised no one has kids that they would pass them along to and would keep them in the family.

    #58 4 years ago
    Quoted from Greg2608:

    I'm surprised no one has kids that they would pass them along to and would keep them in the family.

    My kids already have 6 of my games. We've talked to our two kids and they've shown interest in some of the others I own. They've both listed the titles they want once I'm gone. They can have them.

    I have a lot of pinball friends but only a couple of trusted ones that have said they'd help my wife sell whatever the kids don't want.

    #59 4 years ago
    Quoted from Whysnow:

    There are a few people specifically listed as Do not sell (I have rare games that a few may want and F them. They were dicks when I was alive so they can suck an egg when I am gone, lol) and my friends will honor that.

    I can't help but think we're all in that same boat. I know I am. Once I'm gone, my wife knows who to deal with and who not to. I would give my games to some of my friends before I sold them to a few others.

    #60 4 years ago
    Quoted from Bryan_Kelly:

    I can't help but think we're all in that same boat. I know I am. Once I'm gone, my wife knows who to deal with and who not to. I would give my games to some of my friends before I sold them to a few others.

    Yeah, my wife loves pinball and she would burn them before selling them to a couple people.

    Either way I hope it is all a long time before either of us really need to deal with this.

    #61 4 years ago

    I've been telling my wife I want to whittle it down to 6 games eventually. She laughs, and says "maybe 10". Either way, i don't plan on having 20+ games when I go. Unless I go suddenly. The wife knows enough about their value though, and I have trusted friends that she can ask too.
    My sister wants Monster Bash. Other than that, nobody has laid claim to anything.

    #62 4 years ago
    Quoted from Greg2608:

    I'm surprised no one has kids that they would pass them along to and would keep them in the family.

    Majority of us do have kids but they are not so much in love with our hobby because of all the wide varieties out there like xbox,ps4,smartphones ect.
    When i was a kid we did not have all the things kids have today,but there was pinball and arcade machines and i fell in love with pinball.

    #63 4 years ago
    Quoted from pinzrfun:

    The wife knows enough about their value though, and I have trusted friends that she can ask too.

    I'm contemplating a notebook with .. well everything.

    Notes on the house, where we get heating oil, account numbers, passwords, how much various pins and other assets are at time of revision, people to contact, etc. Statistically speaking she is going to outlive me and I just assume make things easy as possible for her in the event I check out, unexpectedly or otherwise.

    #64 4 years ago

    I'm in the middle of estate planning myself. Or more accurately trying to avoid it.
    Where collections (not just pins) end up is turning into a big problem. No one
    in the family has much interest and the volume would be overwhelming for
    any one (or 10) people.

    On one hand, want to keep and enjoy the things I've collected and restored
    in my lifetime but on the other hand don't want to see the majority end
    up in the landfill or sold off by crooked 'estate liquidators' after I croak. There is a
    special place in hell for these scum bags.

    One possibility is donate collections to museums. In fact I've done that with
    a few really nice items (not pins) only to see them sold off. So thats not
    a great option either.

    Don't have any good answers yet.
    Steve

    #65 4 years ago
    Quoted from zarco:

    I'm in the middle of estate planning myself. Or more accurately trying to avoid it.
    Where collections (not just pins) end up is turning into a big problem. No one
    in the family has much interest and the volume would be overwhelming for
    any one (or 10) people.
    On one hand, want to keep and enjoy the things I've collected and restored
    in my lifetime but on the other hand don't want to see the majority end
    up in the landfill or sold off by crooked 'estate liquidators' after I croak. There is a
    special place in hell for these scum bags.
    One possibility is donate collections to museums. In fact I've done that with
    a few really nice items (not pins) only to see them sold off. So thats not
    a great option either.
    Don't have any good answers yet.
    Steve

    Yeah, I’d be mortified if I made a donation to a pin museum or some kind of place like that, and those dicks sold them?!? They can rot....

    #66 4 years ago

    Talk to a lawyer and set up a revocable trust.

    #67 4 years ago
    Quoted from TaylorVA:

    Updated the title of the post to more accurately reflect the info I was looking for.
    First let me say that I’m not getting out of the hobby......
    I have 11 games and a bunch of game room decorations that at some point will need to find new homes. Anyone know someone that has left the hobby? How did they dismantle their collection? I have a lot of shit and have been thinking about this lately.

    I'm going to have decals inside each coin door that states the minimum price a game should sell for, and which games to to which people for free. Some are gifts to close friends. Others are financial security for my family.

    #68 4 years ago

    Taylor . I posted similar thread couple years ago. Vultures circle quickly when smell a meal. I went route of taking my grandson on tour internet sites to establish value. Value changes with time . Pointed out places to post firm item sale price and explain what PIA pinball collectors can be ( myself included ). If not cash on glass my games likely hauled enmass to Auction Game Sales winston salem sale. You should consider youngest trusted family member. These pins get heavier as owner ages. Dont want your midlife son or daughter get hurt trying to move a game. Hope this helps . Shane

    #69 4 years ago
    Quoted from Whysnow:

    Any good templates or online links that would help with this. ?

    I can email you one after xmas.

    #70 4 years ago
    Quoted from northerndude:

    Yeah, I’d be mortified if I made a donation to a pin museum or some kind of place like that, and those dicks sold them?!? They can rot....

    Try the Long Term Loan concept.
    Really no reason to try and control something once you have gotten rid of it, the sale still benefits the Museum. Not enough heated shelter in the World to store all of the "Treasured items" that are getting ready to flood the second hand Market. One example is wooden boats. Museums are loaded with the things and unless its one of a kind rare it gets sold.

    #71 4 years ago

    When I saw this thread, I thought you were planning to build a house to put more pins in

    #72 4 years ago
    Quoted from iceman44:

    If you don't have a Revocable Trust with "pour over wills" then that's step one.
    Pinball machines are "personal property" and will get split according to Will/trust without the necessity of probate. Not titled assets.
    You should create a "personal property memorandum" PPM which acts as a codicil to your Will and dictates where your golf clubs, china, pinball machines, etc. go and to whom.
    Sign and date in your own handwriting, no witnesses necessary.
    Change your mind? Tear it up and do another one.

    I remember hearing the word "Codicil" for the first time on the teevee show Dynasty in the '80's. Had to crack open the dictionary back then to learn what it meant.

    #73 4 years ago

    I have a data base on what i own and have payed for pinballs and parts
    currently it is not up to date...
    and after a resent health scare 6 months ago I
    Have tried to sort out what will make it easier for the wife to sell what she doesn't want to keep ...

    I am lucky as the wife loves pinball more than me ...
    and there is pinballs that she will defiantly keep....

    #74 4 years ago
    Quoted from TaylorVA:

    That’s what I’m thinking. Do you have a specific person you have chosen to help with it?

    Jodester and I have made an arrangement with each other to sell the other’s collection should one of us untimely pass. We’ve let our respective spouses know of the arrangements we’ve made in this respect. It is wise to make such an arrangement as liquidating a large collection is obviously super challenging and you need the right person to do it who will do right by your family and dedicate the time needed to get the job done.

    There are 74 posts in this topic. You are on page 2 of 2.

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