DISPOSING OF A COLLECTION
We have often heard stories about the heirs of our members wondering what to do with an inherited naval cover collection. Many collections have simply been dumped in the trash or sold in a way that robbed the deceased’s family of the true value of the covers because no instructions were left for the proper care and disposal of the covers. To address this problem, the USCS created an Heirs & Estates Committee to assist families with a collection that is no longer wanted.
If you are the collector, please inform your heirs that your naval cover collection does have value. Let them know the collection should be kept in a cool, dry space that is free from smoke, odors, pets, insects and from anything which might damage paper documents. The form below can be filled out and discussed with your heirs, and a copy of it left with the collection. If our help is needed, a copy can be sent to the committee chairman at the appropriate time, who will assist your heirs in the disposal of the collection.
When filling out the form below; feel free to add any relevant additional information. When estimating the value of your collection, please be realistic so as not to surprise nor disappoint your heirs as to the net realizable value. If you plan on having the collection sold to a dealer, please realize that no dealer will pay the current market price for your covers and that a discount may be required to entice a dealer to purchase your entire collection. Over-valuation may also have negative tax implications for your estate.
We can assist you in finding dealers or fellow collectors who might have an interest in purchasing the collection, or if you choose to donate the collection to the USCS we can assist in that regard as well. There may be favorable tax advantages in doing so. The USCS cannot provide you an appraisal of the covers as this is prohibited by the IRS.
You should consult with a lawyer and draft a will with any specific bequests you may have for your Naval cover collection, along with other particular items you wish to direct to specific survivors.
Be sure to destroy any previous instructions regarding the Heirs and Estate Committee as the USCS contact has changed. Please print the two pages below and place them with your cover collection and other important papers:
Information about the Collection
Name ____________________________________________________________
USCS Membership # ________________________________________________
Address ________________________________________________
Telephone Number(s) ____________________________________
Email address ___________________________________________
Executor __________________________________________________________
Address ________________________________________________
Telephone Number ______________________________________
Email address ___________________________________________
Beneficiary(ies) ____________________________________________________
Address ________________________________________________
Telephone Number ______________________________________
Email Address ___________________________________________
Location of collection ______________________________________________
__________________________________________________________________
How is the collection stored? ________________________________________
__________________________________________________________________
__________________________________________________________________
How do you file, sort and/or classify your covers? ______________________
__________________________________________________________________
__________________________________________________________________
Describe your collection ____________________________________________
__________________________________________________________________
Describe any significant or valuable covers ____________________________
__________________________________________________________________
Describe any exhibits you might have. Do you want to keep this exhibit intact? __________
________________________________________________________________________________
Special bequests ________________________________________________________________
What is the approximate retail value of your collection? ______________________________