Hi all, I’m not trying to be a downer here, but I’m older like many of us here at 69. I’m in generally good health, with no children, but I have many dear friends and a few causes I’d like to share my modest estate with.
My $150k-ish at retail system is glorious and a significant asset, yet it’s incredibly esoteric, tweaky and massively complicated.
My beloved ex, who loves music and who has a great system of her own has agreed to be the executor of my will, which is still in progress, but I don’t want to unfairly burden her.
I always figured that if mine was a slow decline, I would be able to manage an orderly selloff of all of my stuff in favor of a nice one box system like the Bel Canto EX1.
But if? Does anyone here here have this kinda figured out?
My system is roughly the same value and neither my wife or my only child have any interest.
And it is complicated enough that neither one would be able to get it to work from a cold start anyway.
One solution (although I haven’t started one yet) it to form a trust and give instructions on where you would like the stuff to go after you die. If you let the attorney oversee the trust then the instructions will be carried out on your passing with no other input required.
I could be flippant and say, “I’ll be dead, so I won’t care”, but I won’t.
Having recently served as an executor, I wouldn’t wish the task upon anyone I like, so my attorney will be executor if my wife and I are both gone. Knowing him, he’ll probably take the stereo, but I’ll be dead, so I won’t care. Oops… I said it.
Couldn’t hurt, when you do your will, to include a document that lists your important/valuable items. (They might already be itemized in your insurance policy.) At least communicate to your executor that you’ve got a document somewhere, so they are aware.
The list could have details about the gear, approximate values, and maybe even contact info for a trusted friend/associate who is knowledgeable about those particular items and could help sell them so they don’t show up at goodwill.
I know I’ll do that for my audio gear, guitars and vehicles.
I have a friend who knows this and has his own system. We have agreed to help the others wife if something happens. He is 10 years younger than me and much healthier… my guess is he will be the one doing the work, not me.
Don’t have complete answers, but I have done the following:
I was stunned to find out that my smart, college grad, business owner wife doesn’t know how to turn the system on or adjust the volume! I typed step-by-step use instructions. Then I walked her through it and changed wording in response to her questions. I put the page next to the system so she will always know where it is. (Let’s face it. After I am gone, if a cable works its way loose, she will see the system as broken and likely never listen again. And, it has nothing to do with brains- my wife is smarter than I am. She enjoys it but is not interested in equipment.)
Typed a detailed list of system components, including accessories, complete with cost for each item. The listing is with our family docs. So, if she or our heirs decide to sell, they will know it is worth more than a few hundred dollars.
In addition, I have typed a multi-page Family Info. doc. that we review together annually. It has all kinds of info: doctors, cemetery plots, doc. location, acc’t. and banking numbers. Where are safe deposit key, season tix, cash, life and LTC insurance, wills and docs. Our financial budget, broker tele., charge acc’ts. What bills get paid mthly. and annually and how. Our yearly charitable donations, homeowner deed and info. Household contents list, passwords to phone and computer and a hundred accounts. What to do and whom to call when something happens to me, …
If you have not been an executor, you have no idea how obtuse and complex the process is, as reality descends on a spouse and/or children when you are gone. It is almost a full-time job for months or a year. If you care about the people left behind, help them now by organizing and annually updating a “Family Info.” doc. Wills don’t include all of this.
Another thought on the subject. If you’re speakers are large enough you could have one of them fashioned into a coffin. How cool and fitting would that be.
JASinPhiladelphia, SO TRUE!!! TY for reminding us… I too have done some of these things; I’m 80YO and am in process of selling my surplus equipment… With three hobbies/former hobbies (audio/video, long-range-rifle shooting and reloading, and fotografy), I still have TOO-MUCH stuff.
I wasn’t going to go there, but since I’m not the first to do it in this thread…
I, flowcharts, roughly half the age of one @andynotadam, do hereby declare my appreciation of Synergistic Research and other weirdo hi-fi equipment. I make this statement with low sensitivity of both heart and speaker.
Usually if your will doesn’t specify, the executor will likely have your belongings appraised to see if an estate sale is worthwhile. If so, that’s where your high end gear would go to.
This would be a good place to search for audiophile bargains, albeit a bit morbid.
