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Our will and our engines?


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  #1  
Old 01-30-2005, 12:08:42 AM
Pat Barrett Pat Barrett is online now
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Default Our will and our engines?

Although I hope I am far from passing away, I was thinking that I see, alot of estate sales, or someone offering things bought from the "family" after someone dies. Should we leave instructions for our engines in our will, as to what should happen to them. Know this is somewhat of a morbid post, but. I think I am going to divide my engines between my children with the stipulation that if they don't want them, they must give them to my son who is very interested with them. That way, all get part and they remain with the one who shows the one's he has. One thought if you don't have some family to "take over" would be to choose a younger collector you like and will some or all to him or her. Another choice would to sell them all off and divide the money equally with the decendents. Anyhow, not having any instructions on what to do with them is a burden on those left behind. Not ready to die yet, but pondering the stuff left behind getting to good hands, without being a terrific hardship on those dealing with the situation.
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Old 01-30-2005, 12:51:34 AM
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Randy Hart Randy Hart is offline
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Default Re: Our will and our engines?

Pat, I'm 42 going on 43 with two young children, ( 9 & 11 )
I told my wife what to keep for the kids and who to trust to get the auction ready.. Because of my wide intrest in collecting stuff, not all needs to be saved and a well run auction will provide them with a bridge of cash to replace my income for a while.. I may care who gets my stuff while I'm alive but when I'm gone it will be out of my hands..

I just hope the foundry has enough lead time to melt the Bull Dogs and make my casket. Randy Hart Ohio
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Old 01-30-2005, 12:58:11 AM
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Craig A Craig A is offline
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Default Re: Our will and our engines?

Pat, I think "saddling" the children with engines who do not share your interest and favoring the ONE (?) who does will only cause BIG hard feelings someday. MANY families have been torn apart even when there AREN'T any problems except the PERCEPTION that someone is getting favorable treatment which might be deserved. It happens here when a family farm is sold to ONE willing offspring who pays MARKET PRICE and STILL becomes an outcast. My advice: divide the engines without stipulations. You MIGHT give your son some choices though.........
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Old 01-30-2005, 02:29:27 AM
Sky
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Default Re: Our will and our engines?

you know, i have thought about this too, and still thinking....and thinking......and thinking....and thinking.....seems like a million things go through your head when you think seriously about things like this, i dont plan on dying anytime soon eaither, as far as im conserned, i still got a million miles to go..maybee over! .....but what will i do with my engine collection?....i wont sell them, not my engines, not in this lifetime,....myself, if i never marry and have kids...and im all alone...think id want them to go to a honest to goodness serious engine collector who takes good care of his stuff, or a museum of Briggs or something of some sort..inless theres a family member of mine who collects engines and i dont know about it, or atleast has a fasination with them like i do....but when i croke, like Randy said, it's out of ones hands....how can i explain it? the best i can,it doesnt hurt to think early sometimes on things like this, it pays as some people know to plan early, that way the dificult part is done! i think this was a very good topic to bring up.
sorry for ramblin on but,..well, back to square one........still thinking.......................................... .dont get me wrong, this aint the only thing i think about.
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Old 01-30-2005, 06:52:46 AM
Paul Deschane Paul Deschane is offline
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Default Re: Our will and our engines?

Every time my daughters get together here they tell me what great auction they are going to have after I'm gone and I agree. All this "stuff" represents my interests, not theirs. What better way to get our engines into the hands of the very people who will care for them properly than an auction. After all isn't that how we got many of them ourselves and I can't think of a better bunch to have my engines than you people.
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Old 01-30-2005, 02:44:20 PM
Kevin Roth Kevin Roth is offline
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Default Re: Our will and our engines?

This has been something that I have thinking about for some time. I have 2 boys 11 and 15 that are very interested in old iron also. I have told them that some of my collection might be sold for my retirement. There are other items that that I want them to keep and don't know if I should divide it up between them or leave it to them as partners. I have asked them what things they would like to have so they have to make the choices, but that hasn't worked for everything. I do know that I don't want the stuff donated to a museum or show where it won't be taken care of. I would sooner see it sold to other collectors that have the same love of it as us. Kevin
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Old 01-30-2005, 03:21:36 PM
Harry Harry is offline
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Default Re: Our will and our engines?

Quote:
Originally Posted by Kevin Roth
I do know that I don't want the stuff donated to a museum or show where it won't be taken care of. I would sooner see it sold to other collectors that have the same love of it as us.
Donating to museums typically results in the item being sold anyway. Museums need operating funds and money for acquisitions that they really want.

In my travels I've heard the statement, "I'm going to donate it to the local museum so it will stay right here in this town." One thing is most certain: you cannot control ANYTHING after you are gone.
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Old 01-30-2005, 05:49:54 PM
HBurk HBurk is offline
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Default Re: Our will and our engines?

don't give anyone anything with strings attached. if i give you something, it is yours to do with as you see fit.
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Old 01-30-2005, 07:37:52 PM
Bill Bird Bill Bird is offline
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Default Re: Our will and our engines?

In the March issue,1990, pages 18 and 19, there is an excellent about this entitled "WHAT WILL HAPPEN TO MY COLLECTION WHEN I A'M GONE?". I should said that this in the GEM magazine. BILL BIRD
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Old 01-30-2005, 09:22:52 PM
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Byron Roberts Byron Roberts is offline
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Default Re: Our will and our engines?

When I Started my cousin and I said a good start would be 1 Engine Too leave per Kid:: Iv'e got 3 kids one already has 2 engines (He's 7).. Got About a Dozen Engines Now ... Don't Need More Kids... Maybe this should be Under .. GOT IT BAD:: As they can do what they want with what I give them.. Byron
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Old 01-31-2005, 10:26:32 AM
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David M. Lyon David M. Lyon is offline
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Default Re: Our will and our engines?

You mean thay I can't take them with me?...There HAS to be engine shows in heaven! Otherwise, Why go?
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Old 01-31-2005, 10:59:04 AM
Orrin Orrin is offline
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Default Re: Our will and our engines?

Our will stipulates that all our property shall be sold at public auction. If either of our two kids want something, they'll bid on it. If they both want something, they'll bid against one another until one gets it.

How will they pay for what they get? Well, they'll have the auction proceeds. It seems to me this is a reasonable and fair way of preventing any squabbling.

All of the above assumes that I die unexpectedly before I am able to dispose of our goods, myself. IMHO, it is inconsiderate of one to saddle the kids with a massive job of disposal if they are busy making a life for themselves. When I get to the point where I'm too old to enjoy my toys, I hope to sell off my stuff and spend the proceeds on some overseas trips.

I hope to be able to spend it all before I go.

Orrin
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Old 01-31-2005, 05:49:57 PM
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Elden DuRand Elden DuRand is offline
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Default Re: Our will and our engines?

Quote:
Originally Posted by Orrin
I hope to be able to spend it all before I go.
Orrin:

Way to go! Personally, I hope that when whoever (Elaine or me) is the last to go, croaks, the first check that bounces is either to a doctor or the funeral home!

As far as my "junque" is concerned, 'cause we don't have any kids, I really don't give a hoot what happens to it after I bite the dust. If my wife survives me (which she probably will), I hope she has an auction and there are fist fights over who has the highest bid.

Party, party - Elden
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Old 01-31-2005, 10:21:51 PM
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Craig A Craig A is offline
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Default Re: Our will and our engines?

Quote:
Originally Posted by Elden DuRand
I hope she has an auction and there are fist fights over who has the highest bid.
Party, party - Elden
Eldon! You and I are in the same boat....sort of. WE have no children together but my wife DOES have a son and WE do have 2 grandchildren. I expect that IF I live long enough to get FEEBLE enough to NOT play with my toys........THAT'S IT! Someone else is going to own them and I'd rather be the one to decide where and who gets them and for how much!!! The way prices have been going there COULD be QUITE a party.........
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