How do I get a knife collection appraised...including trusts and probate?

[Denise Harned]

Does anyone know if an estate appraisal of a custom collection will be necessary for probate? Unfortunately the collection is not in a trust. I am in CT.

 

[Mannlicher]

I don't have all that many 'good' knives, but all of my modest accumulation has provenance, proof of origin, and the invoices from the makers or companies I bought from. The plan is for my kids to pick their favorite, and liquidate the rest. Money goes the the wife, as an additional 'life insurance' policy. Same for my firearms and camping gear. Wife does not need it, kids don't need all of them.

 

[killgar]

Although I have more experience dealing with trusts than anyone would ever want, I'm in California, and I don't now CT trust laws.

However, more information might make it easier for someone to provide an answer-

Do the knives belong to someone who has passed away, or someone who is close to passing away?

Are the knives yours and you are making final preparations for yourself?

Is there dispute between family members over the knives?

Are the knives locked in a safe or safety deposit box?

If the knives are accessible, and if the family can agree on what to do with them (divide, sell, give to a specific family member), and if their is no official record of their existence (like a trust or will), then I see no reason to involve probate court in deciding what to do with them. An appraisal would cost you money, and as I recall, probate lawyers typically charge a percentage of what the estate is worth when going through probate. The larger and more valuable the estate, the more you pay. Why pay out all that money if you don't have to.

 

[Bob Denman]

Getting them appraised? That's the easiest part of this game.
You just need to find someone who is qualified to say "This one is worth this much, and that one is worth that much."
Start with finding Antiques Dealers who can evaluate jewelery collections. If they can't do it: they might know someone who can!
Good luck!

 

[AlongTheRazorsEdge]

if their is no official record of their existence (like a trust or will), then I see no reason to involve probate court in deciding what to do with them. An appraisal would cost you money, and as I recall, probate lawyers typically charge a percentage of what the estate is worth when going through probate. The larger and more valuable the estate, the more you pay. Why pay out all that money if you don't have to.

^ This. As a matter of fact, the more money/items of value you can keep "non existant" the better. Stocks, bonds, electronic money holding (money in bank) is going to hurt you big time when it comes time to transfer those funds/items and the banks feel "obligated" (strongarmed) to report. Why are these people in your family business anyway. CT, which has stooped so low as to propose taxing non profits (churches etc.), is going to try to juice you/family as hard as possible on money and/or items that have already been taxed at the time of earning/purchase. You will be doing yourself an incredible disservice by letting them catch wind of what you have of value.

 

[Bob Denman]

Yup!

 

[Yalius]

^ This. As a matter of fact, the more money/items of value you can keep "non existant" the better. Stocks, bonds, electronic money holding (money in bank) is going to hurt you big time when it comes time to transfer those funds/items and the banks feel "obligated" (strongarmed) to report. Why are these people in your family business anyway. CT, which has stooped so low as to propose taxing non profits (churches etc.), is going to try to juice you/family as hard as possible on money and/or items that have already been taxed at the time of earning/purchase. You will be doing yourself an incredible disservice by letting them catch wind of what you have of value.

Right up until there's a fire and you try to claim insurance for "non-existent" real property.

 

[john april]

or it gets stolen...

 

[l.m.delage]

I'm from CT. Have been collecting knives since the late 1970s. Don't even know what I own.

Most of the collection consists of classic patterns; many bought at hardware stores and discount stores. Names like Camillus, Schrade, Queen, Frontier, Case, Western, Imperial,etc. (when they were made in the USA). Reason I'm making this statement is because none are outrageously valuable but most are worth more than a few pennies.

When I did the will, trust, etc. I did not list the knives at all.

You're allowed a letter of record to list wishes. IT"S NOT A LEGAL DOCUMENT. You can give a copy to your lawyer or not. I mentioned that anyone who wants any knife let them take it.

By now you should know who is interested in knives. Of course everyone is interested in $$$money$$$. But like I mentioned, the knives aren't worth a fortune individually. If someone wanted all of them, they probably wouldn't know what to do with them. It probably wouldn't be worth appraising them. In Fairfield CountyNew Haven County there are plenty of appraisers but they seem to be generalists at best.

In the mean time I'm selling off bits and pieces on eBay. Out of the family and the extended family only a nephew has an interest inknives - only modern knives - only for EDC. But he's been helping me sell them.