We all have invested considerable time and resources enjoying this great hobby, whether taking pictures, building a layout, or collecting books and memorabilia. As the years pass, we need to think about what will happen to our collections when we're no longer here. We all hear stories about railroad items that were put in the trash by unknowing relatives, or left to gather dust and mold in the attic or garage. We certainly don't want this to happen to our collection, but thinking about what we need to do to prevent that can be a little overwhelming, so we postpone it to another day.
With this article, the ARHS is sharing a few key actions you can take to preserve and direct where your life's work will go when you're no longer here, and be appreciated for generations to come. By following these simple steps, you can secure the future of your treasures.
ACTION #1: Write it down! Take a piece of paper, or open a Word or Excel file, and write down what you have and where you want it to go upon your death. It doesn't have to be fancy – just a simple list of what you have and who's supposed to get it. You don't have to describe every item in detail, just put things in logical groupings (slides, negatives, books, models) so that a reasonable person can understand your wishes.
But remember: This is the single most important thing you can do – writing down your wishes! Do not assume that if you tell your wife or children or railfan buddy what you want to happen to your collection, that's all you need to do. It isn't. Memory is a very fickle thing. And even if somebody does remember exactly what you said, there's no proof that you really did say it or that they didn't just make it up for their own benefit. That can open the door to serious disagreements over ownership of your items.
ACTION #2: Sign your document and date it. Your signature is proof that you wrote the list, not somebody else. And don't forget the date; by adding the date, you avoid problems if you later decide to make some changes to your list. Sign and date your new list, and the document with the most recent date will be the valid one. If you compose your list on a computer, print it out so you can sign and date it.
ACTION #3: Make more than one copy and give them to trusted people. Recipient number 1 should be your Executor, if you have one, or if not, your spouse or a family member or relative that you can trust. If you plan to give something to a non-profit organization, like the ARHS or a museum or historical group, give them a copy as well. You can make an electronic copy of your instructions if you wish, and circulate it online, but remember that electronic documents can get lost just like paper ones, and may become inaccessible in the future due to changes in technology.
ACTION # 4: While you are still able, try to organize your stuff. Put it in groups that correspond to the way you described it on your list: slides, negatives, books, models, etc. That will make it much easier for whoever is going to carry out your wishes to get your things to the right people. The less work you leave for them to do in sorting through all your stuff, the more fondly they will remember you.
If you take these four steps – especially making a written list – you can feel pretty confident that your treasures won't end up in the trash and that your work will be appreciated well into the future.
IMPORTANT: This article is not meant to be legal advice. It is intended only to help you think about the future of your railroad hobby items. If you own other assets besides your railroad material, you should talk with a lawyer about preparing a Will for you. The list of your railroad items and their disposition can then be attached as a codicil. However, even if you don't have other property requiring a Will for its disposition, you might still want to have a lawyer prepare a Will for you if you have hobby items that are valuable or there's a chance somebody might challenge your list of instructions. Having a Will to direct the disposition of your assets protects your heirs and gives finality to your instructions.
This is also not meant to be advice on inheritance taxes. If you leave a collection which has significant monetary value, the government might be entitled to collect an inheritance tax on it. Exactly what value to put on your hobby items is not an easy question to answer. Your heirs may have to get an appraiser to look at the items before they're distributed to determine if there is enough value to require payment of inheritance tax.
Finally, if you are interested in naming the ARHS as a recipient of part or all of your collection, you should reach out to the President to get the process started, or to the chairman of the Archives committee. Contact information is available at www.anthraciterailroads.org.
Thomas Posatko
From the July, 2020 Anthracite Extra
© Anthracite Railroads Historical Society, Inc.
Permission is granted to reproduce this article, as long as the article is intact and contains this copyright notice.
