An individual’s belongings—such as jewelry, furniture, photographs, and books—sometimes slip through the cracks of their estate plan. While certain books may be gifted to a beneficiary in a loved one’s will, a book lover may leave behind other books that the family must decide what to do with.
The family’s first inclination when encountering piles of old books might be to donate them to charity or throw them away. But getting rid of a book collection without first assessing it could be a mistake.
Most books have little or no market value. Those that are not valuable to collectors, however, may have personal value. And a book collection could contain a hidden treasure or two, not only due to a book’s rarity but because of what is hidden in its pages.
Assessing a Book’s (Monetary) Value:
An estate sale company may advise the family that a book in the collection is valuable, or a particular volume might stand out while decluttering. Maybe the book is old, written by a well-known author, or has a distinguishing physical characteristic, such as striking illustrations or the author’s signature.
Age alone does not make a book valuable. Nor does the rarity of a book. Only a tiny fraction have real value to book buyers. First editions of books (i.e., first printings) tend to have higher value than later editions. However, the rarity, scarcity, and condition of a book notwithstanding, a book that is not in demand will not have a strong resale market.
To gauge the value of a book, you can visit websites such as Biblio.com or AbeBooks and fill in the search box information fields. Keep in mind that, even if a book appears to have a strong market, it could take months or even years to find the right buyer.
Hidden Surprises in Books:
A book without intrinsic value can have something valuable concealed within its pages. Some of the hidden treasures found in old books include a lock of George Washington’s hair, an original C.S. Lewis letter, a map of Middle Earth annotated by J.R.R. Tolkien, and a winning lottery ticket worth $750,000. Other people have found cash, collector’s items, and other surprises between the pages.
The artifacts left behind in books might lack financial or objective historical value but have subjective value to family members. Items like handwritten notes, photographs, coupons, receipts, and tickets can be placed in a family scrapbook as a unique and tangible reminder of someone.
Gifting Books and Other Personal Items in an Estate Plan:
Gaps in an estate plan can lead to conflict among surviving family members. Estate plans tend to focus on big-ticket items like houses, cars, bank accounts, and investments. But deciding who is entitled to personal mementos—especially valuable ones—can be an underestimated source of contention.
Verbally promising personal property to a loved one will probably not pass legal muster or satisfy your loved ones who feel left out. To avoid conflicts over personal belongings, consider incorporating them into an estate plan. This can be accomplished with a document called a personal property memorandum. Personal items can also be given away while a person is alive, leaving no doubt about ownership.
Small estate planning details can make a big difference. The more specific you can be in your estate plan, the better. To ensure that you are not leaving out anything important, contact my office to schedule an appointment. You can reach me at (480) 719-7333.