Definition question: Within a will, treat coin collection as cash or personal property?
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Definition question: Within a will, treat coin collection as cash or personal property?
Will states Person A receives ALL personal property. Goes on to exclude only cash, stocks, and bonds, which are to be liquidated and divided between persons A & B (90%=A,10%=B). Among the personal property are several collections, including a coin collection. All personal property located in residence. Coins kept in collection fashion (coin holders, and so on) as opposed to coffee cans full of coins, piggy banks, etc. No other relevant details. Should coin collection be “treated” as cash and liquidated or should it go to Person A as personal property? Thanks in advance for your help!
Asked on June 19, 2009 under Estate Planning, Illinois
Answers:
L.M., Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
If it is as you describe, a coin collection will be treated as personal property and should go to Person A. Coin collections, like stamp collections, have a value beyond face value and are usually worth more. For that reason, it should not be regarded as cash and liquidated.
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