Why Every Sports Card Collector Needs an Estate Plan
For many collectors, a sports card collection is more than just cardboard—it’s history, nostalgia, and in many cases, a significant financial asset. But without a clear estate plan, your prized cards could end up undervalued, mishandled, or even discarded. Here are five estate planning steps every sports card collector should consider.
1. Document Your Collection
Start with a detailed record. At minimum, create a spreadsheet listing each card’s player, year, manufacturer, grade, purchase price, and estimated value. Photos or video walkthroughs can serve as a backup. This documentation not only helps heirs understand what you have, but also gives insurers and appraisers a foundation to work from.
2. Consider Insurance
Homeowners policies often exclude or limit coverage for collectibles. If your collection is valuable, explore a specialized “valuable items” policy. Insurers will usually require documentation and, for high-value cards, a professional appraisal. While premiums are rising, insurance could mean the difference between a total loss and a recoverable one.
3. Appraise High-Value Cards
Not every card needs a formal appraisal. But if you own grail pieces—think a graded rookie Jordan, a vintage Mantle, or a modern one-of-one—an appraisal is smart. Appraisals help set accurate insurance coverage, establish fair estate value, and prevent heirs from mistakenly treating a $25,000 card like it belongs in the recycling bin.
4. Communicate with Your Family
Your heirs may not know a Bowman Chrome refractor from a base Topps rookie. Take time to explain what your collection includes, where it’s stored, and why it matters. If they’re not likely to keep the cards, point them toward trusted dealers or auction houses to ensure a fair sale.
5. Plan for Distribution
Dividing a collection can be tricky. A trust or will should clearly state who inherits your cards—or whether they should be sold and proceeds split. Without clear instructions, disputes can arise, especially when heirs don’t agree on sentimental versus financial value.
Bottom line: Your sports card collection is both passion and portfolio. By documenting, insuring, appraising, communicating, and planning, you ensure your legacy—and your cards—are protected for the next generation.