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How many of you have an inventory with your will and provide guidance on values?
Better still:
1. How many have a will?
2. How many detail what to do with their watches?
3. How many provide an approximate valuation to help their loved ones when filling in the paperwork for inheritance tax ?
Variation on question 3 are permitted.
1 yes
2. Yes - detailed notes of which of my 3 sons get which watches and indication of value. And a note of a TZer pal of mine the wife is to contact to take advice on some that should be sold as would be inequitable to give to one of the lads
3 not a formal valuation. My estimation
Sent from my iPhone using TZ-UK mobile app
- Yes
- A wish list to go hand in hand with our will with a watch collector friends details for my wife/kids to contact to help with selling/valuation.
- No
ps: I am hoping I buck the trend and don't pass away :)
Yes
Yes
Yes
I have a spreadsheet that is in with all my will and PoA stuff which lists all the 'decent' watches.
My main beneficiary is suitably astute to not get duped out of a Rolex, Blancpain, Breitling etc. (he has a Seamaster and Aerospace himself)
1. Yes.
2. No.
3. No. I’ll let them estimate.
Quote:
Originally Posted by stooo
+1
1. No
2. No
3. Yes but it’s out of date
My wife knows she can do what she wants with watches when I die just please don’t get fleeced. Speak to a few dealers and make sure they’re reputable.
No
No
& no
But a very recent family bereavement has opened my eyes a lot and I really need to get my finger out and get all three sorted asap.
I need to refresh my will and have revised estimated values, but I suspect it may be time to start giving away shares in my watches!
I keep a spreadsheet detailing prices, sources and serial numbers but need to connect it with the will otherwise I anticipate my beloved may be scammed.
Yes
Yes
No
I’m amazed there are people who don’t have a will. You are potentially making an awful surprise worse for your loved ones.
I have a WID (When I die) file.
It contains my will as well a lot of other, mainly financial info. One of these is an inventory of my watches, where they are located and whether they have box / papers (as these are stored separately).
One of my executors is also a TZ’r so that will help!
Yes.
No.
Yes. I have details of watches in spreadsheet form with estimated values. I have at least one of my watches going to my step daughter.
Yes
No
No
My wife has an interesting collection of watches herself and from that, she knows who to contact for a sale of all my watches. About my cars: she knows who to contact to have them sold.
1. yes
2. no
3. no way wife has no idea how much they cost...
Have a will but made no provision for watches.
I've already sold my Rolexes and all I have left is around a hundred vintage models, mostly Omega which my boys are not interested in.
Thinking of that I should start listing a few on TZ!
1. Yes
2. No
3. I'm sure they'll find out.
Also LPAs. Just got my financial and health LPAs sorted.Quote:
Originally Posted by Montello
Yep, me and the wife have those too. Easy to do yourself.Quote:
Originally Posted by Maris
Yea
No
No (but it’s stated in the valuations and insurance docs)
Listing items in ones will (items = watches/art/valuables)
May not be a great idea as they are then part of your “estate”
If not listed then they could potentially be removed from the safe and “stored” elsewhere after you die, thus not incurring any inheritance tax.
If one wished to do such a thing.
Ah well there is no shortage of ways to defraud HMRC if that’s your thing …Quote:
Originally Posted by watchlovr
To be fair, even HMRC would struggle to track him down on that one :biggrin-new:Quote:
Originally Posted by Montello
That ok then … bit like those who buy watches overseas and then wear them home.Quote:
Originally Posted by M1011
I fear you may have missed my joke :playful:Quote:
Originally Posted by Montello
Still not seeing it …🤔Quote:
Originally Posted by M1011
Well if HMRC find out Mr Watchlovr has taken steps to avoid fully declaring the value of his watches when his estate was inherited, to follow up with Mr Watchlovr will HMRC need (a) his home address, or (b) a shovel?Quote:
Originally Posted by Montello
I didn't promise it was a good joke! :smile-new:
(p.s. I know that's not how IHT really works)