{"id":6641,"date":"2023-06-16T17:08:50","date_gmt":"2023-06-16T17:08:50","guid":{"rendered":"https:\/\/dslawcolorado.com\/?p=6641"},"modified":"2023-06-16T17:08:50","modified_gmt":"2023-06-16T17:08:50","slug":"was-your-loved-one-a-book-lover-think-twice-before-you-throw-them-out","status":"publish","type":"post","link":"https:\/\/dslawcolorado.com\/was-your-loved-one-a-book-lover-think-twice-before-you-throw-them-out\/","title":{"rendered":"Was Your Loved One a Book Lover? Think Twice Before You Throw Them Out"},"content":{"rendered":"

An individual\u2019s belongings\u2014such as jewelry, furniture, photographs, and books\u2014sometimes slip through the cracks of their estate plan<\/a>. While certain books may be gifted to a beneficiary in a loved one\u2019s will<\/a>, a book lover may leave behind other books that the family must decide what to do with.<\/p>\n

The family\u2019s 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.<\/p>\n

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\u2019s rarity but because of what is hidden in its pages.<\/p>\n

Books and the Residuary Estate <\/strong><\/p>\n

Even with the most thorough estate planning, there is likely to be some personal property that is unaccounted for after somebody passes away. What remains after specific items have been distributed to loved ones and final expenses have been paid makes up the residuary estate<\/em>.[1]<\/sup><\/a><\/p>\n

A residuary estate can contain newly acquired accounts and property that were not accounted for in the latest draft of an estate plan. It can also contain overlooked items that, at least on the surface, seem to have nothing more than sentimental value. An old family Bible might be left to a close family member. The other books on the shelf, though, may be left in no-man\u2019s-land.<\/p>\n

Most wills<\/a> and trusts<\/a> contain language specifying the disposition of the residuary estate. The language might state, for example, that any residuary estate goes to an individual family member, into a trust, or to charity.<\/p>\n

If the residuary language is general, such as \u201call my personal belongings are to be divided equally among my children,\u201d it is likely that the children will have to decide what to do with leftover books and other personal belongings that they do not want to take with them. Going through a loved one\u2019s belongings once they are gone can be an emotionally difficult process. Deciding what to do with their stuff is no less complicated.<\/p>\n

Decluttering experts recommend sorting items into separate piles based on whether the intent is to keep, throw away, sell, or donate them.[2]<\/sup><\/a> Items that are not kept can be sold in an estate sale. Estate sales are sometimes best left to companies that specialize in them. These companies are knowledgeable about pricing items for sale and can help ease the emotional burden of selling a deceased loved one\u2019s property. It is important to ask for the company\u2019s price up front and to get an estimate of the value of your items to avoid paying for the estate sale out of pocket if not enough items sell or not enough money is raised.<\/p>\n

Assessing a Book\u2019s (Monetary) Value<\/strong><\/p>\n

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.<\/p>\n

Maybe the book is old, written by a well-known author, or has a distinguishing physical characteristic, such as striking illustrations or the author\u2019s signature. Perhaps it is just a hunch that a book is worth setting aside and learning more about before being consigned to an estate sale\u2014or the dustbin of family history.<\/p>\n

Age alone does not make a book valuable. Nor does the rarity of a book. Many millions of books have been published since the invention of the printing press. Most are about as valuable as the paper they are printed on. Only a tiny fraction have real value to book buyers.<\/p>\n

According to Nelson Rare Books, three elements determine book value[3]<\/sup><\/a>:<\/p>\n