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.
Books and the Residuary Estate
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.[1]
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’s-land.
Most wills and trusts 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.
If the residuary language is general, such as “all my personal belongings are to be divided equally among my children,” 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’s belongings once they are gone can be an emotionally difficult process. Deciding what to do with their stuff is no less complicated.
Decluttering experts recommend sorting items into separate piles based on whether the intent is to keep, throw away, sell, or donate them.[2] 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’s property. It is important to ask for the company’s 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.
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. Perhaps it is just a hunch that a book is worth setting aside and learning more about before being consigned to an estate sale—or the dustbin of family history.
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.
According to Nelson Rare Books, three elements determine book value[3]:
- rarity
- scarcity
- condition
A book that has some or all of these characteristics is not necessarily worth a lot of money. Some books are old, scarce, and in fine condition but still not valuable. A book could have a lot of copies in print, but have another distinguishing characteristic, such as a signature, inscription, or notes in the margin from a famous former owner, that makes it rare.
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. Ultimately, the value of a book is whatever someone is willing to pay for it—not what an online resource says it is worth.
Keeping Books for a Personal Collection
The typical US household has more than one hundred books.[4] The odds of any one book being valuable enough to sell to a collector are very low. Yet a book that is virtually worthless as a historical artifact can still have family or personal significance.
Some books have been in a family for generations and can continue to be passed on. A book could also have an inscription that imbues it with sentimental value. Or it might simply be a favorite book of a loved one that they always had near at hand.
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.
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.
To ensure that you are not leaving out anything important, contact our office to schedule an appointment.
[1] Residuary Estate, Legal Info. Inst., https://www.law.cornell.edu/wex/residuary_estate (last visited May 30, 2023).
[2] How to Declutter a Loved One’s Personal Belongings after Death, The Simplicity Habit, https://www.thesimplicityhabit.com/how-to-declutter-personal-belongings-after-death/ (last visited May 30, 2023).
[3] Is This Book Valuable?, Nelson Rare Books, https://www.nelsonrarebooks.com/is-this-book-valuable.php (last visited May 30, 2023).
[4] Robby Berman, This Is How a Bookish Home Helps a Child to Thrive, World Econ. F. (Oct. 17, 2018), https://www.weforum.org/agenda/2018/10/a-home-library-gives-kids-a-major-advantage.
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