Don’t Hide Your Precious Metals . . . Tell People Where to Find Them Instead

Precious Metals InvestingRecycle Precious MetalsRecycling and Refining
Written By Barry Lenson

For some reason we don’t quite understand, some people who invest in precious metals think it is smart to hide them where no one will ever find them.

The question is, why is it smart to hide precious metals and conceal all the clues to where they are? If you do that, you are only inviting a lot of problems. If you pass away or become incapacitated, your heirs:

  • Will not be able to find your collections or investments.

  • Will not even know if the valuables you wanted them to inherit are seized and turned over to your state (or other authority) as unclaimed property.

  • Could end up paying excessive amounts of estate tax if valuables you concealed are discovered after you pass away.

What Is Smarter than Concealing Your Precious Metals? 

There is a simple answer to that question. . .

You should make sure to leave documents for your family and your heirs that tell them where to find the precious metals you own

There are many ways to do this – while keeping your precious metals protected too. Here are some approaches to consider:

  • Keep an inventory on file in your attorney’s office that details where all your holdings can be found. (File it with your will.)

  • Consider keeping that same document with your other important papers in a secure filing cabinet in your home or office. Tell your family members and heirs where they will find it. Do not use this option if you are afraid that this document will be found by dishonest persons – including family members, if any – who have access to your files.

  • Speak with your attorney or estate planner about appointing a trustee to manage your estate – and have access to your important documents – at the time of your death.

  • Update your inventory of investments at regular time intervals, or when you add or delete a large quantity of investments from your holdings.

Want to Know More?

Do your investments include gold scrap, silver scrap, or even platinum scrap? In our many years of helping our clients, we have seen about every kind of situation there is to consider. We are here to answer your questions and help you plan. Give us a call at 800-426-2344 to learn more. 

Barry Lenson
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