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This is tough, and the answer depends somewhat on your relationship with the old man and his family, which I cannot possibly assess.
It sounds like he enjoyed his time with you, clearly enough that his family is aware.
Roughly, I'd say if you keep it for personal use, enjoy it like he would have, and don't worry about it.
If you sell it, then you should let them know. Another (arguably better) place to look for comps and sell the gear is Audiogon.
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