Estate Planning for a Collection
If you’ve amassed a valuable collection over the course of your life, you’ll want to make sure and leave it to someone special to you. That way they can continue to build your collection and continue to pass it on through the years. Maybe you collect art, coins, or cars.
Whatever you collect, a collection can be extremely valuable, and they inevitably hold a lot of sentimental value, too. When you’re estate planning, you’ll want to consider what to do with your collection so it isn’t taken by the government and forgotten.
Today in the Davidson Law Group blog, we’ll discuss estate planning for your collection.
Whom to Leave Your Collection To
You should first determine who you will be leaving your collection with after you pass. If your collection is easily liquidated and holds a lot of monetary value, you may wish to leave it to your spouse or a family member. However, if you don’t want your collection to be immediately sold and you want it to go to someone who shares your interest and who will value and build your collection the same way you did, your choice may differ. You can leave your collection to whomever you wish, but you should consider what you want to happen to it when making this decision.
Related Post: Including an Art Collection in Your Estate
Estate Planning for Your Collection
To make sure your beneficiary receives the entirety of your collection, you need to make sure and keep good records of what the collection consists of. Take a full inventory of every item in your collection. Make a list of everything and bring it to your estate attorney. Make sure not to leave anything out. Also, if you add something from your collection or get rid of something, make sure you let your estate attorney know. Being diligent is important when estate planning. If you forget to include or add something, your beneficiary may not be entitled to your complete collection.
Related Post: What to Include in a Letter of Instruction
Estate Planning with Davidson Law Group
If you have a large collection, it can be hard to keep track of everything. Having an estate planning expert makes everything much less complicated. They’ll be able to write up your will and make sure every piece of your collection ends up in the right hands. They’ll also make sure all of your other assets are secured and distributed according to your wishes.
When it comes to wills and trusts, it’s best not to take any chances. Let an expert help. Contact Davidson Law Group in Fort Worth, Allen, or Tyler today and make an appointment with one of our expert estate attorneys.