Many people have personal collections about which they are very passionate. These could include stamps, coins, art, or even other items that have a significant sentimental or monetary value. Regardless of the total overall dollar value of the collection, it should be thoughtfully incorporated into your estate plan.
Making these arrangements well in advance can decrease the possibility of challenges and ensure that your collection is handled how you intended. The first thing to keep in mind with a collection is that you need to collect relevant documentation. This can include bills of sale, appraisals, and a catalog describing each piece. If you have an insurance policy that covers some or all of your collection, include a copy of this as well.
The second step to including a collection in your estate planning is discussing it with your loved ones and family members. You might have a strong emotional attachment to these items, but it does not mean that other members of your family will share the same passion. You may not have considered that some of your family members might not want to receive your art collection, for example.
The third thing to consider is that you may wish to pass this on to your loved ones based on their level of interest and your overall goals for the collection or donate it to a charitable organization or museum. Having conversations around these concepts in advance can help you make a decision that is right for your collection and your big goal.
Have more questions about what it looks like to care for a collection in your estate plan? Reach out to our Pasadena estate planning attorneys for a discussion about how this and other assets can be properly included.
