Part of creating an estate plan or creating a will in Port St. Lucie FL & Vero Beach FL is sitting down and deciding who you want to receive your property after you die. For an art collector, this decision-making process poses several distinct challenges that others may not encounter. If you have an art collection, especially one that is a significant portion of your estate’s value, you need to consider several factors as you develop your plan. Here are two tips you can use to help you make your choices.
Tip 1: Talk to your famil yearly.
You can’t make a knowledgeable choice about passing on your art collection without first knowing how your family feels about it. For some, your personal art collection may be highly desirable because your child shares your love of art. For others, your child may have no interest at all, and would rather receive a cash gift or other form of property. It’s important to make this determination early so you can then appropriately make a decision about who receives the collection or what pieces are most appropriate to give.
Tip 2: Splitting up large collections.
If your collection has a large number of pieces, or has pieces that you do not want to split up, you will have to make some difficult choices. For large collection, it may not be physically feasible to give even a portion of the collection to your children as they may not have the means to store and care for it. This problem also exists for any collections that you may not wish to see split up. In either of these cases, you might want to consider either selling the collection as part of your estate or donating the entire collection to a charitable organization to ensure that it is kept intact.
Robert J Kulas, PA, Attorneys at Law – Estate Planning Attorneys and Lawyers in Port St. Lucie FL & Vero Beach FL