If you own artwork or a collection that has substantial value for you or your loved ones, it is very important to think about creating an inventory and specific estate plan goals for this collection.
The first step in ensuring a successful transfer or management of these assets after you pass away is to create an exhaustive inventory of all items in the catalog. Every piece or belonging should be cataloged and assigned an individual value so that if it is being passed on to your loved ones, they know what they are inheriting and its value.
Whether giving directly to heirs or through a trust, it is important to name these things and establish a potential value and you may wish to hire a professional appraiser to help you do this. If you are unable to come up with your own value, you may also assign a relative value or use a tiered system to determine the value of the art. Furthermore, any copyrights acquired under licensed by a collector or retained by the artist should be named in the inventory as well.
There are many different options available to you when it comes to passing on assets, including the possibility of gifting certain artworks to other collectors or museums. If you wish to talk through all of your various options, schedule a meeting with an attorney who has experience in helping others with valuable collections.
Our Pasadena lawyers are experienced in helping people with unique collections to properly identify, inventory, and protect those valuables.
