What Artists And Collectors Need To Consider In Basic Estate Plans

If you own assets such as your personal art or a collection you’ve accumulated over the course of your life, special estate planning techniques might be required to protect those assets when you pass away.

If you don’t yet have a plan for these assets and how you want them handled, it can be helpful to work with an outside expert who has familiarity with this area of the law. This way you can make educated decisions about what’s best once you have considered all the options.

Creatives have some unique concerns when it comes to planning for their estate. Keeping things simple can make it easier to tackle an estate plan. An estate plan is often a difficult subject for people who don’t want to think about their own immortality, or have difficulties choosing the people they would like to select to serve in important roles, such as a power of attorney agent or an executor. Start with a strategic plan based on your overall objectives and list out all of your personal artwork and collectibles.

Draft a will and other documents that match the strategic plan for what you hope to happen to these precious items. You may wish to gift artwork to a museum, to pass it on to others in your family as a gift, or to have it sold to pay other estate related expenses. It is very important to be sure that your assets are properly titled and that your beneficiary designations are correct. In many cases, creatives and collectors can use trusts for estate planning purposes. You can discuss your concerns over asset protection, minimizing creditor and other risks and how to accomplish the most important goals in your estate when you choose to work with a qualified estate planning attorney.

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