If you have a collection that has either sentimental or monetary value, you should make sure to include it in your estate plan. At Luis E. Barreto & Associates, P.A., we know how important it is to ensure those items are tended to following your passing. Putting the right measures in place can give you peace of mind regarding your collection.
One of the first steps you should take is to get an accurate assessment of how much the collection is worth. Experts recommend getting an appraisal from a trusted source. As the Valuation Research Corporation points out, that valuation could play a key role in the following considerations:
- Will the collection be subject to tax?
- Could the collection affect whether or not you have to pay estate taxes?
- Are there laws that regulate your collection, such as guidelines that would potentially affect a wine collection?
Once you have determined these factors, the next step will be deciding what you want to happen to your collection following your death. An article from The Wall Street Journal stresses that you should discuss plans with your heirs. For example, if you wish for one of your children to keep the collection rather than sell it, you should make that point clear.
Finally, you could consider using a customized trust to protect your collection. This can ease the process of transferring the assets to an heir. Simply putting your wishes in a will could mean that the collection will be subject to probate.
For more information on this and related topics, please visit our page on preserving assets.
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