Valuable collections may start as a hobby, but over time, the accumulation of specific types of items can result in a group of objects that have significant monetary value both individually and collectively. Texas collectors often take great pride in what they’ve built, and they may want to ensure that the collection stays together after their passing or that specific people receive certain parts of it. Through the estate plan, they can protect their assets and accomplish these goals.
The protection of valuable collections
One of the most important aspects of protecting valuable collections and ensuring they are passed along as intended is a thorough inventory. A careful inventory of all assets included in the collection is essential. This may be done through a digital catalog system, a spreadsheet or even a simple word document. The inventory should be updated regularly, kept in a safe location and accessible to those in charge of settling the estate.
It is also important to carefully catalog and store any documents that verify the value and authenticity of the items. This is critical if the recipient decides to sell some of or the entire collection at a later date. The will can include terms that carefully outline what the decedent wishes to happen to his or her assets in the future, including who should receive the collection.
A collection is a valuable asset, and it is prudent to address this asset in the terms of an estate plan. It is possible to pass this type of asset along to an heir, ensure the preservation of the collection or protect it for future enjoyment. As with other types of estate planning goals, it is helpful to discuss these matters with an experienced Texas attorney.