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Estate planning for collectors

Planning for the future requires one to consider what he or she wishes regarding the distribution of personal property, potential medical needs and other things that could arise in the future. As you consider your needs for the future, you may have concerns about what will happen to your assets and possessions, such as a valuable art collection. This is something that has taken years, even decades, to accumulate, and you may want to ensure its protection, even long after you are gone. 

The protection of your art collection may be a specific goal and focus during your estate planning efforts. It is important to include specific terms regarding your intentions and your wishes for these valuable assets. If you own an art collection, you may benefit from understanding the specific legal steps you can take to ensure that you have the final say over the works of art that you have loved and collected. 

Steps to a complete estate plan 

Estate plans are customizable to the individual goals and objectives of a Louisiana adult. While every plan is unique and specific, you will benefit from starting by gathering all of the critical documentation that you have pertaining to your art collection. This includes receipts, any verification of the value of specific pieces and more. The options you have for your art collection after your passing include the following: 

  • You can place your collection into an LLC, then pass it to your heirs. It is possible to pass the collection to multiple people through this manner. 
  • You may choose to sell your collection if your heirs do not want to or cannot maintain your collection. If you sell, you must leave instructions regarding the treatment of any proceeds from any transactions. 
  • You may decide to donate your collection to a museum or charitable organization. It is important to specify exactly where you want your property to go. 

It may not be simple to decide where you want your collection to go or what you want to happen to it after you pass. A careful evaluation of your objectives, your heirs and beneficiaries, and other factors can help you create a strategy that will allow you to feel confident regarding the protection of your property. The options available to you are specific to your unique art collection and other details specific to your individual situation.