For years, you’ve been building up your baseball card collection. You’ve spent a lot of money, time, energy and care creating a collection you are proud of. What will happen though with this cherished collection once you pass away?
This is a question that arises for all kinds of collectible enthusiasts. It is also a question it is critical to give careful thought to when it comes to one’s estate plan.
Individuals can have a range of different goals for what will happen with their collectibles when they are no longer around to enjoy them. The three main ways of handling collections in an estate plan are:
- Selling the collection
- Donating the collection to a museum, university or similar organization
- Passing on the collection to a loved one
These things could be set up to happen during a person’s life or after a person’s death.
Whichever of these routes a person opts for, it can be very important for him or her to give careful thought to what estate planning options for the route he or she has chosen would best help with his or her overall goals.
There are a range of different options available. Also, there are a range of special issues to consider when it comes to estate planning and collectibles, including:
- Tax issues
- Issues regarding whether the collection will be used in the way you intend
- Issues related to what will best help maintain the value of the collection
- Issues regarding how family members will react to what happens with the collection (family members could have strong opinions on this, given the large emotional and monetary value collections could have)
So, planning in advance for what would best help address these issues and best help preserve one’s overall goals for a collection can be important for collectors. Estate planning lawyers can help individuals with addressing collectibles and other assets in an estate plan.