The internet has made it easier to sell or determine the value of collectable objects. Nevertheless, families may have no idea what the value of some old stamps, rare books, comic books or even that vintage car. Perhaps a parent was a little self-conscious about how much they spent on pieces of art, or they simply saw no need to share the monetary value of their vinyl record collection.
Planning for the future
The fun in these sorts of hobbies is the thrill of the chase for rare objects, but others may not feel same way, or they simply do not have the time or space. It is a good idea when updating an estate plan to consider what to do with a collection, regardless of the worth of the objects. Ideally, the collector does not want anyone fighting over the collection, but it also helps to see if anyone has an interesting in keeping it and establishing a baseline for what it is worth. Whatever the decision, they can then plan accordingly.
Three approaches to preserving the collection
According to Forbes, these are the three most common approaches to those who would like to keep their collection intact:
Attorneys can help
It is common for lawyers who do estate planning to help clients create estate plans that include collections. As each situation is unique, an attorney will be able to tailor a workable plan that addresses the needs of the client as well as the heirs.
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