Building a collection might be a significant personal hobby for you but it can present an estate planning conundrum if there are no loved ones that you wish to pass it on to. Many people who have a collection also have a great deal of knowledge that comes with it, such as knowledge about values or even the resale market.
Starting a collection is a great hobby that can take you to all sorts of interesting places but the most popular collectibles often require advanced considerations as part of your estate plan.
You should always work with a knowledgeable estate planner to prepare your collection for a transition to a family member or friend. If you have a chosen family member who is interested in carrying on your collection, you might wish to provide them with documentation or your own insights about the collection too.
If you want the collection to be sold or to have the proceeds split up among other family members, you need to find a lawyer who has extensive experience in this field of the law. The most common types of collections held by Americans include stamps, coins, baseball cards, vinyl records, comic books, wine, and toys. If you have more than one collection, you’ll need to do planning for each one.
Our estate planning lawyers can help you accomplish putting your plans in place. From strategies to documents, you need a law firm who has familiarity with these important issues so that your plan works on your behalf. Contact us today for a consultation.