Many people are passionate about collecting. Whether stamps, coins, or baseball cards, these collections hold both sentimental, and sometimes, monetary value too. Despite this, individuals may be unaware of how to incorporate these valuables into their estate plan—who will receive these prized belongings once they pass away and how to reduce tension in case multiple family members want the collection. Below are tips that Coloradans should incorporate into their estate plan, especially when thinking about family heirlooms or collections.
Decide Whether Items Will be Kept or Converted
Many antiques and collections have sentimental value. However, because of this, individuals may overestimate their monetary value. When crafting an estate plan, individuals should decide if they would like items to be sold after their death—and the money given to a loved one—or if the item should be kept and passed on to someone. Having an estate planning attorney work with an appraiser can help the client to decide whether it is worth it to sell the collection or not.
After making these choices, the individual must then be clear in their estate plan whether they want the item sold or not. Some estate planning attorneys will also recommend explaining the importance of the collection, so the person receiving the item will know its value, whether monetary or sentimental.
Be Upfront with Loved Ones about Intentions
For those items the owner decides he does not want to be sold, it is important to talk to family and loved ones about what valuables they will be receiving. Many families may find it difficult to discuss death but having this frank conversation will benefit loved ones in the future.
First, then loved ones will not be thrown off by the contents of the will. This will reduce fighting and hostility about the contents of the estate plan, and lead to less tension after the person’s passing. Secondly, the family can then be further involved in the estate planning process. If a child is interested in inheriting an item, like a family heirloom, then they can voice this now rather than being upset if they learn later that they did not receive the item.
While drafting an estate plan—especially when antiques, valuables, and collections are involved—may seem complicated and stressful, experienced estate planning attorneys are here to help. They have the knowledge to advise clients on their options and help create an estate plan that honors the client’s wishes.
Contact a Colorado Estate Planning Attorney
If you or a loved one wants to incorporate their sentimental collection into their estate plan, contact the Boulder estate planning attorneys at the Braverman Law Group, LLC. Our experienced attorneys have helped families create estate plans, trusts, and asset protection advice among other estate planning areas. No estate planning issue is too small—we will work with you to ensure your estate plan meets your needs and reduces your stress about the future. For a free, no-obligation consultation with one of our attorneys, give us a call today at 303-800-1588.