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.