Some people in Ohio might wonder whether and how they should include valuable collectibles in an estate plan. This could include art, fine wine, gems, antiques and more.
Accurate valuation is an important element of passing these collectibles on to loved ones. A person may want to have collectibles appraised while creating the estate plan or might want to suggest two or more auction houses or appraisers to provide some guidance to the executor. It may be a good idea to get a certificate of authentication for rare items of high value. People may want to make a list of all the collectibles. If there have been previous buyers for the collection, they might want to include this information as these buyers may be interested in purchasing additional items. Other information that could be helpful includes purchase date, price and the cost of any improvements.
People should talk to family members about what items they might want. Some younger family members might lack the space for items such as antique furniture. People should also consider what conflicts might arise. One option could be taking advantage of gift exclusions and giving objects to family members prior to death. People should also take into account costs such as storage and shipping of items.
Estate plans should be reviewed regularly to ensure that plans for collectibles and other items continue to reflect a person’s intentions, assets and family situation. For example, if a person sells part of the collection, the estate plan might need updating. Family events such as deaths, births, marriages or divorces may necessitate a change in the estate plan. New tax laws may also mandate an update to wills, trusts and beneficiary designations.