How about some meaningful antiques that have stayed in your family for generations?
Some people have quite a bit of jewelry. Others like collecting things like stamps, coins or sports cards. So-called collectibles can expand over time to become materially valuable personal property.
It is thus logical that family members holding such assets want to ensure that their plans regarding ultimate disposition are well chronicled and fully realized.
How hard is that?
Optimally, not difficult at all for planners who timely focus on what it is they want to accomplish and take the legal steps needed to ensure their objectives are promoted.
We note at the Little Rock law firm of Robertson, Oswalt, Nony & Associates the belief of many families that estate planning is routinely a hard and complicated exercise.
It doesn’t need to be, and certainly not in instances where an individual or couple is focused upon future bequests concerning valued personal property. In fact, we underscore on our website that the needs of many of our clients “can be met with a basic estate plan.”
Of course, parties with things like art and antiques to think about want to duly ensure that their collections are accurately identified and tracked over time.
Valuable collectibles need to be secured and insured also, which takes some focus. They must additionally be augmented with documentation proving their authenticity and worth, when such evidence is available. And, obviously, they need to be referenced in a will and supporting estate instruments.
A recent Forbes article spotlights such considerations relevant to estate planning outcomes addressing personal property. Readers thinking about that subject matter might find the piece interesting and personally instructive.
Protecting and administering personal property is not inherently complex in the estate planning realm. Many planning tools and strategies are available to promote that aim. An experienced estate administration legal team can provide relevant information.