If you are a “collector” of something, you probably want to pass your collection on to your loved ones when you pass. Your collection may range from something sentimental like your family photographs to monetarily valuable items such as classic cars, artwork or antiques. Whatever type of collection you have, it is essential that you take certain measures to preserve them so that they can be passed down through the generations of your family. Consider the following:
- Physical Storage. Depending on the type of collection, you should likely store the items in an acid-free and cool storage space. In most circumstances, you should avoid storing your items in hot attics or damp basements.
- Digital Storage. Keeping a digital copy of your collection has gotten easier with the numerous websites that offer this type of service. Having a digital copy of your collection can allow you to display or share your collection with others while maintaining the original collection in a safe place. If your collection includes photographs, digitizing them is a simple way to store them online.
- Assist with Preservation. There are numerous archival products, such as buffered tissue or polyethylene sleeves, that can assist you with preserving your collections. It is important to understand how to properly store your collection and take advantage of the products that can assist you with doing it properly.
- Inventory. It is important to catalogue your items and the value of your collection. This is one of the most helpful things you can do for your loved ones who may not understand the value of your collection or why it meant so much to you.
Your collection represents a lifetime of work and care for something that is important to you. In order to ensure that your collection is transferred the way you want in your estate plan, contact us today. Collections present a unique challenge in your estate plan, sometimes because of value and sometimes because of the nature of the asset. Making decisions now can help your family avoid serious disputes and destruction of what you spent years putting together.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.