Amassing a collection of artwork or other valuable items can be a lifetime accomplishment. For those in Georgia who are thinking about how to handle these types of heirlooms in their estate plan, it can be helpful to have a plan in place. Wills and trusts can ensure one’s wishes are carried out, but the first step involves clearly outlining those wishes.
Tangible assets and heirlooms can vary from a collection of thimbles to a family vacation home. Regardless of the items in question, the first step is to get a solid idea of the value of the assets. That might mean paying for a real estate appraisal, or hiring a professional art appraiser to review a collection.
The next step is determining which heirs have an interest in which assets. In the best case scenario, one heir feels strongly about inheriting the collection, while the others are content to take a share of other assets. The problem arises when the value of these assets differs, making it harder to reach an equitable outcome.
For those in Georgia facing this challenge, finding the right estate planning structure may be challenging, but it is certainly possible. Once the value of all assets has been determined and all heirs have weighed in on their interest in various items, it simply becomes a math problem that can be solved. Whether through wills or trusts, there is a path to handing down all types of assets, including complicated collections. A skilled estate planning attorney is invaluable in that process.