When creating a strategy for what will happen to personal assets after passing, Nevada adults will want to consider the future of their collections. Memorabilia and other types of collections can hold significant monetary value, as well as sentimental value, and it is important to account for these assets in the terms of an estate plan. By protecting these assets, it is possible to ensure a collection remains intact or with the intended heir.
Planning for the benefit of the family
One of the most practical benefits of having an estate plan in place is the assurance that one will have the final say over what happens to his or her personal assets after passing. When it comes to a collection, however, it is possible that one’s heirs will not want it, and they may decide to sell or donate it. Regardless of what happens to memorabilia after an owner passes, it is important to prepare for any contingency.
A collector will want to carefully catalog the entire collection. It is important for heirs to know what is in the collection, as well as where it is stored and how much it is worth. Many types of memorabilia come with documents that verify their authenticity, and these should be carefully cataloged as well.
Accounting for all assets in an estate plan
Whether the plan is to sell the collection in the future or pass it in its entirety to a specific recipient, it is beneficial for a collector to account for all memorabilia in his or her estate plan. A carefully crafted estate plan will benefit the entire Nevada family, reducing the chance of complications. Memorabilia and valuable collections are important assets, and it is prudent to include instructions for these things in an estate plan.