One of the primary intents of planning for the future is ensuring that one’s personal assets end up in the right places after the owner passes. Each individual has the right to have the final say over what happens to his or her property, and the ideal way to accomplish this goal is through the creation of an estate plan. For Florida memorabilia collectors, estate planning offers the ability to keep collections together and retain their value for future generations.
The protection of valuables
While collectors pursue specific items for personal and individual reasons, one of the main purposes of having a collection is to retain the value of these items. To effectively pass on a valuable collection to an heir, a smart first step is to carefully inventory all of the items. This can be done with the creation of a spreadsheet or document that will number and describe each item.
After creating an inventory, it is helpful to then include specific terms in one’s estate plan regarding what should happen to the collection. If the collection will be split, the will can outline exactly who is supposed to receive a specific asset. The more specific the terms, the less likely it will be that there is confusion or contention between heirs.
Passing on valuable assets
Passing on valuable assets after one’s death includes provisions for what happens to valuable collections. It is important for Florida collectors to carefully address this type of property in their estate planning efforts. It may be helpful to speak with an attorney regarding the most effective way to ensure the long-term protection of valuable and meaningful collections.