Building a collection can be an exciting hobby that lasts a lifetime. Whether you built your collection alone or have loved ones who share in helping you track down the missing pieces, it can be thrilling to seek out your next addition.
When it is time to include your collection in your estate plan, knowing what to do with it can be challenging. If you have a friend or relative who shares your passion, the solution may be simple, but typically, the answer is more complex.
Here’s what you should know about including a collection in your estate plan.
In most cases, collections are worth more to the collector than the person inheriting the collection. During your life, you spent time and money looking for the next piece to add to your collection.
While you may have a number in your head for the value of your collection, it is typically unlikely that someone selling it will be able to get that amount. Also, even if the loved one you designate shares your passion for your collection, you should keep in mind that they are likely to sell it at some point.
Together, or separate?
Often, collections are more valuable when they are complete. Sometimes, a collection will never be finished because there are too many potential additions.
When it is time to include your collection in your estate plan, you will need to decide if you want to keep the collection together and give it to one person. Sometimes there are specific pieces that are significant to certain loved ones, and it makes more sense to divide the collection among a few friends or family members.
Your collection has been a significant investment, so deciding how you want to address it in your estate plan is important. You should talk to a skilled professional about including your collection in your will.