Matthew S. Payne is a Chicago-based attorney with a 20-year record of success in civil litigation, real estate law and estate planning.

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How do collectibles fit into estate planning?

| Apr 6, 2021 | Estate Planning

Collectors may amass a great many belonging, and some items could be quite valuable. Estate planning could include directives regarding collectibles and treasures. Several Illinois homes have some intriguing collectibles on display and in storage. When the owner passes away, proper estate planning might move the collection to another welcoming home.

Care and consideration may guide estate planning decisions

Estate planning often involves drawing up a will. Instructions about what happens to unique collectibles might appear in the document’s text.

Details may come into play here. Carefully considering who receives the collection could ensure things find their way into caring hands. Leaving an art collection to a relative who isn’t an art fan might result in an art auction. Giving the artwork to an appreciative relative might better suit a testator’s wishes.

There’s another reason why putting collectibles into the right hands seems wise. A testator may dread the notion that prized collectibles get thrown out. Those unaware of something’s value may send a rare collectible to the local sanitation facility.

Other things to consider about collectibles

The estate plan file might include information about the collectibles. If a beneficiary doesn’t know much about the collectibles, providing information about their value and rarity might prevent a regrettable mistake.

When no one in the family cares much for the collectibles, leaving them to charity could be an option. Perhaps the local library might benefit from a vast book collection donation. Rare art may be helpful at a local museum. Reviewing potential charitable beneficiaries could be a step to take during the estate planning process.

Thoughtful estate planning decisions could benefit the beneficiaries during probate. An attorney could help a client write a will or perform other steps of the planning process.