Many baby boomers have spent a lifetime of indulging their passion for art by acquiring a significant art collection. As they begin the estate planning process, art collectors face specific issues that others may not have to consider. If you are an art collector and are beginning the estate planning process, there are a couple of questions you’ll need to ask yourself to ensure your collection is dealt with properly.
Question 1: Do your children share your love of art?
It is especially important to consider how you want to pass on your art if your collection has acquired significant value over the years. If you are considering leaving your collection to your children, always ask if the children actually want it. Though you may love it, your children may not share the same passion, and in this situation it may be better to direct your estate executor to sell the art and give the children a cash gift.
Question 2: Is there sentimental value?
Apart from the financial value of your collection, there may be a substantial sentimental value associated with it. In this situation it’s important to discuss with your children how you want to distribute the property before making any decisions. The last thing you want is to make a decision that will result in a family conflict arising over your collection. These kinds of disputes are quite common, especially when family memorabilia and art with sentimental value is involved.