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Prudent estate planning needed for collectibles

On Behalf of | Apr 11, 2019 | Estate Planning |

Creating wills is a wise move for protecting the money that one has amassed over the years in Florida. However, it is also helpful for safeguarding valuable items that have been collected, such as antiques, art, jewelry and watches. Other items that can be protected through estate planning include baseball cards, firearms, bullion coins and numismatic coins. Here are a couple of tips for estate planning with these types of assets.

First, it is a wise move to track collected items. These items may be stowed away in a basement or attic, or they may have been misplaced in several ways. A helpful way of tracking these items is to use an online solution that features identifiable and limited access so that a family member does not try to bother one’s catalog of collectibles.

In addition, it may be helpful to spell out who should get what collectibles when one passes away. This information should ideally be made known to heirs as well as advisors and attorneys. Identifying data, such as photographs and serial numbers, can be useful for pinpointing which items should go to certain parties — especially fungible items, such as firearms.

Estate planning is critical for ensuring that a person’s assets end up in the intended hands. Unfortunately, many individuals neglect to do so simply because they feel overwhelmed by the process. Fortunately, an attorney in Florida can provide asset owners with the direction they need to create carefully considered estate plans that comprehensively reflect their wishes long term.

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