If you own pieces of art or significant collections of some kind, then thinking carefully about how to treat them in your estate plan is essential, especially if they are valuable.
Distributing them as if they were just another asset could lead to damage or a loss in value.
Check who wants them first
Unless these pieces are nothing more than an investment to you, the personal taste of your beneficiaries should come into your equation. There’s not much point in saddling a child with something they would not reap joy from, but might feel guilty about not displaying.
Consider any special conditions needed to protect the items
A rare stamp collection is unlikely to last if you leave it to a family member who is moving somewhere humid or somewhere with a high flood risk. Other artworks can be damaged by sunlight that is too strong.
If your daughter is a cat lover, then maybe don’t leave her the textile pieces, lest the cats take a liking to them. If your son has small children who love to draw on things, consider whether he is the best person to leave that large abstract artwork, which is so large that it reaches down to the floor.
Consider whether it is easy to reach the desired split
Estimating the value of a collection or piece of art can be complex. Imagine leaving an item to one child and leaving the other the equivalent value in money. If they take the artwork to auction one day, and it sells for ten times what was expected, then your estate plan will be far less balanced than you think, perhaps causing friction between your children.
Sometimes it is easier to sell artworks and collections, so you have a set quantity of dollars to divide out. Seeking legal guidance can clarify the best options for your estate planning needs.