Estate planning considerations if you own art

On Behalf of | Jun 7, 2024 | Estate Planning

If you are fortunate enough to own pieces of art, then you likely want to ensure that they end up in good hands when you’re gone.

This may not be as simple as it is with other assets. Here are some things to consider when choosing one or more beneficiaries for your art.

Can they care for it and display it?

If you go to a museum or art gallery you will notice that they carefully control the temperature and light to protect their pieces of art. Even if a piece of art is not worth that much, you wouldn’t want it to fade or disintegrate because the person you leave it to has no idea how to care for it, or because their home is not suitable. Further, however much you love your grandkids, you wouldn’t want them to break your delicate and expensive sculpture

Do they want it?

Yes, it may be a modern masterpiece, but that does not mean everyone likes it. Why leave your son a painting he does not appreciate just because it is worth a lot? It would perhaps be better to sell it to someone who does appreciate it and give him the money instead.

Some artworks belong in groups

A collection of pieces may be worth much more together than separately. As nice as it might be to give each child one of the collection, the pieces may look better displayed together or be more valuable as a group.

Learning more about your options and the tax implications of each choice can help you make the right decision when creating your estate plan.