When it comes to estate planning, personal items like art often carry significant sentimental or monetary value. These assets can appreciate over time, adding complexity to their management and distribution.
Key considerations for advisers managing clients' estate plans:
Appraise regularly: Ensure art and other chattels reflect current market value through periodic appraisals.
Communicate intentions: Help clients clearly convey their wishes for distributing these items to family members, minimising potential disputes.
Document provenance: Encourage clients to maintain detailed records of an item’s origin and value.
Explore specialised strategies: Suggest options such as trusts or designated beneficiaries for specific pieces.
Incorporate flexibility: If items are not of high monetary or sentimental value, advise clients on including a “chattels list” within their will. This allows them to give detailed directions to their executor via a separate document, which can be updated without amending the will.
Seek professional advice: Collaborate with legal and financial experts experienced in estate planning for collectibles.
Review regularly: Recommend periodic reviews of estate plans to account for changes in ownership or value.
Thoughtful management of personal chattels ensures your clients’ wishes are respected and family harmony is preserved.
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