Estate Planning For Collectors
The Importance of Planning
Here at Heritage, collecting is our passion, but there's nothing more important than family. While for some of us, our hobby is a family affair, quite often families have little interest in our collections, and even less knowledge of the collectibles market. Hundreds of times a year our consignment directors are contacted by the widows and children of deceased collectors because they have been made aware of Heritage's superior standing in the market. We also know of individuals who have purchased collections for pennies on the dollar because an estate was undervalued and improperly marketed by a seller incapable of commanding top prices. We invite you to take a few simple steps to ensure that the value of your own collection is maximized for your heirs and beneficiaries --- and ultimately that your legacy wishes are fulfilled.
Estate Planning Resources:
In just a few minutes' time, you can take a crucial step toward ensuring that your loved ones and philanthropic interests are protected for the future. The resources and sample documents below are provided for your reference and have been tailored by other collectors for their estate plan. A version of one of these signed document in your safe deposit box, or on file with your lawyer, could be of critical importance to your loved ones or charitable pursuits. We strongly recommend consulting with an estate attorney or estate planning professional to ensure that your wishes are clearly fulfilled.
- Directive to Heirs or Beneficiaries --- Clear expression of your wishes as to how you would like your collection handled as part of your Estate.
- Will codicil (16kb PDF file) --- An addition to your Will, specifically directing your heirs, benefactors, trustees or executors to a chosen venue for sale of your collection. This is only a sample codicil and should be revised by an attorney.
- Directive Letter --- expresses more informally your wishes to consult with Heritage Auctions for appraisal, sales and provides inventories of the collections and locations.
- Will codicil (16kb PDF file) --- An addition to your Will, specifically directing your heirs, benefactors, trustees or executors to a chosen venue for sale of your collection. This is only a sample codicil and should be revised by an attorney.
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Free Trusts & Estates Newsletter --- To receive with our compliments Heritage's Trusts & Estates Newsletter, which is designed to provide the T&E community with up-to-date news and commentary related to your mission and ours, e-mail your contact information to Estates@HA.com , call 1 - 800 - 872 - 6467 , or fax to 214 - 443 - 8425 .
Newsletter Archive: - Helpful Articles from Heritage's Trusts & Estates Newsletter
- The Auction Process - Issue 2 2012
- The Art of Downsizing
- Perceptions of Value
- The Art of Donating Art
- The Factors of Value
- Defining Appraisals
- Know Thyself: Collector, Dealer or Investor
- Selling Your Collection in advance of your passing --- There are many reasons to consider selling your collection yourself:
- see the fruits of your collecting
- raise funds to keep collecting
- easier/fairer to distribute money than items
- oversee how your collection is sold and garner the accolades of your passion.
- Purpose To Your Passion --- The End Game To Collecting
- Use the "What's Valuable" links on the left of the this page for access to helpful valuation summaries by category and use our complete " Auction Archives " to research past sales at Heritage in all 33 categories.
- Contact Heritage's Trusts & Estates Department for auction estimates and Collection sale evaluation.
- see the fruits of your collecting
- My Collection --- Use Heritage's own "My Collection" system to inventory and manage your collection. Free to all registered members.
- The Collector's Handbook As a collector, you know your collection inside and out. But, do your potential heirs? In clear, practical terms, industry veterans James L. Halperin and Gregory J. Rohan provide you with invaluable guidance on how to:
- Document your collection
- Safeguard your collection
- Evaluate your collection
- Sell your collection
- Minimize taxes upon transfer
- Make the most effective charitable gift
- Help your heirs ... and much more.
Buy The Collector's Handbook or email Estates@HA.com to request a free copy
Please contact us here or at Estates@HA.com