Many people pride themselves on the fine, valuable collections they’ve amassed over the years. Whether Arkansas residents collect antiques, fine art or other valuables, these items should always be included in any estate planning documents and should also be updated as those collections grow and change. Including them is crucial since they have their own set of complexities.
It’s important to note each item of value in an estate plan. Whether collectors collect jewels, antiques, art or any kind of memorabilia like sports cards — everything should be itemized. An inventory list should be kept with an attorney and also given to beneficiaries and trustees. Any kind of appraisals, receipts and providence documents for the collections should also be copied and kept in a safe spot.
These items often have ways of disappearing, so it’s crucial that they be kept safe in a place like a security deposit box, a safe and in many cases under lock and key somewhere that is armed by an alarm system. It is also wise to have them insured against theft. Taking photographs of the items is also a good piece of advice.
An Arkansas attorney can help an estate planning client to take stock of such valuable collections. The lawyer can offer advice as to what documents are needed in these kinds of situations. A lawyer can actually help a client to go from thinking about an estate plan to getting one completed. He or she can help with a well-crafted will to setting up trust funds and taking care of other documents like powers of attorney.