Many Oklahoma collections hold little more than sentimental value. In some cases, however, the items that an individual has amassed within a collection are valuable in and of themselves. In such cases, it is important that the personal property be specifically addressed within the larger estate planning process.
One way to ensure that a treasured collection is passed down to a loved one yet also kept intact is to create a trust to hold the individual items. The trust can be structured in such a way as to require that all of the pieces within the collection be retained. Provisions can be included that provide certain pieces to be sold in order to cover any costs of maintaining or storing the collection.
Another option, and one that provides a good solution for individuals who do not have loved ones who wish to inherit the collection, is to include language within one's will to give a treasured collection to a museum or other organization upon one's death. This option can help ensure that a collection is properly maintained and available to be enjoyed by others. In many ways, it is an option that allows one's collection to live on long after the collector is gone.
Determining how to handle a collection within the overall estate planning process can be a challenge. The best way to address the matter is to meet with an Oklahoma estate planning attorney to review the various options. In certain cases, it may be advantageous to make a gift of the collection prior to one's death, which can have tax advantages. Each scenario is unique, but there is a solution to fit virtually any set of needs.
Source: memphisdailynews.com, "Estate Planning and Your Collectibles", Ray and Dana Brandon, April 16, 2015