“The time to repair the roof is when the sun is shining’” – John F. Kennedy
We are all collectors of sorts. As collectors, we take great pride and derive much pleasure from our possessions. Perhaps you collect art or antiques. You may be a collector of classic cars, coins, dolls, rare books, rugs or stamps. Now ask yourself the difficult question, “What would I like to happen to my prized collection upon my demise?”
Estate planning allows an individual to make decisions about personal property during his or her lifetime. What would you like to happen to your cherished belongings once you are no longer living? As difficult as it may be to answer the questions, failure to plan will result in squabbles among family members, or worse, your possessions could end up curbside on garbage pickup day.
Estate planning creates a mechanism that governs the disbursement of your property at the time of your death. Pre-planning not only allows the collector to manage his or her affairs while living, but also provides a road map for surviving family members to carry out your final wishes.
The Graves + Mallett Art Solutions legal team provides estate planning consulting for the collector and artist as well as document drafting. Be wise. Take time to finalize your estate plan.
“The more time you spend contemplating what you should have done…you lose valuable time planning what you can and will do.” – Lil Wayne