Many people spend countless hours and dollars building up various collections. Although these collections often have significant sentimental and monetary value, the owners often forget to include the collection within their estate plans. A recent article discusses three ways that you can plan for your collection.
Sell the Collection
This is obviously the most difficult option for collectors to consider. However, as collector Bert Cohen explains, this may be the most pragmatic option. As Cohen explains, “Most of the people with million-dollar collections, if they’ve enjoyed them while they’re living, then they should have someone auction them off.” Cohen came to this realization after he gave his son a portion of his collection, and his son simply sold it.
Pass it On
Many collectors wish for their treasures to remain within their family. This is a good option when a collector has heirs who are wiling to maintain and even add onto a collection. This often takes time and money that not all heirs are willing to devote.
Gift it Away
Some collections may also be gifted to museums or organizations. If the collection is particularly good, museums will likely already contact collectors while they are still alive. Collections may also be given to non-profit organizations to be sold as a fundraiser.