An estate plan crafted by an experienced estate planning attorney is a legally enforceable set of documents that allows you to name who will have the authority to make decisions for you in the event you cannot (agent under a financial or medical power of attorney); who will take care of your minor children (guardian); who will wind up your affairs upon your death (personal representative, executor, or successor trustee); and who will receive your accounts, property, and artwork (beneficiaries). You have various options regarding who will receive your artwork. You could:
- instruct your personal representative/successor trustee to sell any of your artwork in your possession at your death;
- designate specific individuals to receive it;
- have it held by a trust or foundation to be lent or licensed after your death; or
- provide instructions to donate your work outright to a museum, university, or other organization that might benefit from it.
Steps You Can Take to Begin the Process.
- Catalog your artwork, including pieces that you have sold. Specify to whom they were sold and for how much as this information can be helpful in valuing artwork that has not sold and providing a list of potential buyers for when you pass away.
- Determine the value of any piece that has not already been appraised and that is still considered yours (having been neither donated nor sold).
- Meet with us to start or review your estate planning. During this meeting, we can discuss whom to put in charge of your affairs at your incapacity or death. We will also discuss your wishes regarding your artistic legacy. We can discuss your fears, concerns, and objectives to craft a unique plan.
Remember Your Copyright. A copyright protects original works of authorship such as books, movies, songs, computer software, photographs, and architectural works. If you own a copyright it should be included in your estate plan.
We Are Here to Help You and Your Legacy. We understand how overwhelming it can be to think about what to do with your prized artwork at your death and to make other important decisions about your care and the care of your loved ones. We are passionate about working with you to create your next masterpiece: a comprehensive estate plan. Call us to schedule an appointment for a FREE INITIAL CONSULTATION!