Your Estate Plan and Gifting of Valuable Personal Property
Many Bay Area people collect valuable personal property such as cars, motorcycles, musical instruments, jewelry, and/or fine art. These items need to be considered separately in the estate planning process.
Although a will disposes of a personal items, if you own pricey collectibles, you need to include them in your trust and provide for the disposition of those collectibles to avoid issues including transfers of title.
If you have collectible items of value, you should also consider naming a co-trustee that has expertise with such collectibles and can maintain or dispose them competently. A family member that is not experienced in handling specific valuable personal items is not a good choice. Another option is to name a professional fiduciary that will appoint someone that is experienced in handling personal items of value.
Here at Chauvel & Glatt, we will help you prepare an estate plan including the disposition of your valuable property and we also have a solid network and professional resources to guide you through the selection of a trustee. To learn how our attorneys can assist you with your estate planning or other legal needs, contact us today.