Readers of our estate planning blog posts at the Law Offices of Connie Yi might note a recent entry focused on art. We spotlighted in our April 23 post a painting of actress Farrah Fawcett done back in 1980 by iconic artist Andy Warhol. That portrait featured largely in litigation targeting its ownership.
We underscored in that blog that property valuable enough to feature in estate-linked litigation “should be specifically referenced and accurately identified in a will.”
Our readers across California who own personal property such as art, antiques or collectibles probably want to closely note that.
There is a strong reason why. Your collection of [insert asset here] might not include a Warhol work, but still commands sentimental and perhaps notable economic value. It needs to be protected.
A recent Forbes article prominently addresses that safeguarding. It makes several key points concerning asset matters such as identification, tracking, assignment, security and insurance.
Forbes stresses that prized personal property must be adequately tracked. How often do we read about a valuable art object that ends up years later being purchased at a garage sale for a pittance?
Many software programs seamlessly handle tracking chores. Property owners can supplement tracking with additional written information concerning dispositions, documents establishing authenticity and any relevant data regarding valuation.
Reference to key matters should also obviously feature in a will and other accessible documents. That provides an added layer of clarity when an estate is ultimately administered.
An estate planning attorney with a record of proven advocacy on behalf of clients seeking to manage valuable personal property can help ensure that planning goals are fully promoted.