DOES YOUR FAMILY KNOW ABOUT YOUR HIDDEN TREASURES?

By Attorney Jacob Deaven

Many of our clients have collections they are proud of. Some of those items may not look special, but hold a significant financial value.

We once had a client receive a painting from his grandmother with no supporting information. It wasn’t till later in his life, when he was doing his own estate planning, that he learned that the painting was worth upward of a million dollars.

Some people may assume their family will know the value of their items, but that is not always the case. Even if you tell your loved ones about the value of your property, they may not remember. The best way you can pass along that information with the possession is through detailed estate planning.

There are several ways this can be done. The most common way is through a specific bequest in either a Trust or a Will. This is the language that people most often associate with wills and estate planning. There are other tools that can be used, such as a separate written instrument accompanying a Trust. Speaking with a licensed attorney who specializes in estate planning is the best way to select the proper tool for identifying and bequeathing your hidden treasures.

Proper estate planning, with an attorney, can help your family identify your valuable items, let them know how you want them cared for, and make sure they are either sold for their fair value or passed on to their next owner. Without an estate plan, these diamonds in the rough may be hauled off in bulk trash collection or sold for far less than what they are worth at an estate sale.

When administering an Estate, it may be just as important that you hire a good attorney and appraisal service who can help you identify valuable items that may need to be reported to the Register of Wills or other estate beneficiaries. By doing so, you will ensure that your loved one’s possessions are treated with the same care they gave them. I have heard horror stories about families who have hired companies to empty out their parent’s home for a quick sale without taking the time to consider what was inside first.

At Sinclair, Prosser, Gasior we have a talented team of attorneys experienced in both estate planning and administration. If you would like to discuss estate planning or administration in more detail please attend a free estate planning seminar or schedule a consultation with one of our attorneys. Contact Sinclair, Prosser, Gasior at (410) 578-4818 or visit spgasior.com.