Jim Irsay, the former owner of the Indianapolis Colts, made the news last week when his private collection was sold at auction, netting an astounding $94.5 million and setting 28 world records for an auction. From David Gilmour’s Black Stratocaster guitar (sold for $14.55 million), to Bob Dylan’s handwritten lyrics for “The Times They Are a Changin” ($2.515 million), to Secretariat’s 1973 Triple Crown saddle ($1.524 million), Mr. Irsay’s private collection was filled with historically significant pieces.
While your personal collection might not include Kurt Cobain’s “Smells Like Teen Spirit” guitar ($6.9 million), or John Lennon’s Broadwood upright piano ($3.247 million), there’s a good chance you have family members that would find a keepsake from your jewelry or gun collection a valuable heirloom to remember you by.
For many, what happens to their material possessions is of little importance. But for others, passing along family heirlooms is a monumental decision. Regardless of which end of the spectrum you fall on, your estate plan should accommodate your feelings on the matter.
Common traps people fall into when planning for the disposition of their personal property (and some methods to avoid them) are:
· Failing to fully set forth their wishes.
Incorporating specific bequests, or executing a personal property memorandum along with your estate planning documents, is an excellent strategy to make your wishes known.
· Inadvertently granting one family member too much discretion in dividing and distributing personal property among family members.
The sentimental significance of family heirlooms sometimes renders even distribution difficult if all that’s accounted for is monetary value. Consider incorporating a lot-style mechanism where family
The takeaway, planning for the distribution of your tangible personal property after your death can and should be tailored to your wishes. And don’t downplay the significance of passing along family heirlooms to your family members. Something to remember you by may mean more to them than you’ll ever know, even if it’s not Eric Clapton’s Gibson guitar or 28 pages of Sylvester Stallone’s original “Rocky” script.
While your personal collection might not include Kurt Cobain’s “Smells Like Teen Spirit” guitar ($6.9 million), or John Lennon’s Broadwood upright piano ($3.247 million), there’s a good chance you have family members that would find a keepsake from your jewelry or gun collection a valuable heirloom to remember you by.
For many, what happens to their material possessions is of little importance. But for others, passing along family heirlooms is a monumental decision. Regardless of which end of the spectrum you fall on, your estate plan should accommodate your feelings on the matter.
Common traps people fall into when planning for the disposition of their personal property (and some methods to avoid them) are:
· Failing to fully set forth their wishes.
Incorporating specific bequests, or executing a personal property memorandum along with your estate planning documents, is an excellent strategy to make your wishes known.
· Inadvertently granting one family member too much discretion in dividing and distributing personal property among family members.
The sentimental significance of family heirlooms sometimes renders even distribution difficult if all that’s accounted for is monetary value. Consider incorporating a lot-style mechanism where family
The takeaway, planning for the distribution of your tangible personal property after your death can and should be tailored to your wishes. And don’t downplay the significance of passing along family heirlooms to your family members. Something to remember you by may mean more to them than you’ll ever know, even if it’s not Eric Clapton’s Gibson guitar or 28 pages of Sylvester Stallone’s original “Rocky” script.
Shared byEmerson Lopez - 2 months ago
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