Additional considerations may be necessary for visual artists creating estate plans. While artists will need many of the same services provided to others such as creating a will and/or trust, incapacity planning and business succession planning, they also need some of these additional services:
- Inventory management and cataloguing;
- Licensing and intellectual property;
- Professional appraisals and valuations;
- Digital asset planning; and
- Charitable planning.
Take Inventory
Unless you name a professional as your executor and/or trustee, and even if you do, it may still be necessary for you to provide detailed instructions. This starts by organizing your collection. Sign, date and title all of your artwork legibly. Archive your work and maintain accurate records in an official Artwork Inventory. Include all of your own artwork as well as other works you collected. Leave instructions for your executor and/or trustee to locate the Artwork Inventory.
Get Appraisals
Get professional appraisals of your collection. Keep copies of all providences, agreements and contracts.
Intellectual Property Concerns
Your artwork may continue to sell and provide a legacy income for your heirs if you plan correctly. Learn ways to take advantage of copyright and licensing agreements.
Choose Trustworthy Fiduciaries
Make sure you carefully consider who you name as an agent under a power of attorney, executor of your will or trustee of your trust. Your collection may have considerable value now or in the future and the decisions made could have significant financial consequences.
Make Your Intentions Clear
Leave clear instructions on how your art should be distributed at your death. This includes being specific as to what piece goes to which beneficiary and may even include why you are making this choice. If you are leaving work to galleries or intend to start a foundation or museum, this requires careful planning.
For more information on creating a comprehensive estate plan as a visual artist, set up a consultation with the experienced estate planning attorneys at Stouffer Legal in the Greater Baltimore area. You can schedule an appointment by calling us at (443) 470-3599, emailing us at office@stoufferlegal.com, or register for an upcoming free webinar using the link below:
https://attendee.gotowebinar.com/register/2975553763133346061
https://attendee.gotowebinar.com/register/6483292723922021902
https://attendee.gotowebinar.com/register/9159506224952074256
