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Safely leave your collection to your heirs

During the estate planning process, many of our Texas readers focus primarily on retirement accounts, savings accounts and insurance policies among other similar details. While these are important, you must also take into consideration any personal assets you may have, such as a collection.

From sports memorabilia to vintage records among other items, many people collect different things. While you may not fully understand why, there are people who don't realize that these items are worth a lot of money.

As you create your estate plan, consider who is going to be the beneficiary of the items in your collection. You may leave this to the same heirs as the rest of your assets, or you may select another party altogether. The choice is yours, but you need to know which person you want to receive the items once you pass on.

Some people opt to give away or sell their collection before dying, as this helps them take advantage of the financial gain while they are living, while also avoiding trouble between heirs after their death.

No matter if you decide to pass on your collection now or after you die, do your best to explain to your heirs what these items mean to you, how much they are worth and how they should be insured.

There are many aspects of creating an estate plan that can be confusing. If you have any type of collection, consider how you are going to leave this behind to your heirs. This will help these people avoid conflict during the estate administration process.

Source: Star News Online, "Plan ahead to leave collection to heirs" Vickie Elmer, Jul. 23, 2014

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