- On July 14, 2008, an art expert looks at a painting “Christ in the House of his Parents” by John Everett Millais at a preview of a collection of art to be sold at auction. (Andrew Ross/AFP/Getty Images)
We are happy when we receive a valuable gift or cherished collection from a beloved family member.
Although we appreciate the love and kindness intended, we may not have the resources or space to properly maintain and display some collections or you may just prefer to have the cash instead.
These types of gifts usually do not come with instructions on who or where to present them for sale, nor even what the potential value should be.
Fortunately, we now have the Internet where we can find thousands of resources. You can go on e-bay, for example, and potentially find the same collection. Check to see what other collectors/sellers are bidding and asking for the same items.
You can ask your friends and family if they know any collectors or you could stop by an antique shop where similar items are sold and make an inquiry.
If the collection is significant, you may be able to afford an expert appraiser or estate sale adviser.
Substantial estates with many assets, may require an official appraisal as part of the tax system of some states. In that case, the collectibles would be appraised as part of the entire estate.
For the original owner of these valuable estates, it’s worth it to consider establishing a relationship with an appraiser or estate sales expert before writing your Will. Although the value of your estate may not be the same at the time of your death, you can identify the expert in instructions with your Will and save the executor time and concern about how to value your estate.
Information contained in this article is not intended to be legal advice nor applicable to all situations. For legal assistance, contact an attorney in your state of residence. You can visit Arleen’s website at arleenrichards-law.info .
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