Anybody who owns property should make it a point to plan out what will happen to their estate after their passing.
However, real estate and physical property aren’t the only matters you should consider when planning your estate – intellectual property, such as art, is just as important.
As an artist, your art can be some of the most vital things in your life. You have put time and effort into these creations and may want to protect your artistic legacy. If you have a family, you may want to ensure that your art remains with them. Thankfully, there are steps you can take to protect your artistic legacy after you have passed on.
At Diamond Estate Planning, we can help you plan all matters regarding your estate, whether that means writing your home, the rights to your art, or the art itself into a trust or a will. Read on to learn these three excellent steps that you can take to protect your artistic legacy.
3 Steps To Protect Your Artistic Legacy
There are three main steps you can take to protect your artistic legacy.
These steps are to catalog your artwork, determine the value of your artwork, and meet with an Illinois estate planning lawyer.
As with all other matters regarding your inheritors and your estate, meeting with an estate planning lawyer is the best way to ensure that your loved ones receive their inheritance without any issues, including your valuable art.
Let’s take a closer look at what each of these steps entails.
- Catalog Your Artwork
Cataloging your artwork may differ in method depending on what type of art you work with, but the underlying reason will be the same.By cataloging and verifying all of your art, you make it easier to sort through and grant to whoever you would like.The first and arguably most vital step in cataloging your artwork is to photograph anything possible and record its title, measurements, and any other valuable information. You will need this information for later steps, such as copyright!
- Determine The Value Of Your ArtworkIt can be hard to put a price on art, but when considering your legacy, this step is vital.Whether your art is original or you are a collector, it may be wise to have your art appraised.
For a small fee, you may have a professional appraise both your art collection and each piece of art individually to determine the value of your artwork.
Upon determining the value, you can better plan your estate, choosing to sell or grant each piece of art as you see fit.
- Meet With A McHenry Estate Planning LawyerThe best way to ensure that you have protected your artistic legacy is to meet with an estate planning lawyer who can help you ensure that your art ends up wherever it needs to go.An estate planning lawyer can help you build a legal trust for your art, ensuring that your artistic legacy is further solidified.
At Diamond Estate Planning, we can help you ensure that your artistic legacy is passed down through the generations along with your other prized possessions.
Contact Diamond Estate Planning Today
At Diamond Estate Planning, our experienced McHenry, Illinois attorneys can help you avoid any upsets after you have passed by ensuring that your family and your artistic legacy are protected. Contact us today to get started.
DISCLAIMER: Any information contained herein is solely for informational purposes. While it is important that you educate yourself, nothing herein should be construed as legal advice or create an attorney-client relationship. For specific questions, we urge you to contact a local attorney for advice pertaining to your specific legal needs.