Tuesday, December 8, 2009

What to Do About The Tea Pot Collection

You may have a tea pot collection, or civil war memorabilia or model trains. You have a pretty good idea who would enjoy this collection and want to make sure they get it when you are gone. Should you put it in your Will? How often will you have to re-write your Will as your collections vary and you have new friends. There is a very practical solution I recommend to my clients.

You don't list these physical items in your Will but you do reference a list which you may change from time to time. Then make a list of your special item and the member of your collector group who would so enjoy it. Be sure and date the list. Then as you change you mind or your collection changes you can write a new list. Sign and date the list (no notary or witnesses needed). This way you can keep current without having to change your will or write a codicil.

This list can include anything you want including household items, clothing, or your best cookpot. Whatever you think someone else might treasure. Having this list can avert family disputes later as there will be no question as to who was to receive the button collection.

If you don't have anything special to list, then just direct your personal representative to dispose as she sees fit. Be sure to give latitude to give away as well as sell.

Any other questions?