Estate planning and hard assets
South Carolina residents can create an estate plan to ensure that their assets are managed according to their wishes after they have died. This can apply to cash, real estate and other assets such as heirlooms and art. For the hard assets, it is important that certain steps are taken to make that they are addressed properly in the estate plan.
Whether an asset or the revenue from the sale of the asset is to be bequeathed directly to an heir, it is necessary to know the fair market value of the asset. Having this number lays the foundation for the plan.
In order to have an asset appraised, individuals should seek the services of a certified and experienced appraiser. There are many options for having assets valuated, especially if it concerns artwork. However, there can be long-reaching financial consequences if the assets are mispriced. It is not advisable to depend on an untrained relative or friend, the original seller of the artwork or online art price guides to appraise the artwork.
When choosing an appraiser, it may be wise to select someone who has received certification from a main accrediting entity, like the International Society of Appraisers or The Appraiser Association of America. For people who have large collections of art, having a true value for the artwork and understanding how it will affect their estate is worth the expense of having the collection appraised.
An estate planning attorney may consider the type of assets a client owns and recommend certain legal devices to ensure that the assets are managed according to their preferences. The attorney may assist with drafting provisions for a certain type of trust so that the assets are properly distributed to beneficiaries.