Collecting art is usually a long-term activity. Valuable paintings, sculptures, antiques, and other artworks have not only monetary but also emotional value, which requires planning for the future. Apart from storage, insurance, and record-keeping, collectors should think about managing, transferring, and preserving their collections for the future.
Fortunately, there are a number of online sources that can assist collectors in organizing necessary data and planning for the future. The following are seven sources worth considering.
1. LawDistrict
LawDistrict provides customizable legal documents and resources that can help individuals organize important estate-planning matters. For art collectors, having a clear plan can help establish how valuable artwork and other assets should be handled in the future.
Collectors who are unsure where to begin can use an estate planning checklist to identify important documents, assets, beneficiaries, and decisions that may need attention. Organizing these details in advance can also make conversations with legal and financial professionals more productive.
2. Trust & Will
Trust & Will offers online tools for creating estate planning documents such as wills and trusts. This can be particularly useful for collectors who want to establish clear instructions regarding valuable possessions.
A well-organized estate plan can help clarify who should receive specific pieces and reduce confusion among family members when an estate is eventually settled.
3. LegalZoom
LegalZoom provides a range of online legal resources, including tools for wills, trusts, powers of attorney, and other documents. Collectors with multiple assets can use these resources to organize basic estate-planning needs.
For more complicated collections, especially those involving significant valuations or multiple beneficiaries, collectors may still want to consult a qualified attorney.
4. FreeWill
FreeWill provides resources for estate planning and charitable giving. It can be useful for collectors who are considering donating artwork to museums, nonprofit organizations, or other charitable causes.
Planning these gifts ahead of time allows collectors to document their intentions and consider how individual artworks can contribute to their long-term legacy.
5. Quicken WillMaker & Trust
Quicken WillMaker & Trust is designed to help users create and organize estate-planning documents. For collectors who prefer a structured approach, this type of software can provide a convenient way to document their wishes.
It can also complement a separate collection inventory containing artwork descriptions, purchase records, appraisals, insurance information, and ownership documents.
6. GoodTrust
GoodTrust focuses on digital estate planning and legacy management. Modern collectors may have more than physical artwork to consider, including digital photographs, online accounts, documents, and other information.
Keeping digital and physical records organized can make it easier for designated family members or representatives to manage important information when needed.
7. Everplans
Everplans helps users organize important information that family members may need in the future. For art collectors, this can complement formal estate planning by keeping practical collection information together.
Details such as artwork locations, insurance contacts, appraisal records, storage arrangements, and other important information can be easier to manage when they are systematically organized.
Planning Beyond the Collection
Digital tools can make estate planning and organization easier, but they are only one part of protecting an art collection. Collectors should also maintain accurate inventories, keep ownership documentation, update valuations when appropriate, and review insurance coverage regularly.
For particularly valuable collections, working with qualified legal, financial, appraisal, insurance, and art handling professionals can provide additional guidance. Combining professional advice with the right digital tools can help ensure that an art collection remains protected and properly managed for years to come.