Plenty of artists and art collectors call New York City home. As an artist, you might have many different pieces that must be accounted for in your estate plan. Similarly, as a collector, there are unique considerations that influence the transfer of these items to someone you name in your estate plan.
If you own many pieces of artwork or an entire collection, you need to answer questions about this for estate planning purposes. A consultation with a dedicated estate planning attorney is one of the only ways to ensure that you’ve covered all of the bases with the concept of estate planning.
The proper and orderly transfer of any cultural or artistic works from one generation to the next often requires a governance plan. This governance plan addresses things such as licensing, archiving, authentication, cataloging of the work, provenance and more. The primary purpose of creating a thorough governance plan in your estate plan is to create legitimacy and transparency about the artist’s work for future generations.
An artist’s work may not properly be recognized culturally, or could even become the basis of lawsuits and arguing among heirs without appropriate governance planning.
When you create a thorough inventory of your work and make it publicly accessible, such as creating an artist foundation, this may reinforce the value of the works by the artist for anyone who owns them. If you are an artist or have a substantial collection of art that you wish to transfer to future generations, discuss your options with a qualified estate planning attorney in NYC.