Patrick kindly brought our attention several issues that we were totally unaware of and assisted us throughout the entire process in a friendly & professional manner. Gary Cox
0117 907 1002
Willing to give peace of mind
Having invested some considerable time, effort, and money in creating a collection it is important to give special thought to what will happen to it after your death. Some will have relatives or friends who share your passion, and for these, the decision is simply which of them you would like to have which item; but unless you include provision for the specific gifts in a Will, they will not be given.
Unfortunately others have no one close who would appreciate the collection, and for them the situation is more problematic. Doing nothing could too easily lead to your collection being either thrown out as worthless, or handed over to a local charity shop. If such dangers are to be avoided, it is essential to include specific provision in a Will setting out exactly what you would like to happen.
You may have thought to leave you collection to a library, charity, or other organisation. If so, you will need to contact the organisation to ensure that they would want and accept your collection on your death: to do so might well cause them problems in finding space to store the collection, and to display it will involve expense. Any beneficiary you might name in your Will has the right to refuse your gift. In this case, your collection would fall back into the residue of your estate and might then be in even greater danger of being treated as worthless.
You may decide that you would like your collection to be sold. If so, you should consider whether to appoint a special executor with knowledge of your collection and its value to carry out this task. Alternatively, you might include in your Will instructions for your executors to follow, perhaps directing them to contact specialist sellers to help them. In either case, you will need to consider whether your collection is to be sold at full market price to achieve maximum benefit for your beneficiaries, or whether you would prefer it sold at a reduced price to benefit other collectors.
Whatever you decide, it is imperative that your wishes are clearly set out in a Will. Simply telling someone what you would like to happen is not sufficient. Whoever is responsible for the administration of your estate will be required to follow whatever is set out in your Will if you have one, or in the Intestacy Rules if you do not.
Westbury Wills is a member of the
Society of Will Writers