Planning one’s estate in the form of wills or trusts is an important consideration for anyone. Artists as well as art collectors frequently have special needs in this area. An artist or collector, for example, may appoint an art executor in a Last Will and Testament specifically for the purpose of managing that part of the artist’s or collector’s estate that consists of works of art. The art executor presumably would have the special knowledge required to properly maintain or dispose of the artwork pursuant to the will. As another example, copyright, being the property interest that it is, may also be addressed in a will and it may be conveyed like any other property right separate from a work of art.
Some say that there is no such thing as a simple will. Estate planning needs are, however, ultimately idiosyncratic to the needs of the individual making them. How your will is drafted or whether you need a trust or trusts are personal decisions with possible financial implications that you make after the appropriate consideration. Proper planning not only orders you business life; careful and considerate planning sends a caring message to your loved ones.