ESTATE PLANNING FOR ARTISTS
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Estate Planning is different for Artists. Most people want the process to be as quick and simple as possible for their heirs. But it’s different for Artists. Most Artists have a lot of work stored somewhere—in the back of their studio, in a spare bedroom at home, stacked up on their desk. When they pass away, there will likely be dozens of those works—maybe a hundred or more. And it is a truism that the value of an Artist’s works sometimes goes up after they pass. All of that will have to be taken care of by the Artist’s Estate.
That process may take years.
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That process will involve a lot of moving parts. The Estate will have to create an inventory of the work, make sure it’s properly stored and insured, and interact with galleries and other buyers. For material works, the Estate will need
to pack and ship the works that get sold, insure them during shipping, and collect the payments for the sales. And, oh, yeah, that pesky thing about accounting for profits, expenses and taxes.
Fortunately, a Trust is can be the perfect vehicle for handling the curation, appraisal, sale, and shipping of those works after the Artist passes. The Trust can take care of that business long after the Artist cannot. In some cases, it might make sense to integrate the Trust with a nonprofit, a for-profit, or even a foundation. And the Artist who creates the Trust can be very specific about what they want the Trust to do—there can be a list of collectors and galleries the Artist may want contacted. There can be specific instructions on shipping and which carriers to use—or not use. The Artist can also specify who they want the profits from the sales to go to—it can be the same heirs as the rest of their Estate, or it can be different.
There are a lot of details, and you probably have questions. I’m not just a lawyer, I’m also a writer (my eBook is on Amazon here). As a result, I can help creative people bridge the gap to the
complicated world of Estate Planning. Put it on my plate, and spend your time on your Art.
Nothing on this website is legal advice.
​© Keith Denny, APC
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