Planning an artist’s estate
Artists can take affirmative steps preparing their estate to ensure that contracts are honored, your wishes are carried out to the furthest extent possible, and that your life’s work is properly handled.
Organize and document. Make an inventory of your art, that which you keep at home, in storage, galleries, or at your studio. You will then want to make sure everything is signed. If you know the date, or if the piece has a title, that is wonderful to add as well. If you want to add any information about the creative process, this can be very valuable as well, the materials, your thoughts, the technique, and any other descriptors.
Assign value, wherever possible. If you have a sense of the market value of any given piece, it is wonderful to add, along with a date of valuation. It is important to know if that valuation came from you, from an appraisal, or based on an actual transaction.
Decide where you want your art to go. Make a list of all pieces and the designations to whom you would want them given.
Choose an executor to handle this part of your estate. This may be the same executor that handles the rest of your estate, or it may be someone who knows your work well or has superior art business experience. You may appoint this person under the will, or simply ask your executor to engage them.
Make a contact list of key contacts. Provide complete contact information for galleries, agents, and any other people who might be important in the handling of your art.
Inventory existing contracts. If there are any contracts that pertain to your art, gather those to keep with your inventory.
Fischer Harbage is an estate and tax planning law firm built for the way people actually live today. With offices in Brooklyn and Manhattan, we serve clients throughout the tri-state area.