A colleague recently told me about a client who had an extensive and expensive collection of curios. He had rather sheepishly turned to her for help in documenting and cataloging it after his wife had insisted he do so. The client’s wife told him, “If you’re going to complicate our lives with your collection to this extent, you better get all the facts organized and detail a plan for me or the kids to follow in case it falls to us to untangle all of it.”
It’s a fair point and one that every serious collector should consider. Tomorrow is promised to no one. If the collector were to absent-mindedly step in front of a bus, his wife and kids would be left to literally pick up the pieces of his cherished collectibles. Chances are they wouldn’t know what the collection was worth, who to trust to appraise it or how to go about selling it.
Amassing a valuable collection of any type carries with it the responsibility of documenting it for the sake of the loved ones you may suddenly leave behind. Absent advance planning, every situation involving valuable assets can or will become someone else’s problem in due time.
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About Archival Property Solutions, LLC
Archival Property Solutions documents and catalogs the tangible assets of high-net-worth owners for their personal viewing pleasure and support of crucial Family Office and wealth management activities. Clients who have substantial and complex holdings in multiple locations can now keep their catalog of non-financial assets stored securely for private, confidential access via computer, tablet or phone. When maintained with current information, this confidential digital catalog can keep owners and their trusted advisors better informed, enabling them to stay current with professional service objectives and to plan for, protect against, cope with and recover from life’s unexpected events.
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