People living in Florida are often concerned about estate planning issues. In many cases, the primary concern is ensuring that investments are liquidated, cash assets are distributed and any personal effects go to the appropriate friends and family members. In some cases, however, someone may have a collection of valuable property that needs to be managed and distributed by an executor.
Take wine, for example. Some wine aficionados spent decades carefully curating a collection of rare bottles. If the collector is unable to consume the wine before he or she dies, the collection becomes part of the estate. In some cases, wine collections can be worth tens of thousands of dollars or more.
Executors of an estate that include a wine collection need to keep in mind that wine is perishable and that the bottles must be handled correctly throughout the processing of the estate. The executor may do well to connect with a wine expert who can help them understand the proper storage and handling of the wine.
Each bottle should be inventoried and appraised. Knowing the total value of the collection is important for understanding the total value of the estate. In addition, if a beneficiary or beneficiaries would like to keep some or all of the bottles for themselves, valuation makes the process of distributing the property easier to do.
Individuals who are acting as executors of estates that include valuable collections may benefit from talking with an estate planning attorney. The lawyer may be able to review the will and make recommendations regarding the management of the estate and collection of wine or any other property.