The Taste Of Others
Despite the time and effort advisors may spend educating clients about investing in collectibles and planning for their legacy, there's no guarantee that grandma's heirs will cherish her tchotchkes the way she did. In fact, the Barclays study indicates that inherited treasures are much more likely to be sold than those acquired by other means-a process the report euphemistically calls "decluttering."
Worse yet, family members could have absolutely no idea what they've inherited. Erskine notes that without guidance from trusted advisors, clueless heirs could mistake grandma's 10 carat yellow diamond broach for costume jewelry. As he says, "Just think if it was your family that put that in your estate yard sale."