“If something is valuable and can’t be divided among heirs, ask the client to consider donating the artwork or the antique cars or the silverware to a museum,” he says.
Crowell had one client with an extended family and an art collection. Instead of risking offending some family members by not giving them pieces, the collection went to a local university where a room was named for the family. “No one in the family got to hold the art, but they had a permanent memorial for them at the university. When the donation was unveiled, it became a media event for the community.”
The value of the keepsakes is not the primary factor, it is the meaning for the family or the intent of the client, Crowell says.
“As clients age, there are real opportunities for the advisor to be helpful on these estate issues,” he adds. “It can become part of the annual review meeting with the client.”