Estate Planning for a Coin Collection
Pick two trustees that you trustThis is not intended as a pun, but is very real. You can be the initial trustee. After you have passed away, there will be no one policing every move of your trustee. You need to have absolute confidence that the person in charge of your coin collection will do what you want. As a check and balance, I prefer to have two co-trustees. That greatly reduces the likelihood that one will act inappropriately.
Write a simple trustA trust for a coin collection or other collection does not need to be as long as a typical revocable "living" trust. The basics needs to be covered, though. You need to:
1. Name the trustees, and whether they act jointly or independently (suggest jointly).
2. Name who will be successor trustee if one of the initial trustees is unable to act. (The wording on naming trustees can be tricky and may be litigated after you die if it is not worded well).
3. Identify the beneficiaries, and what happens if one of them has passed away. This is even more likely to be litigated if not worded well. See below for my advice to have it reviewed by a lawyer.
4. Specify the location of the coin collection so that there is no confusion about the identity of the property you are writing about.
Make sure the trustees have a copy of the trustNot only make sure the trustees have a copy of the trust, but make sure they know where the key to the safe deposit box is located (or combination to the safe is located). If your deposit box is in a foreign country, then make sure the trustees know which bank in which country. It's a big world.
Have an estate planning attorney reviewLegal documents drafted by non-lawyers often have unintended mistakes. Make sure to have a lawyer review the document.