This section covers:

• Objectives of Estate Planning for Artists
• Access to Artwork, Paperwork and Digital Files
• Advice to Artists' Executors and Trustees
• Resources for Estate Planning for Artists - with specific references to the UK, USA and Australia
  
• Examples of sample wills for artists

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"Dead artists leave two bodies: their own, and a body of work"
Harriet Schorr

Why plan for what people do with your art after you die?

• your executor needs advice on what to do with your body of artwork
• you need to prevent really awful squabbles about your art (it can often occur!)
• you need to say whether your art should be sold, given to beneficiaries and/or charities or destroyed
• your beneficiaries need to know about which artwork might produce ongoing income (e.g. artwork that is licensed or could be licensed)
• all your artwork needs to be catalogued - and that catalogue kept up to date
• you need to think about which taxable schemes your Estate might address / adopt

Banner Image: The Battle of the Pictures by William Hogarth

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Objectives of Estate Planning for Artists
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An artist wants to TRY to achieve three things when planning for what happens when they die:

1. make life easy for those left behind
2. preserve an art legacy in whatever way they see fit
3. minimise legal problems and probate litigation

Some of the issues you may need to consider as an artist:

• taking independent and expert advice before making a will
• selection of appropriate executors e.g. ones who have nothing to gain from the Estate and/or people with expertise 
• cataloguing all unsold artwork and papers prior to death;
  

• storing and insuring all artistic assets - and leaving notes as to what is where;
  
• getting a professional appraisal of value of artwork
  
• making sure the right people know how to find and access all relevant artwork and documentation
• how to minimise the tax payable by your Estate
  
• how to maximise any charitable benefits you choose to make
  

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Access to artwork, paperwork and digital files
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Your Executor will need access to all your paperwork relating to Art and all your Digital Files.

Even those who have no intention of making a big think about their art after death should be thinking about what they want done with their digital accounts and their artwork which is online.

• What happens to your online digital accounts at death? Online digital companies are beginning to provide users with the ability to control what happens to their accounts after death.  Legacy contacts can be named in advance of death.
  
• Facebook Takes a Step Forward for Digital Afterlife Late last week Facebook released several new features that will aid in the management of a user’s account after the user’s death. 

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Advice for Artists
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If your art has value and or a value that might increase after your death, you need to think about and take professional advice from somebody who knows about the treatment of art and cultural assets in estate planning, wills and trusts

Specifically:

• tax schemes which enable your Executors to protect the value of your Estate and artistic legacy
• schemes to enable charitable donations with minimal taxation implications for the Estate or the beneficiaries
• schemes to minimise the tax as cash payable by the estate e.g. acceptance in lieu arrangements
  

However before you can do any of this you first need to catalogue your collection so that those who advise you have data to work with

REFERENCE:

• How To Create an Estate Plan for Your Art Collection | Artwork Archive
• Legacy Planning for Artists Demystified
• What Mid-Career Artists Should Be Doing to Protect Their Legacy | Artwork Archive - bear in mind they sell software to facilitate recording artwork!
  

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Advice to Artists' Executors & Trustees
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Unless you choose an expert to act as an executor for your artistic estate, whoever acts as Executor will need some advice. As an artist you may well be better placed to offer this than they are to find out what they need to do.

Issues Executors will need to deal with if your art has lasting value

• recording all relevant data on all relevant artworks
  
• getting a professional appraisal and valuation
  
• how best to merchandise artwork to take advantage of copyright over the next 70 years
• how to control supply to the marketplace - and its effect on prices and value to the estate
• how to reduce inheritance taxes by tax-efficient estate planning.

REFERENCE

• The Institute for Artists Estates makes available its expertise to anyone who is involved with or interested in artists’ estate. It asserts it is able to take on the complete management task for estates, to accompany living artists in the process of estate planning and to support independent artist’s estate management in a consultancy role.
• If you've been asked or have agreed to be a Trustee you might be interested to read ​What it's like for an Artist's Trustee 
• 10 Reasons Why Art Collections are Switching to Artwork Archive - art collectors and artists' executors/trustees need software to record and manage the art collection
  

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RESOURCES: Estate Planning for Artists

What follows are links to

• useful books and pamphlets (in the red boxes) which  discuss this aspect of Estate Planning in more depth.
• useful articles. While some of the articles are of more general applicability, I'm separating them out by country of origin to ensure that any references to what a particular county requires is highlighted more clearly
  

Information is organised by country for:

• the UK
  
• the USA
  
• Australia
  

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Estate Planning for Artists - a UK Perspective

The Artist's Legacy | Royal Academy of Arts

A new publication which the RA produced for the benefit of everyone who is involved in the creation of art

This is a NEW publication providing helpful insights into the importance of planning for the future in order to provide for loved ones and protect your artistic legacy.

The book is available as a FREE pdf file to download on submission of your email address to the RA - click the link in the title

Contents of The Artist's Legacy

• The artist's art: looking after your work for the future
• The artist's art collection
• Where there is a will, there is a way
• Master the art of saving tax: business assets
• Gifting works of art
• Artists' rights and royalties
• The Artists' Resale Right
• Estate planning for foreign (non-UK) property and belongings
• Giving to charity: your gift to future generations.

• ​Artists and Artists' Legacies: An Introduction to UK Estate Planning | Boodle Hatfield - When an artist dies, his or her work forms a tangible and emotional legacy. How should this be managed, by whom and for whose benefit?  This article looks at particular estate planning issues for artists. 
• What price conditional exemption? - Boodle Hatfield - relates to the schemes of tax emption available to national heritage assets
• Conditional exemption | The Museums Association - Depending on the asset type, different agencies will decide whether it qualifies for the scheme. These include Arts Council England (ACE), English Heritage, Historic Scotland and Cadw: Welsh Historic Monuments.

REFERENCE:
The following are links to specific taxable schemes relevant to Estate Planning

• The Cultural Gifts Scheme - enables UK taxpayers to donate important works of art and other cultural objects for the benefit of the public or the nation, whilst receiving a tax reduction based on a set percentage of the value of the gift being made.
• The Artists Resale Right - continues to apply to qualifying works by artists who have been dead for less than 70 years.
• Tax relief for national heritage assets - Conditional Exemption - For a work of art to be eligible, it must be an object with national historic or artistic interest, either in its own right or due to a connection with historical buildings
• Section 20 : Inheritance Tax National Heritage Property | Valuation Office Agency - The manual which sets out what happens
• Offers of Property in Lieu of Tax (a.k.a. as acceptance in lieu AIL) | Valuation Office Agency Manual - specifies what happens
• Gifts to Charity - a reduced rate of IHT applicable to estates where on death over 10% of the value of the estate is left to charity.
• Gifts to individuals -  note that People you give gifts to will be charged Inheritance Tax if you give away more than £325,000 in the 7 years before your death.

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Estate Planning for Artists - a US Perspective

There are a number of books and free guides set up to help those in the USA plan the disposal of an artist's estate.  You need to be careful to review the date they were published. Some are updated for legislative change and some are not.

Art Law: The Guide for Collectors, Investors, Dealers & Artists
by Judith Bressler and Ralph Lerner

Rated an average of 5* by 4 reviews

Regarded as a "cornerstone reference for visual art professionals and their attorneys" - it includes chapters on estate planning for artists - and for art collectors

(Relevant to the USA only) BUY from Amazon.com

Art Law: The Guide for Collectors, Investors, Dealers & Artists

REFERENCE

• Protecting An Artist's Legacy Through Estate Planing, Probate and Post-Death Administration Part 1 All to often we see cases where artists simply failed to plan for the protection and/or distribution of their estate. 
• Protecting An Artist's Legacy Through Estate Planing, Probate and Post-Death Administration Part 2 Covers cases of legal interest where: estate planning failed; the estate failed to plan; copyright was terminated
• ​Creating a Living Legacy (CALL) - Produced by an artist's foundation, this provides support to visual artists in creating, through organising and inventorying, comprehensive documentation of their artworks and careers. [see below]
  
• Estate Planning & Legacy Services for Artists | Arts and Business Council Greater Boston
  

Creating A Lasting Legacy: Estate Planning Workbook (Updated 2015)

The guide is designed to be a practical, comprehensive and user-friendly tool for artists wishing to engage with estate planning. The workbook has information on many elements key to estate planning including:

• Legacy Vehicles
  
• Wills, Trusts, Power of Attorney, Healthcare Proxy and Living Will
• Choosing Your Personal Representatives
• Copyright
• Elements of Your Estate
• Talking With an Estate Planning Attorney

Produced through a collaboration between

• the Joan Mitchell Foundation
• the Arts and Business Council of Greater Boston and
• Volunteer Lawyers for the Arts of Massachusetts
  

Download the Estate Planning Guide (1.7 MB.)

REFERENCE (continued)

• Artist Tips: Checklist for Planning Your Art Estate Take Charge of Your Legacy as an Artist | Artbusiness.com - An in-depth article on the process of what you need to do, why and how to need to do when planning for somebody else to take charge of your artwork - and your legacy as an artist - after your death
  
• Artists: Planning Your Art Estate | Artbusiness.com - Response to a specific query from an artist about what to do with possessions after death and who should manage or oversee the sale of art. 
• Textile Arts Resource Guide: Estate and Legacy Planning for Artists
  For those of us who are over 60, how we and our art will be remembered becomes increasingly important with each passing year. Our own demise is not a pleasant topic to consider, but we have to face the reality that at some point we are actually going
  

Guidelines for Senior Artists - Estate Planning for Artists 

• Sponsored by Senior Artists Initiative | Funded by: The Frank and Marie Hamilton Charitable Trust
  
• General advice with small section on art. "In addition to giving art and other assets to members of your family and to friends, you may also reduce your taxable estate by giving assets to charities. "
• access the pdf file by clicking the link in the title

Includes: 

• What Will Happen to Your Art after You Die? by Jeffrey P. Fuller, ASA, Accredited Senior Appraiser, American Society of Appraisers
• Estate Planning for Artists by Robert Louis, Esq. Saul Ewing LLP
• Approaching Museums by Michael Schantz, PhD, The Patricia Van Burgh Allison Director and CEO, Woodmere Art Museum 
• Plan Ahead by Stephen Tarantal Dean, College of Art and Design The University of the Arts ​

A Visual Artist's Guide to Estate Planning ​

This is an American Handbook which is the product of a conference of artists seeking answers to some of the common problems which arise when attempting estate planning. It provides guidance across a wide range of topics in order to assist artists in planning their estates. 

Both the core text and specific documents in the Appendices are available online as pdf documents (see right) You can also buy it as a book (see below)​

BUY from Amazon.com A Visual Artists' Guide to Estate Planning

Beware that the advice was compiled at the end of the 90s although some is of enduring interest and applicability and an update was done in 2008

• A Visual Artist's Guide to Estate Planning (PDF file) Based on a Conference Co-Sponsored by The Marie Walsh Sharpe Art Foundation and The Judith Rothschild Foundation
• A Visual Artist's Guide to Estate Planning - 2008 Supplement Update (pdf download)

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Estate Planning for Artists - an Australian Perspective

• National Association for the Visual Arts Ltd (Australia) - Where There's A Will... This document looks at the range of options available to visual artists in dealing with their work during their lifetime, and information about making a will so that an artist's art work legacy is dealt with according to his/her wishes after death. "​​
  

These are links to some sample wills

• "Artists In The Black" : Sample Will for Indigenous Artists
  This FREE sample Will for Indigenous Artists has been developed to encourage Indigenous artists to consider what will happen to their artworks, propery and copyright when they pass away, and provide guidance for those who decide to make a will.
  

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Return to THE ART LEGACY

Go To:

• Estate Planning for Artists
• Famous Artists Estates
  
• Artwork Inventory
• After the Death of an Artist
• Copyright and Resale Rights for Heirs
• Art and Inheritance Tax
• Estate Planning for Art Collectors

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