Do you have a collection of art, coins or other valuables that you would like to live on after your death? Then you might be considering donating that collection to a museum or other charity that will be able to use or display it. If you are, then you will need to set up a gift agreement with the charity.

Protect your Wishes in a Gift Agreement

A gift agreement will protect your collection by ensuring that your wishes are carried out after your collection is passed on to the charity. Gift agreements specify how, where and when the collection is to be used. It is also important for cases where a charity is no longer able to afford the upkeep of a collection or the charity ceases to exist. The gift agreement will be able to ensure that the collection stays intact (or is broken up and sold off if that is your wish) and goes back to whom you wish to be the owner.

Communication is Critical

While the process of drafting a gift agreement can be long and expensive, it is a very important conversation to have. You need to be sure that the charity that you select to receive the collection is able and willing to do so. They must be in agreement with your wishes and know any contingences you might have for the collection.

If you need legal assistance for a gift agreement or any other estate planning issues, contact Stano Law group today.