Zhenghe Sailboat Model-Mayflower Model Making

Collectors often ask questions about leaving a model ship to a loved one in a will and its valuation. Like all collectibles and valuables, model ships will be considered part of the overall estate unless you designate who will inherit your model ships upon your death. Many collectors value their models more than their monetary value and prefer to leave them to someone who shares their passion and enthusiasm for collecting.

The wording in your will provides guidance on how your ship models should be distributed after your death. You can make specific bequests, such as leaving certain models to specific people. Others use more general language to instruct the executor to split the set between two people, such as children or grandchildren. In this case, the valuation of the models is important for distributing the set equally based on the value of the models.

During the probate process, an estate needs to be accurately valued to determine the amount of estate taxes that must be paid on the estate. This includes money, property and investments, as well as collectibles and other property. It is important that the valuation is accurate, otherwise fines may be imposed.

It is possible to reduce the burden of paying estate taxes by making certain gifts to beneficiaries during your lifetime, but this must be done seven years before your death so that the value of the model or models is eliminated from the estate. For example, if your estate is large and you want to reduce or eliminate the amount of estate tax that must be paid, you can exclude your model boat collection from your estate by gifting it to your children or grandchildren, as long as the gift is made at least seven years before death.

Because every situation is unique, it is best to contact a SCL wills and probate attorney to assist you in creating a will that communicates your wishes for model ships and other property, money and possessions. An experienced attorney can answer your questions about leaving property in your will as well as other estate planning questions.

Morigi Mayflower ModelIt is an artisan boat model manufacturer dedicated to boat model making, with 32 years of boat model making history, and countless display boat models for major shipyards, and will treat the boat model business with the spirit of craftsmanship in the future. Please contact us by phone if you need any help!