Bequeathing a collection

ING Private Banking offers members not only the benefit of its experience, but also the hands-on support of its teams of specialists who can find a solution suited to every individual situation.
When it comes to the conservation of a collection, the collector will ask himself a number of different questions. What is the value of the collection relative to the rest of his assets? Can the collection be split up or not? If so, should it be split by artist, by period, by type of object? Which of the inheritors are actually interested in the collection itself? Is the collector entirely free to decide who will benefit from his bequest? Is the collection solely his own property or does it belong in part to his spouse? Does he want the collection to remain private or would he like it to be made accessible to the public? In the latter case, should it be bequeathed to one specific museum, or should the contents be dispersed more widely?

The answers to this initial set of questions will help shape the choice of the optimal solution. This may be the creation of a foundation, bequests to museums, legacies or donations to individual inheritors, with the collection managed collectively or not as the case may be, or indeed, the preferred solution may be a mix of all of these different options. Other possible solutions exist, depending on the individual situation. The least effective solution would be to make no provision for the future and allow the fate of the collection to be determined entirely by the inheritors. Of course, if someone has built up or wishes to conserve a collection, they will certainly think at some point about what happens after they have gone. The important thing is to do so in good time…

Philippe Wallez, General Manager ING Private Banking