Antique Reproduction Furniture's History and Evolution

Many of our assets can be easily categorized. Proper ty, homes, stocks, or savings are straightforward enough to bequeath them to family and heirs. But it can be far more complex when it comes to your antiques, antique reproductions, and other antique pieces such as jewelry or artwork.

How will an antique be passed on to the next generation or a loved one if there's no deed of ownership? How do paperless assets, such as inherited furniture or other pieces, fit into the administration of a taxable estate?

In addition to passing on an antique, how does one identify a possibly valuable antique to protect them?

While not every collectible or antique may fetch thousands or millions of dollars, your antique furniture, art, or even rare collectible cards still could hold plenty of value, and if it has value, it should be incorporated into your estate plan.

Evaluation for Antiques and Other Collectables

Many avid collectors, professional antiquarians, and antique dealers alike no doubt keep documentation receipts of sale and actively track the value of their rare items—but many of us may lack any information about the value of what we currently own or what we inherited and may not know where to begin.

If you own something you are unsure about its value, it is essential to get that antique or item appraised by someone who specializes in the specific item you wish to know more about.

At the bare minimum, no matter what it is, you should spend time online researching before considering selling or giving away anything.

Protecting Your Antiques And Collectables

1. Proper storage and maintenance.
   The first step in protecting your antiques or collectibles is ensuring you care for them properly. In the case of maintaining antique furniture, we have several excellent resources to help you:
   
   • How To Clean Your Reproduction Furniture
   • How to Repair Cracks in Wooden Furniture
   • How to Care for Antique Furniture
   
   For Collectables:
   • Vinyl records: Keep and protect vinyl records in polyurethane sleeves inside paper sleeves and store them in a cool, dry location with minimal sunlight.
   • Comic Books: Keep each comic book in a sleeve and store it within a box to prevent bending and protect it from dust and scratches.
   • Coins: Store coins in a coin holder, album, or folder.
   • Vintage Toys: Attempt to keep the toys in their original packaging to help protect the toys but also make them more valuable to collectors. You may also wish to preserve the packaging by wrapping it in bubble wrap and storing it in a box in a dry area away from direct sunlight.
   • Trading Cards: Keep trading cards in individual sleeves. A great way to store trading cards is to use a binder, keeping the cards protected and together. Ensure you store the binder in a cool, dry place away from sunlight or in a box. Ideally, humidity should be kept around 50% wherever they are stored.
   
   
2. Insure Your Antiques or Collectables
   Sometimes, it takes a bit of smoke damage, a small flood, a broken pipe, or worst-case sceneries: a devastating act of nature that can wipe out invaluable collections or antiques. If you properly insure your property, this is a risk you could avoid.
   
   You may mistakenly believe that your antiques or collections are automatically covered under your homeowner's insurance policy; however, in most cases, your antiques and collections are not covered or will not be adequately insured. Your homeowner's insurance policy varies by state, so the first step in insuring your collections is to research your state's insurance policies.
   
   The second step is to get in contact to discuss coverage with your insurance agent, to cement what is and what is not covered under your current policy, and to ensure you understand what your duties or obligations may be under the policy as the insured person. You will most likely discover that a particular rider and average costs can be added to insure your items properly. In some cases, you may even be able to add a separate insurance policy to cover these items. Depending on the specific type of collection you own and wish to insure, you may need to seek out insurance from a company that specializes in and deals with collectors.
   
   When speaking directly to your insurance agent, ask them:
   • About the policy limits and terms
   • What are the deductibles
   • Coverage for accidental breakage
   • Coverage for stolen or missing items
   • How the value of the items insured is determined if there is a loss
   • What is not covered
   
   
3. Keep Detailed Records
   Maintain a home inventory of your collections, adding as much detail as you can to the inventory. How can you create and maintain a home inventory?
   
   1. An in-depth description of the item. For example, instead of writing 18th century Chippendale Mirror. Consider writing: "18th Century Chippendale mirror, Mahogany wood, English Style with original glass. Created circa 1770 with a maker's mark, featuring scrolled and feathered hand-carved details, in outstanding condition. Dimensions: 31.5 inches in height, 16.5 inches in width, and 2 inches in depth. Wear consistent with age and use with a fine patina, with only minor structural damages." If the antique has a purchase receipt, proof of ownership, and a reference number, include that in the description and keep any paper or digital documents.
   
   2. Make, model, maker's marks, reference numbers, or any item serial numbers.
   
   3. Date of purchase and photographs of the item from as many sides and angles as possible. If your camera allows it, include the date and time stamp on the photo.
   
   4. Estimated replacement costs if you were to purchase the item today.
   
   5. Documentation of any and all appraisals at the time of purchase.

How to Will or Pass On Your Antiques

Once you understand what something is worth, have taken steps to preserve and protect it, and have it insured, you can begin considering what will happen to the item as part of your estate.

To ensure family harmony and that your collectibles are passed on, it is best to have a clause in your estate documentation that refers to a written list that designates what precisely should go to each person. If the item has significant financial value, for example, something worth $100,000 or more, you can give that value in cash or other assets to equalize inheritance. You may also gift them with your items when you pass or while you are still alive.

To learn more about estate planning for your antiques or collectibles, it is always best to contact an experienced estate planning agent or attorney to help you ensure your antiques, whether sentimentally priceless or financially, are protected and can be passed on to the next generation.