Steps to Take After Inheriting Valuable Jewelry: Guidance from a Trumbull Estate Planning Lawyer
- By Franklin Drazen
- Posted October 16, 2023
Inheriting a piece of jewelry from a loved one is not just about receiving a valuable asset—it's also about inheriting a memento filled with memories and emotions. As precious as it is sentimentally, ensuring that the jewelry's monetary value is protected and preserved is equally important. As an experienced Trumbull estate planning lawyer, I offer guidance on the steps to take upon inheriting valuable jewelry.
- Safe Storage: Before anything else, ensure the jewelry is stored safely. A personal safe or a safety deposit box at a bank can be excellent options. Avoid leaving such items in easily accessible or common areas.
- Get it Appraised: If you're uncertain about the jewelry's origin or authenticity, consult with a professional appraiser to identify the item's material, craftsmanship, and potential historical significance.
- Determine Current Value: Even if you have an old appraisal, getting an updated valuation is essential. The value of gems and precious metals can fluctuate over time.
- Insure the Jewelry: Some homeowner's or renter's insurance policies might not cover valuable jewelry adequately. Consider getting a separate insurance policy or rider tailored for high-value personal items.
- Maintenance and Repair: Jewelry, especially older pieces, might need maintenance. Regularly inspect for loose stones, worn settings, or other potential issues.
- Professional Cleaning: Clean it professionally to maintain its luster without causing unintentional damage.
Alternatively, if you decide that selling the jewelry is the best option for you:
- Consult with Reputable Dealers: Find dealers or auction houses with good reputations in the industry. They can guide you on the potential market value and best avenues for selling.
- Understand the Tax Implications: Depending on its value and where you live, there might be tax implications for selling inherited valuables. Consulting with an estate lawyer or tax professional can offer clarity.
- Keep All Paperwork: Whether it's the original purchase receipt, old photographs, recent appraisals, or sales documents, ensure you have a comprehensive record.
- Photograph the Jewelry: High-quality photographs can be beneficial for insurance claims, future sales, or simply for personal records.
Finally, remember that the pieces may have sentimental value for multiple family members. Discussing the inheritance with close family to understand and respect everyone's emotions.
Making an Informed Decision is Key
Inheriting valuable jewelry brings with it responsibilities alongside cherished memories. Whether you choose to wear, sell, or store it, these steps ensure that you're making informed and thoughtful decisions.
As always, if you have questions about receiving an inheritance or any other estate-related issues, your Trumbull estate planning lawyer is here to assist. Please reach out for personalized advice tailored to your unique circumstances. Simply contact us at 203-877-7511 toschedule an appointment.
Contact our Trumbull estate planning lawyers located in Milford and Hartford, Connecticut.