Have you ever tuned in to an episode of Antiques Roadshow, the long-running PBS television program where thousands of participants line up to have their yard sale finds and family heirlooms evaluated by professional appraisers? Stories like these highlight a common blind spot in estate planning as part of financial planning: The overlooked value of tangible assets such as art, collectibles and family heirlooms.
Take, for example, the painting brought to a taping in 2012 by a Texas resident who inherited it from family. To the participant, the painting was a family heirloom purchased by their great-grandparents in Mexico in the mid-20th century and displayed behind a door in their home. Unbeknownst to the owner, the painting was revealed to be an original piece created by renowned Mexican painter Diego Rivera in 1904 titled El Abañil, or The Bricklayer, and estimated to be worth between $800,000 and $1 million.1
Whether it is a work of art passed down through generations, fine jewelry or a carefully curated vinyl record collection, many estates include tangible personal property of significant value, whether the owner realizes it or not.
The growing importance of collectibles in estate planning
Collecting is perhaps more popular than ever, making estate planning for collectibles an increasingly important consideration within wealth management and estate planning. While collecting has long been a hobby, from coins and stamps to trading cards and physical media, rising popularity and profitability have fueled dramatic growth in these markets.
In the sports and trading card market alone, increased participation has turned an American pastime into a pseudo stock market. In 2025, total sales of trading cards on eBay topped $2.6 billion. It is no longer unusual to see individual sports cards, or cards from popular franchises such as Pokémon, reach five, six or even seven figures.2 Social media and technology platforms dedicated to these hobbies have further expanded access and growth within collector communities.
Yet while collectors may spend decades curating their collections, what often goes unaddressed is what happens to these assets upon death or incapacity.
Tangible assets as part of a comprehensive estate plan
When designing an estate plan, it is easy to focus on assets tied to everyday financial needs, such as investments and real property. Balance sheets are gathered, asset values are reviewed and strategies are developed accordingly. Easily overlooked are the tangible assets that surround us.
From a financial adviser perspective, overlooking tangible assets in estate planning can create gaps in a comprehensive estate plan, potentially undermining tax efficiency, legacy goals and smooth estate administration. Whether someone is an avid collector or simply owns valuable personal property, incorporating tangible assets into an estate plan is an essential step in holistic financial planning.
Below are three key steps to help integrate tangible assets into a comprehensive estate plan.
- Take inventory of tangible assets in your estate plan
When formulating a balance sheet as part of wealth management and estate planning, it is essential to take inventory of tangible assets that may carry financial or sentimental value. This includes items that meaningfully contribute to net worth or legacy.
For avid collectors, tracking values may come naturally. For others, it may require more effort. Gathering this information early can simplify estate administration and long-term planning.
In today’s digital age, valuation information is often readily available. Whether the asset is fine art, trading cards, vinyl records or automobiles, numerous platforms provide market data. Just as financial markets fluctuate, the value of tangible assets can rise and fall over time. Maintaining current valuations, either through periodic updates or professional services, is as important as tracking investment accounts.
A detailed inventory is also critical if the owner becomes unable to manage their affairs. Identifying specific items and their locations can assist an executor, trustee or family member responsible for estate administration. While collectors may understand the value of their assets, heirs may not. A well-maintained inventory helps ensure valuable property is recognized and managed appropriately.
- Inform your executor and trustee about valuable personal property
Uninformed parties may not recognize the value of certain tangible assets throughout a home. Few estate planning missteps are more painful than valuable collectibles being unknowingly sold for pennies at an estate sale.
Ensuring the executor or trustee understands the significance of key tangible assets is essential to effective estate plan implementation. This includes communicating where assets are located, why they matter and whom to contact for assistance.
Those unfamiliar with specific asset types may also be unaware of proper handling or sale practices. Professional assistance, including a formal estate planning appraisal, can help determine accurate value for art, jewelry and collectibles. Appraisals are often required for tax reporting, charitable donations, or establishing adjusted cost basis if assets are sold.
Taking the step of informing the uninformed can also support tax-efficient estate planning. For example, donating tangible assets to a qualified charitable organization may reduce estate or income tax liability, provided a qualified appraisal substantiates the value.3 Without proper awareness and documentation, valuable planning opportunities may be lost.
- Incorporate tangible assets into a comprehensive estate plan
The final step is formally incorporating tangible assets into the legal and financial framework of the estate plan. Without clear documentation outlining how assets should be managed or distributed upon incapacity or death, the risk of mismanagement increases.
Options may include a tangible property provision, a personal property memorandum, or a letter of instruction that works alongside a will or trust. These tools provide guidance for distributing specific items and identifying intended beneficiaries.
In some cases, high-value or complex assets, such as collectible vehicles, firearms or artwork, may benefit from placement in a dedicated trust. Trusts can help avoid probate, provide detailed management instructions, enhance privacy and offer protection during periods of incapacity. For assets that do not warrant a separate trust, a carefully drafted durable power of attorney may authorize an agent to manage or sell tangible assets if necessary.
Incorporation may also include appropriate insurance coverage. Just as homes and vehicles are insured, valuable tangible assets can be protected against loss or damage. Depending on the collection, a specialized insurance policy may be required. Protecting asset condition and insurability helps preserve overall estate value.
Conclusion
When crafting an estate plan, incorporating tangible assets is an essential component of sound financial planning. Whether you are a dedicated collector or simply suspect that a valuable piece may be hanging quietly in your living room, proactive planning can help preserve value, reduce taxes and support your legacy.
If you are ready to explore how wealth management and estate planning work together, including tax-efficient estate planning, collectibles and long-term legacy considerations, reach out to your Mercer Advisors wealth adviser to start the conversation. Not a Mercer Advisors client? We’d be happy to help you with your wealth management and estate planning. Let’s talk.
