LEGAL ISSUES (cont.)
Not all of your property needs to be distributed through your will or an Inter Vivos Revocable Trust. For example, joint bank accounts and jointly held leases or real estate pass automatically to the co-owner. Life insurance, pension and death benefits are paid directly to the named beneficiary.
You might also consider making direct gifts of your work before death. The locations of these gifts should be included in your inventory of work. The potential drawbacks of this approach are that you no longer have access to or ownership of your work. Also, if your health improves, you may not be able to regain the work. You should consult a lawyer or accountant with respect to the tax consequences of making lifetime gifts of your works.
You may also want to give your work to a charitable institution, such as a museum, library, school or church after your death. First, however, you should contact the institution to discuss the terms under which your gift will be accepted. You should also make alternate plans in case the charity later rejects the bequest. Clearly identify which works you wish to go to the charity.
A complete inventory of your work can be helpful when making your will or trust. If your work is clearly listed, along with the names and addresses of those to receive the work, it is more likely that your wishes will be carried out accurately. Vague bequests ("I give all of my large paintings to X") will complicate the process.