In her revocable trust, actor Farah Fawcett left her artwork to the University of Texas. However, she did not provide a listing of the artwork, and there is an ongoing battle over a painting of Ms. Fawcett by artist Andy Warhol.
When leaving art or other collections to beneficiaries under a Will or Revocable Trust, it can be beneficial to provide an informal list or insurance paperwork that details exactly which pieces are included in your “collection”. This list can be updated without changing your Will or Revocable Trust and is a helpful tool for your Personal Representative to use in distributing your assets.
Read the full news story about Ms. Fawcett’s artwork on CNN.com