Hollywood has created the impression that trusts are only for the mega-rich. When it comes to the history and culture of the arts, a trust can be used as a building tool to unite a community, educators, and art connoisseurs. Here is how setting up a decorative arts trust is a simple process that will help outline the structural components of an art trust, who its beneficiaries are, and how assets should be fully managed.
How To Start a Decorative Arts Trust
By selecting a focus and starting a non-profit or a financial estate trust, you may help encourage interest in decorative arts, support academic studies, art appreciation, and community sponsorships. This is why decorative arts profit or non-profit trusts often have a keen interest in areas such as local history, academic advancement, art forms, certain subject matter, artistic focus like gender or ideology, or craftsmanship.
Steps To Starting Your Trust
- Perform Research on Your Subject Area: Take the time to consider the big picture of your trust and then create objectives and goals to achieve it. During the research phase, you have time to think about different decorative art subjects, artists, or cultural or historical components that can make your trust stand out from other trusts. You also have time to think about the future goals of your trust, including how to procure donors or artistic contributions and how your decorative arts trust will be used to benefit recipients such as art students, artists, or community stakeholders.
- Create Your Decorative Arts Trust Document: As trusts often attain and manage financial assets such as artwork, sculptures, and antiques, a decorative arts trust document should be written to detail the trustee’s interests, financial assets, duties, benefits, and philanthropic profile so that trustee stakeholders have a clear understanding of obligations and how financial assets should be conserved and supported so that the trust’s community sponsors and investors can rely on the preservation of decorative art collections being maintained for the enjoyment of future generations.
- Choose Appropriate Trustees: Trustees usually have significant involvement in planning and managing the trust and its assets, so you want to choose someone who can delegate and oversee operations. If your trustee lacks industry knowledge, specialists such as Manzi Appraisers & Restorer can provide expert specialist services such as appraisals, restoration, and care. Our experts at Manzi can also oversee art acquisitions, loan collection care for exhibits, or trust planning and oversight so that your trust has the expert industry knowledge needed to work effortlessly.
- Set Up Trust Banking & Allocate Funding: During the planning stage, trustees need to set up a bank account and allocate funding for trust operations. Oversight of funding will allow trustees to act accordingly to manage and fulfill trust purposes. The trust as the beneficiary should designate someone to manage the trust’s assets, including future acquisitions, loans, and financial planning.
- Set A Trust Precedent to Work with Experts for Appraisals for Decorate Arts: Research, authentication, acquisition, management, cleaning, personal care, insurance assessments, and restoration are all specialized service challenges that Manzi can help your trust undertake. Working with trustworthy appraisers like Manzi will also reduce the risk of future financial trust losses.
To talk to any of our experts at Manzi Appraisers & Restorer, call our office at 617-948-2577 or visit us on Facebook to send a direct personal message at https://www.facebook.com/ManziAppraisers/.