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Executors may have unique tasks for wine collections

When an estate holder dies in Nevada, a number of different duties fall upon the estate executor. The executor must, for example, take all estate assets into possession, arrange for payment of taxes and debts and then oversee the distribution of property to heirs and beneficiaries. In a case where the deceased had a wine collection, the unique nature of the wine as an asset could make matters more complicated.

Wine is an asset that is perishable, unlike most items that hold or gain value. Among the first steps for any executor in dealing with a wine collection will be to arrange for proper storage and handling. The greatest threats are fluctuating temperatures or humidity, light and breakage. It is often a good idea to insure the collection before it is moved.

Prior to purchasing an insurance policy, though, it may be necessary to inventory the collection. Such a task is best done by a wine expert. The inventory process should include notes of the varietal, vintage and producer of each of the wines. For an executor who does not know where to find a wine expert, most auction houses that deal in wine will be able to provide referrals.

The laws of Nevada allow executors to employ experts to help administer estates. A professional appraisal can be used to set the value of the collection for both state and federal estate tax purposes. An attorney with experience in estate planning might be able to help by gathering evidence of the value of the estate or by examining legal documents related to asset succession. An attorney might be able to communicate with government officials or argue on behalf of the client in case of a dispute.

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