Bequests in the News
Presley Case Shows Importance of Noticing the Small Things in Estate Documents
December 1, 2023
Valparaiso wants to sell the work for capital to offset declining enrollment and modernize facilities, but it makes the interesting argument that the original purchase was a mistake.
The bequest mandated the purchase of “conservative” paintings, and the school asserts that since the O’Keefe is an evocative (but not representational) view of her beloved New Mexico mountains, it has always been too modern to meet the testator’s instructions. It looks like the sale will receive court approval.
Art gifts can easily become a de facto emergency fund. Should conscientious gift planners therefore seek a “what if” instruction from art donors?
