Kelly Zerillo discusses encountering clients with unusual or outright dangerous tangible assets in WealthCounsel Quarterly. Estates may include personal property that contains illegal or highly regulated materials such as ivory, rosewood, and feathers, or items made from them. Executors and beneficiaries are sometimes surprised to discover such items in an estate, making it crucial to identify these materials and understand the applicable regulations during the planning phase to avoid legal issues.

Legal restrictions have successfully dampened demand and market value for items containing restricted materials. Despite this, some dealers and galleries continue to trade in these items, either out of ignorance or disregard for the law. Estate planners should advise clients to conduct due diligence when purchasing potentially restricted items. Proper inventory, appraisal, and understanding of the items in an estate are essential first steps to managing these assets and ensuring compliance with federal, state, and international laws.

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