What is an art trust?

An art trust is a legal arrangement that allows an individual, referred to as the grantor, to transfer ownership of artwork to another person or organization, referred to as the trustee, for the purpose of protecting, preserving, and managing the artwork. In the state of Kansas, there are specific rules and regulations governing art trusts, such as who may serve as trustee and how trust assets may be used. For example, the trustee may be given authority to buy, sell, or lease artwork in accordance with the terms of the trust. Additionally, the trustee must manage the artwork to ensure it remains in good condition and is properly insured. Finally, the trustee is typically responsible for ensuring that any money generated from the artwork, such as through sales or leasing, is distributed to the grantor or designated beneficiary or both in accordance with the terms of the trust.

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