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By Jake Cole
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The largest intergenerational wealth transfer in American history is already underway. Approximately $124 trillion will pass through estates, heirs, spouses and charitable giving by 2048, reshaping how families, attorneys, fiduciaries and wealth advisors approach estate planning.
That transition is prompting families and their advisors to look beyond traditional balance sheets. Closely-held businesses, art collections, collectibles and other tangible assets are receiving greater scrutiny because they can carry financial, legal and emotional consequences that extend well beyond their appraised value. Estate planning is about understanding every meaningful asset, not simply the ones that appear on financial statements.
Yet amid discussions about investment portfolios, real estate, trusts and tax strategies, one asset category continues to receive far less attention than its financial and practical significance may warrant: jewelry.
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Jewelry frequently represents both a significant financial asset and a deeply personal family possession, making it unlike almost anything else in an estate. Despite that dual role, many collections reach probate or distribution with incomplete documentation, uncertain ownership histories and unanswered questions that can complicate decisions long before assets are divided.
Krista Cavanaugh, an independent jewelry advisor and founder of Spoleto Designs, believes that gap reflects a broader misunderstanding about how jewelry fits into estate administration. While many families recognize its sentimental importance, she argues that significant jewelry collections are rarely managed with the same level of planning, documentation and oversight as other estate assets, despite carrying substantial financial and legal implications.
Spoleto Designs is an independent jewelry advisory practice that works with private clients and advisory teams on evaluation, documentation, custom redesign, sourcing and strategic guidance. The firm frequently supports estate attorneys, fiduciaries, trustees, executors and wealth advisors as they navigate significant jewelry collections and assets, providing clarity before important decisions are made.
As more wealth changes hands across generations, Cavanaugh believes the greatest risks often emerge long before assets are distributed. “The problem is rarely the jewelry itself,” she says. “It is the absence of documentation, provenance and a structured decision-making process before important financial or legal decisions begin.” Unlike investment accounts or real estate, Cavanaugh explains that jewelry often enters an estate through decades of gifts, inheritances, anniversaries and personal milestones, leaving many collections with incomplete records and unclear ownership histories.
“Families are often surprised by how little verified information exists,” Cavanaugh says. “They may know the story behind a piece, but not its origin, ownership history or how it should be evaluated in the context of an estate.”
According to her, this lack of documentation can create uncertainty during probate, distribution, insurance review or charitable planning. It also introduces a level of operational risk that is unique among asset classes.
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Jewelry is highly portable and can be removed, gifted, misplaced, altered or sold long before a formal inventory is established. Without clear documentation or a chain of custody, discrepancies may not surface until well into the estate administration process, increasing the likelihood of disputes or misallocation.
“Families can spend months disputing a single ring because no one knows whether it was promised to an heir, gifted during the owner's lifetime or intended to remain part of the estate,” Cavanaugh notes. Situations like these, she says, illustrate why documentation established before important decisions are made can be just as important as valuation.
As more families navigate complex wealth transitions, Cavanaugh believes assets such as jewelry deserve greater attention, particularly when documentation, valuation records and family intentions may not be clearly established.
“Replacement value, fair market value, resale value and liquidation value are not interchangeable,” Cavanaugh explains. “Each answers a different question. Using the wrong standard can materially affect outcomes.”
This distinction is particularly relevant in estate settlement, probate proceedings, divorce, equitable distribution and philanthropic giving, where valuation methodology directly influences financial decisions.
At the same time, jewelry operates at the intersection of financial value and personal significance. A piece with modest market value may carry deep family meaning, while a high-value item may have limited sentimental attachment. These dynamics often surface during estate transitions, where financial logic and emotional considerations do not always align.
“A piece of jewelry may represent a marriage, a family tradition or a personal milestone,” Cavanaugh says. “Those factors often influence decisions just as much as financial value.”
Balancing these dimensions requires a more nuanced approach than traditional asset allocation. According to Cavanaugh, this is where many estates encounter friction, particularly when intentions have not been clearly documented.
Cavanaugh’s work begins before financial or legal decisions are made, helping families and their advisory teams organize, document and understand significant jewelry collections so they have the clarity needed to make informed decisions throughout the estate administration process.
Her role, she emphasizes, is distinct from that of a traditional jeweler or appraiser. While she works closely with appraisers, insurers and legal advisors, her focus is on helping families and advisory teams understand what they own before any decisions are made.
“My role is to bring structure, documentation and clarity to a category that is often unmanaged,” she says. “The costliest mistakes are rarely about the jewelry itself. They are about the decisions made before anyone fully understands what they own.”
As trillions of dollars continue moving between generations over the coming decades, Cavanaugh believes estate planning will increasingly require advisors to look beyond traditional financial assets. In her view, jewelry deserves the same level of stewardship, documentation and strategic planning as every other significant asset in an estate.
“Before anything is distributed, redesigned, donated, sold or even appraised, the first question should be, ‘Do we truly understand what we have?’” Cavanaugh says. “When jewelry is managed with the same care as every other significant estate asset, families are better positioned to make informed decisions and avoid preventable conflict.”
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