New Delhi, July 15 -- My family is a patron of culture and owns art, jewellery and traditional heirlooms. How can we preserve these assets across generations while balancing access, control and responsible monetization?

A collection of paintings, sculptures, antiques, jewellery and other heirlooms carries with it a history of patronage and family legacy. While such assets are often intended to remain within the family, disputes may arise over custody, access, maintenance costs, restoration, sale or commercial use. One heir may wish to retain the collection in a family residence, another may prefer to sell certain pieces, while a third may want to loan the works to a gallery or museum.

By housing the collection in a trust, the family can...