Tips For Inventorying Your Assets

The process of estate planning goes far beyond just drafting a will. A thorough estate plan accounts for all assets, and confirms that they will be distributed smoothly to beneficiaries based on instructions written by the trustor. If you are a trust creator who is thinking about how to approach the daunting task of inventorying their assets, consider these tips to make your life less stressful:

Start in Your Home
To begin, go through the inside and outside of your property and write a list of your valuable items. Examples could include the property itself, vehicles, collectibles, jewelry, antiques, art, laptops, computers, power tools, etc. Non-valuable but sentimental items can be a part of this list if you ultimately want someone else to have it in the future. Next, add non-tangible items to your list, such as 401k plans, bank accounts, IRAs, life insurance policies, copyright, trademarks, patents, health insurance, long-term care, deeds,

Choose Beneficiaries and Executor
Once you have a complete list of your tangible and intangible assets, consider the people and organizations in your life. Are there certain loved ones you’d like to have a specific asset from your estate? Are there charitable organizations you are a part of or admire, and want to donate to their facility? While it can feel peculiar to think about a time when you are not here any longer, planning for who you want to have what from the estate will make things run smoother later on.

Consult with a Lawyer
There are some steps in writing an estate plan that you can handle on your own. However, for the best interest of your estate and your beneficiaries, having a seasoned estate planning lawyer to advise and guide you is going to make the entire process so much easier.

To receive counsel on your estate planning journey, contact an estate planning lawyer as soon as you can, such as a dedicated lawyer from Klenk Law.