How Do I Start the Inventory of My Assets?

Here's a simple guide to help you get started.

List All Real Estate

Start by listing any real estate you own. Your primary residence, vacation homes, rental properties, and any land. Note the property address, estimated market value, and any mortgage or loan balances.

Document Financial Accounts

Next, make a detailed list of all your financial accounts. This includes checking and savings accounts, certificates of deposit (CDs), retirement accounts (like IRAs and 401(k)s), brokerage accounts, and any other investment vehicles. Include account numbers, current balances, and the institutions where they are held.

Catalog Personal Property

Your personal property includes items such as vehicles, jewelry, art, collectibles, and valuable household items. List each item, along with its estimated value. For high-value items, consider getting a professional appraisal.

Include Life Insurance Policies

List all life insurance policies you hold, including the policy number, coverage amount, and the name of the beneficiary. Make sure that your beneficiaries are aware of these assets.

Account for Business Interests

If you own a business or have an interest in one, include this in your inventory. Document the name of the business, your ownership percentage, and any relevant details about the business’s value.

Don’t Forget Digital Assets

In today’s digital age, it's important to include digital assets in your inventory. This can include online accounts, cryptocurrency, domain names, and digital files that have value. Be sure to include any necessary login information and instructions for accessing these assets.

Keep Your Inventory Updated

Once you’ve created your asset inventory, make it a habit to update it regularly. Anytime you acquire new assets or sell existing ones, update your list to reflect these changes. This ensures your estate plan remains accurate and up-to-date.

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.