Focus on Finance
Useful Paper Trail for Your Heirs
You may already have a will or trust that provides instructions for the disposition of the assets of your estate. But have you prepared an inventory of those assets for the executor of your estate? An asset inventory will help family members and executor identify, locate, and distribute your assets according to your instructions. Such an inventory will help your executor perform the job quickly and accurately, while keeping administration costs under control.
Your asset inventory should identify and describe all assets and the location of documents pertaining to them. You’ll want to keep a copy of your inventory at home and a copy in your safe deposit box. It’s also very important for your family and executor to know where to find the original of your will, inventory, and safe deposit box key.
At a minimum, you should list, in detail, all of your assets by category:
• Real estate, including location of deed and sales contract; mortgage information, location of payment book, and name of loan provider; and form of ownership.
• Insurance, including policy numbers, names of insurance companies, and the location of the policies.
• Securities, mutual funds or brokerage accounts, including a detailed description of each, form of ownership, and location of certificates or statements.
• Pension and benefit plans, including name and address of your benefit plan administrator, a description of all plans, and information about your beneficiaries.
• Cash accounts, including account numbers, names and addresses of the banks involved, form of ownership, and location of account records.
• Business investments, including ownership information and the location of important business records.
• Other assets, including a description and location of collectibles, antiques, boats, or other items of value.
• Liabilities, including a complete list and description of any debts you owe to third parties.
In addition, your asset inventory should identify the location of your will and/or trust documents, copies of federal and state tax returns, and any other vital documents. By preparing your asset inventory today, you’re doing yourself and your family a favor they’ll appreciate in the future. TPW
Your asset inventory should identify and describe all assets and the location of documents pertaining to them. You’ll want to keep a copy of your inventory at home and a copy in your safe deposit box. It’s also very important for your family and executor to know where to find the original of your will, inventory, and safe deposit box key.
At a minimum, you should list, in detail, all of your assets by category:
• Real estate, including location of deed and sales contract; mortgage information, location of payment book, and name of loan provider; and form of ownership.
• Insurance, including policy numbers, names of insurance companies, and the location of the policies.
• Securities, mutual funds or brokerage accounts, including a detailed description of each, form of ownership, and location of certificates or statements.
• Pension and benefit plans, including name and address of your benefit plan administrator, a description of all plans, and information about your beneficiaries.
• Cash accounts, including account numbers, names and addresses of the banks involved, form of ownership, and location of account records.
• Business investments, including ownership information and the location of important business records.
• Other assets, including a description and location of collectibles, antiques, boats, or other items of value.
• Liabilities, including a complete list and description of any debts you owe to third parties.
In addition, your asset inventory should identify the location of your will and/or trust documents, copies of federal and state tax returns, and any other vital documents. By preparing your asset inventory today, you’re doing yourself and your family a favor they’ll appreciate in the future. TPW