Creating the Crucial Map for Your Estate Planning — Part 1
In my article, The Groundwork for your Estate Plan — Your Property, we talked about the need to make a list of your assets when you commence your estate plan. Creating the Crucial Map for Your Estate Planning—Part 1, discusses additional considerations in the creation of this crucial map of assets. Such a map is critical to assist your loved ones in their effective management of your financial and legal affairs in the event of your death or incapacitation. This map is important regardless of whether you have prepared a will, trust, or other estate planning documents.
The Inventory
A great starting place is the initial inventory of your property that you created. If you haven’t created that inventory, you may want to seriously consider starting now. It doesn’t have to be complicated—a handwritten list will do. If you’re comfortable with the computer, you can create a table or a spreadsheet with any one of the multiple software programs that are available, such as Numbers, Microsoft Excel, or Google Sheets. Online services are also available to assist you in the creation of a thorough inventory.
Basic Information to Include on Your Inventory
You want to be as thorough as possible in the creation of your inventory. Important categories for each property include:
- Property Type
- Property Description
- Estimated Value
- Debt/Liability
- Owner/Beneficiary
- Account/Serial Number
Additional Information
After you pass, someone will be responsible to collect your property. Accordingly, it’s important to provide any details that will make this task easier. The location of your property is an important detail. Do you keep some of your jewelry in a safety deposit box? Do you own a boat and store it at a dry dock storage facility?
Ask yourself, “What if?” … What can you do in advance that will help your loved ones through one of the most difficult trials of their lives? What will make a difficult task easier?
As with all of my articles, they are provided for educational purposes and do not constitute legal advise. In you live in Colorado or Florida and are in need of legal advise, please feel free to reach out to me.
© 2021 Karen Van Den Heuvel Fischer
