One of the first and most important steps in estate planning is creating a clear inventory of your assets. Think of it as your financial roadmap—it shows what you own, where it’s located, and how it should be managed or passed on.
Without an accurate inventory, even the best-written will or trust can lead to confusion, delays, or family disputes. With one, your loved ones and your attorney can carry out your wishes smoothly and efficiently.
What Is an Assets Inventory?
An assets inventory is a comprehensive list of everything you own—both tangible (physical) and intangible (financial). It’s the backbone of your estate plan, ensuring nothing gets overlooked.
Common Categories of Assets
Financial Accounts
- Checking and savings accounts
- Certificates of deposit (CDs)
- Investment accounts (stocks, bonds, mutual funds)
- Retirement accounts (401(k), IRA, pensions)
Real Estate
- Primary residence
- Vacation homes
- Rental properties
- Land or timeshares
Business Interests
- Family businesses
- Partnerships or LLC interests
- Professional practices
Insurance Policies
- Life insurance (term or whole life)
- Long-term care or disability insurance
Personal Property
- Vehicles, boats, or RVs
- Jewelry, art, and collectibles
- Household valuables
Digital Assets
- Online bank accounts and payment apps
- Cryptocurrency wallets
- Social media and cloud storage accounts
Debts & Liabilities
- Mortgages
- Credit cards
- Loans
How to Build Your Assets Inventory
Make a Comprehensive List
Write down all accounts, policies, and property, including account numbers and locations.
Note Ownership and Beneficiaries
Clarify if assets are jointly owned, individually held, or have payable-on-death (POD) beneficiaries.
Include Access Information
For digital accounts, note where login information is stored (e.g., password manager, secure file).
Update Regularly
Life changes fast—review your inventory annually or after major events (marriage, retirement, purchase of property).
Why It Matters
- Saves Time and Stress: Loved ones won’t have to search for accounts or documents.
- Avoids Missed Assets: Ensures no property is forgotten in probate or trust administration.
- Simplifies Legal Work: Attorneys can create more accurate estate plans.
- Protects Your Legacy: Every piece of your estate is accounted for and passed on according to your wishes.
Final Takeaway
An estate plan is only as strong as the foundation it’s built on. Creating and maintaining an assets inventory gives you control, protects your family, and makes sure your legacy is complete.
Ready to get organized? Our attorneys can help you create a comprehensive assets inventory and build a plan that protects everything you’ve worked for. Contact us today to get started.
