What inventory and assets should I include in my estate plan?

One of the most common questions we receive from Addio families is, "What inventory and assets should I include in my estate plan?" It's a great question and an important one to consider when creating an estate plan that will ensure your assets are distributed according to your wishes. While every estate plan is unique, here are some general guidelines to consider when compiling your list of assets.

Real Estate

Your estate plan should include all real estate that you own, whether it's your primary residence, a vacation home, or investment property. Be sure to list the property address, the deed or title information, and any outstanding mortgages or liens. You may also want to consider including any rental agreements, property management contracts, or other relevant documents.

Bank Accounts and Investments

Your estate plan should also include all bank accounts and investment accounts, including stocks, bonds, mutual funds, and retirement accounts. Be sure to list the financial institution, account number, and the name of any beneficiaries or joint account holders.

Personal Property

Personal property includes everything that you own that isn't real estate or financial accounts. This can include everything from jewelry and art to furniture and household appliances. Be sure to include a detailed inventory of your personal property, including any items that have sentimental or emotional value. You may also want to consider including any appraisals or insurance policies related to valuable items.

Business Interests

If you own a business or have an ownership interest in a partnership or LLC, be sure to include this in your estate plan. This can include anything from a small sole proprietorship to a large corporation. Be sure to include any documentation related to the business, such as partnership agreements, stock certificates, or operating agreements.

Intellectual Property

If you hold any patents, trademarks, copyrights, or other intellectual property, be sure to include this in your estate plan. This can include anything from a copyrighted book to a patented invention. Be sure to include any registration or ownership documents, as well as any licensing agreements.

Digital Assets

In today's digital age, it's also important to consider any digital assets that you own. This can include everything from email and social media accounts to cryptocurrency and digital photos. Be sure to include a list of your usernames and passwords for any online accounts, as well as any instructions for how to access or manage these accounts after your death.

Life Insurance Policies

If you have any life insurance policies, be sure to include these in your estate plan. This can include both term and whole life insurance policies, as well as any policies that are held in trust. Be sure to include the name of the insurance company, the policy number, and the name of any beneficiaries.

Debts and Liabilities

Your estate plan should also include any debts or liabilities that you owe, such as mortgages, car loans, credit card debt, or medical bills. Be sure to include the name of the creditor, the amount owed, and any payment information.

Final Thoughts

Compiling a comprehensive list of your assets and inventory is an important part of creating an effective estate plan. By doing so, you can ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after your death. While the above guidelines provide a general framework, every estate plan is unique, and it's important to work with an experienced estate planning attorney to create a plan that's tailored to your specific needs and goals.

And don’t worry! Addio makes it easy to house all these items in one place. We’ll prompt you with helpful guidelines on what to consider. Sign up for a free trial today and get started on your plan.