personal property checklist form estate planning

#PERSONAL PROPERTY CHECKLIST FORM ESTATE PLANNING HOW TO#
#PERSONAL PROPERTY CHECKLIST FORM ESTATE PLANNING PROFESSIONAL#

Debts – what you owe against your assets.Financial Assets – stocks, retirement accounts, investments, etc.Physical Assets – real estate, bank accounts, vehicles, valuables, etc.Everyone needs to create a will so your loved ones know what to do with your possessions.Īt a minimum, you must account for the following: That’s just not the case for most people. When most people think of a last will and testament, they imagine formal proceedings in a lawyer’s office where family members are read aloud their inheritances from their late grandmother who was rich in pearls, jewels, and property. With this checklist for estate planning, you will have a clear plan of action that puts you in charge of your life.

#PERSONAL PROPERTY CHECKLIST FORM ESTATE PLANNING HOW TO#

If you want to know how to begin planning your estate, we recommend following these nine steps. You must collect important paperwork, make some essential choices, and plan for the details you might not want to think about, like the possibility of passing away unexpectedly. Let’s not sugarcoat things: effective estate planning involves thinking about the future in ways that might be uncomfortable. How to Prepare the Essential Information, Permissions, and Documents of Estate Planning With this estate planning checklist from The Postage, you can better prepare for the future and take charge of the present by gathering necessary information now rather than later.

Reference: yahoo! finance (Dec.No matter your age, income, or status in life, you need a plan of action if something happens to you. If you would like to learn more about probate, please visit our previous posts. It’s a large task, and one that will benefit from the help of an experienced estate planning attorney. The executor is also responsible for paying off any debts or taxes and overseeing the distribution of any remaining assets to beneficiaries. The executor has a fiduciary responsibility to the beneficiaries of the estate to file the inventory without delay. Some probate judges may allow extensions, while other may not. An experienced estate planning attorney will be familiar with the process and be able to speed the process along without the learning curve needed by an inexperienced layperson.ĭeadlines for filing the inventory also vary by state. When completed, the executor files it with the probate court. Once all the assets are identified, the executor may need to use a state-specific inventory form for probate inventories.

#PERSONAL PROPERTY CHECKLIST FORM ESTATE PLANNING PROFESSIONAL#

For example, an inventory entry for real property will need to include the address, legal description of the property, copy of the deed and a fair market appraisal of the property by a professional appraiser. The court will not accept a simple list of items. If the estate includes real property owned in several states, this process becomes even more complex, as each state will require a separate probate process. If the decedent hasn’t created an inventory and shared it with the executor, which would be the ideal situation, the executor may spend a great deal of time searching through desk drawers and filing cabinets and going through the mail for paper financial statements, if they exist. Preparing an estate inventory is critical for probate, but it may take some time. Debts/judgments: any personal loans to people or money received through court judgments.Business interests: any business holdings or partnerships.

Vehicles: cars, trucks, motorcycles, boats.

Insurance policies: life insurance or annuities.

Wages: Unpaid wages, unpaid commissions, un-exercised stock options.

Retirement accounts: 401(k)s, HSAs, traditional IRAs, Roth IRAs, pensions.

Investments: brokerage accounts, certificates of deposits, stocks, bonds.

Financial accounts: checking, savings, money market accounts.

Real estate: houses, condos, apartments, investment properties.

What is an estate asset? Anything anyone owned at the time of their death is the short answer. The inventory will also be used to calculate any estate or inheritance taxes owed by the estate to the state or federal government. It’s also used to determine whether the estate is solvent, when compared to any claims of creditors for taxes, mortgages, or other debts. The inventory is used to determine the overall value of the estate. Every state has its own rules, forms and deadline for the process, says a recent article from yahoo! Finance titled “What Do I Need to Do to Prepare an Estate Inventory for Probate,” which recommends contacting a local estate planning attorney to get it right. Preparing an estate inventory is critical to having a smooth probate. The executor’s job includes gathering all of the assets, determining the value and ownership of real estate, securities, bank accounts and any other assets and filing a formal inventory with the probate court.

Personal property checklist form estate planning