Your ‘What-If’ Checklist: Creating an Inventory of What Matters Most
One of the first steps to creating your “what-if”, end-of-life plan is to create an inventory of all important assets and possessions that you own. This list will serve as a guide to creating the appropriate legal documents that authorize the transfer of each item to your loved ones. Considering how much we accumulate over the years, it’s easy to feel overwhelmed. Fortunately, for most people, the list won’t be as long as you might think. Below are some guidelines.
Everyday Assets -- Home, cars, bank accounts, etc.
Investment Properties and Assets -- Retirement accounts, real estate investments, stocks, bonds, cryptocurrency, etc.
Business Ownership – Include details about active businesses or partnerships
Personal Property – Items of high value or importance, such as golf clubs, artwork, or jewelry
Family Heirlooms – Quilt, family bible, china, etc.
Collectibles – Stamps, coins, comic books, baseball cards, etc.
Tools and Equipment – Tractors, woodworking gear, photography equipment, etc.
Sentimental Items – Photo albums, wedding dresses, letters, homemade items, travel souvenirs, etc.
Legal Documents – Deeds, titles, power of attorney, wills, etc.
Digital Assets – Email accounts, social media profiles, cloud storage, etc.
Intellectual Property – Copyrights, trademarks, patents, etc.
Miscellaneous – Season tickets, subscriptions, memberships, life insurance policies, etc.
Pets – While they can’t inherit items, you can designate who should take ownership and care for them
Liabilities/Debts – While not assets or possessions, listing mortgages, credit card debt, and other financial obligations alongside your inventory might be helpful in the estate planning process
Items to Exclude – Everyday items that have little sentimental or real value like hammers, furniture, clothes, dishes, etc.
Creating this inventory ensures your loved ones are supported with clear guidance, preventing unnecessary stress during an already difficult time.. This list will also help you understand your net worth and make informed decisions about retirement planning. Additionally, it may come in handy if your loved ones need to assist you in an emergency, such as if you become incapacitated, or if you need to file an insurance claim.
Once your inventory is complete, consider asking your loved ones if there is anything specific they’d like to make sure stays in the family. You may be surprised at what they view as valuable and want included in your legal documents.
Get started today—it’s a small step toward achieving peace of mind.
Corey
P.S. Want more strategies to help with end-of-life planning? Sign up to receive email notifications when new tips are posted: https://www.affairsinorder.com/stay-informed
Or download our free resources to get started now: https://www.affairsinorder.com/free-downloads
