So, depending on your financial situation, your personal estate inventory might include: If you’re making an inventory of your estate, you’d want to include the same types of assets that an executor would look for. If you were to die without a will in place, your assets would be distributed according to state guidelines, rather than your specific wishes.
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And if you have yet to make a will, that’s something you may want to consider doing sooner rather than later. You can store a copy of this inventory with a copy of your will if you have one in place. If you’re planning your estate, you can make this job easier for your executor by creating an estate inventory yourself. It’s important to be as thorough as possible so that the final inventory list submitted to the probate court is accurate and complete. You may also be able to find assets for an estate inventory by talking to the deceased person’s financial advisor, estate planning attorney or relatives.
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Personal effects, which can include heirlooms, antiques and collectibles.Intellectual property, such as copyrights, trademarks and patents.Insurance policies, including life insurance, disability insurance, annuities and long-term care insurance.Pension plans and workplace retirement accounts, such as 401(k)s, 403(b)s and 457 plans.Real estate, including personal residences and investment properties.Business interests, including partnerships, corporations, limited liability companies (LLCs) and sole proprietorships.Personal investment accounts, including brokerage accounts, margin accounts, individual retirement accounts (IRAs), health savings accounts (HSAs) and college savings accounts.
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Bank accounts, including checking accounts, savings accounts, money market accounts and CDs.In terms of assets, items that would need to be added to an estate inventory include: This inventory can also include a listing of the person’s liabilities or debts. In simple terms, an estate inventory includes all of the assets of an estate belonging to someone who’s passed away.
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An executor may work with a tax professional or estate planning attorney to determine how much each asset is worth in order to maximize tax savings to the estate. In the case of someone who dies intestate, assets are distributed according to state inheritance laws.Įstablishing accurate asset valuations is also important because of the tax implications that may be involved. Distributions can follow the specific behests laid out in a will. The probate court will need to see an inventory of the estate’s assets before distributing those assets to the deceased person’s heirs. The estate inventory is central to this process.