How to Conduct an Estate Inventory in 5 Steps

Creating an estate inventory is an essential part of estate planning. 

It helps ensure your assets are distributed according to your wishes, reduces confusion for your heirs, and simplifies the probate process. 

Here are five simple steps to help you conduct a thorough estate inventory:

Step 1- Gather Your Documents: Collect important documents, including wills, trusts, life insurance policies, retirement accounts, and property deeds. These documents are the foundation of your inventory.

Step 2- List Personal Assets: Make a detailed list of all personal assets, such as real estate, vehicles, jewelry, collectibles, and valuable artwork. Include descriptions, estimated values, and any relevant documentation.

Step 3- Account for Financial Assets: List all bank accounts, retirement accounts, investment portfolios, and debts. Include account numbers, current balances, and any outstanding liabilities or loans.

Step 4- Organize Digital Assets: Don’t forget about digital assets. Make a list of online accounts, such as email, social media, and digital currency holdings, along with passwords and access instructions.

Step 5- Review and Update Regularly: An estate inventory should be updated regularly, especially after significant life changes such as buying new property, getting married, or having children.

By following these five steps, you’ll create a comprehensive estate inventory that provides clarity and ensures your wishes are respected, easing the process for your heirs when the time comes.

We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.