Inventorying assets a good estate planning starting point

When starting an estate plan, many people think they should immediately think of who should get what. While making designations for property distribution is certainly important, Texas residents first need to know exactly what assets they have. As a result, it may be wise to start an inventory as they being estate planning.

An inventory of assets can include items that a person has inside and outside his or her home. Typically, small personal items, like handmade gifts from grandchildren, do not necessarily need to be in the inventory, but if assets are valued at at least $100, it is wise to list them. Some examples of such items could include jewelry, electronic devices, art, antiques, cars and even the home itself. It is also important not to forget any assets that may reside outside the state, such as vacation homes.

Of course, when making this inventory, it is important not to forget nonphysical assets. These assets could include bank accounts, retirement accounts, life insurance policies, homeowners insurance, investment accounts and numerous other assets that a person may not physically hold. Knowing that these accounts exist could be immensely useful when planning and for surviving loved ones when the time comes to locate assets.

Inventorying assets can certainly be a useful starting point when estate planning. It can give Texas residents a better idea of what assets they need to address and allow them to consider to whom they would like to leave those assets. This inventory list could also provide useful information to individuals' legal counsel who may be helping them throughout the planning process.

No Comments

Leave a comment
Comment Information

Contact Kolb & Murray, P.C., at 830-386-4801 to schedule your initial consultation with an experienced law firm devoted to serving you, your family and your business.

Send Us An Email

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Kolb & Murray, P.C.
515 East Court Street
Suite 100
Seguin, TX 78155

Phone: 830-386-4801
Fax: 830-372-2320
Map & Directions

American Academy of Attorney-Certified Public AccountantsAn experienced law firm dedicated to serving you, your family and your business.