Key Highlights
ist All Assets:
Make a comprehensive list of all your assets, including real estate, vehicles, bank accounts, investments, and valuable personal belongings.
Determine Ownership:
Identify whether your assets are owned solely by you or jointly with someone else, as this will impact how they are distributed.
Estimate the Value:
Estimate the value of each asset as accurately as possible to ensure fair distribution among beneficiaries.
Consider Professional Valuation:
For complex assets such as business interests or valuable artwork, consider obtaining a professional valuation to ensure accurate assessment.
Include Digital Assets:
Don't forget to include digital assets such as online accounts, websites, and intellectual property in your inventory.
Update Regularly:
Regularly review and update your asset inventory to reflect any changes in ownership or value.
Document Ownership Proof:
Keep documents proving ownership of assets, such as property deeds, vehicle titles, and investment statements, in a safe place.
Consider Liabilities:
Take into account any outstanding debts or liabilities associated with your assets when determining their value.
Consult Legal Advisor:
Seek advice from a legal advisor or estate planner to ensure that your asset inventory is comprehensive and accurate.
Communicate with Executor:
Discuss your asset inventory with the executor of your will to ensure they understand the full scope of your estate.
