Fundamentals
Build an Estate Asset Inventory
Explicação simples
An estate inventory is a secure working map of assets, debts, ownership, beneficiary designations, documents, advisers, and access instructions—not a public list and not a substitute for legal documents.
- Sort assets by how they transfer
- Separate probate assets from jointly owned, beneficiary-designated, and trust-owned assets.
- Record values, not passwords
- Record approximate values and statement dates rather than passwords in an ordinary worksheet.
- Include the assets people forget
- Include business interests, intellectual property, digital assets, insurance, loans owed to you, and tangible property.
- Someone must know where the list is
- Tell a trusted person where the current inventory and originals can be found.
The four parts of a working plan
- People Identify the owner, decision-makers, fiduciaries, and beneficiaries.
- Property Map title, contract rights, debts, tax attributes, and practical access.
- Documents Coordinate wills, trusts, powers, directives, and beneficiary forms.
- Review Revisit the plan after life, ownership, law, tax, or relationship changes.
Aprofunde-se
An inventory is the working map an executor or agent reaches for first. The sections below cover what to record for each asset, what to keep off the list, and how to show the route each asset takes at death.
Quem geralmente o considera
Anyone with accounts at more than one institution, owners of a business interest or rental property, and the person most likely to be named executor.
Tax lens
Recording how and when each asset was acquired matters for tax as much as for probate. Most inherited assets take a basis equal to value at death under IRC § 1014, pre-tax retirement accounts do not, and a dated statement or appraisal is the evidence an executor needs for any estate or income-tax return.
Erros comuns
Storing secrets insecurely
Listing an account without how it is titled
Forgetting debts and guarantees
Perguntas sobre Build an Estate Asset Inventory
Does state law matter?
Usually. Document execution, probate, spousal rights, creditor rules, trust administration, and state tax treatment can vary by jurisdiction.
What should be verified before acting?
Verify the current governing instrument, title and beneficiary records, applicable state law, current tax year, primary authority, and advice from appropriately qualified professionals.
Sources
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