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Financial inventory list essential for estate planning

On Behalf of | Mar 30, 2015 | Estate Planning |

Losing a loved one can be an extremely challenging and emotional time for anyone. This is why one should make sure to take care of estate planning as soon as possible in California. On top of emotional struggles, one’s family and loved ones will also have to deal with the administration of one’s estate during this difficult period. Therefore, making sure the proper documents are in place is essential for alleviating the burden for loved ones as much as possible.

Although there are many legal and financial documents necessary in order to administer an estate, one of the most important documents is the financial inventory list. This lists all of one’s financial accounts, as well as contact persons. Having this handy can save one’s executor significant time in making sure one’s wishes are followed. The list can also help in the case of incapacitation.

Having this document readily available for one’s executor will make the search for an estate’s assets less troublesome. It will also ensure that all liabilities and existing insurance policies will be easily located. This can save time during the administration process, which will ultimately save the estate money that can then be passed along to intended beneficiaries. All types of financial accounts, including credit card accounts, mortgage documents and other types of loans should all be included in the financial inventory list.

Along with the financial inventory list, those doing estate planning should also include various other important documents as well. Many of these will be legal documents that will help intended beneficiaries avoid a lengthy probate process in California. These documents include a will, power-of-attorney and trusts, among others. However, these documents should be individualized to meet each person’s estate planning goals.

Source: news-leader.com, “Estate planning: Your financial inventory“, Dr. James Philpot, March 28, 2015