How Will Your Beneficiaries Find Your Assets If You Die Without A List of Assets

If you have a will or a trust, you probably have named someone as your executor or trustee to handle your estate after your death. But have you also made a list of all your assets and where to find them? If not, you may be leaving your beneficiaries with a difficult and frustrating task of searching for your assets and figuring out what you own and what you owe.

Why is it important to make a list of assets?

Making a list of assets is important for several reasons:

• It can help your executor or trustee to administer your estate more efficiently and effectively. They will know what assets you have, where they are located, how they are titled, and how to access them. This can save them time, money, and hassle.

• It can help your beneficiaries to receive their inheritances faster and easier. They will not have to wait for your executor or trustee to locate and value your assets, pay your debts and taxes, and distribute your assets according to your will or trust.

• It can help avoid disputes and conflicts among your beneficiaries or other parties who may have an interest in your estate. They will not have to argue or guess about what assets you have or how you want them to be distributed. They will also not have to worry about missing or hidden assets that may be claimed by someone else.

How can you make a list of assets?

Making a list of assets is not hard, but it does require some effort and organization. Here are some steps you can take to make a list of assets:

• Start with the obvious. Think about the major assets that you own, such as real estate, vehicles, bank accounts, investment accounts, retirement accounts, life insurance policies, etc. Write down the names and contact information of the institutions that hold these assets, the account numbers or policy numbers, the beneficiaries (if any), and how to access them (such as online passwords or keys).

• Move on to the less obvious. Think about the less visible or less valuable assets that you own, such as personal property, collectibles, jewelry, art, antiques, etc. Write down where these items are located, how they are valued, and who you want to inherit them.

• Don’t forget about the digital. Think about the digital assets that you own or use, such as email accounts, social media accounts, online subscriptions, cloud storage, etc. Write down the usernames and passwords for these accounts and how to access them. Also write down any instructions or wishes that you have for these accounts after your death (such as deleting them or transferring them to someone else).

• Update and store your list. Once you have made a list of assets, review it periodically and update it as necessary. For example, if you buy or sell an asset, change an account number or password, or change a beneficiary. Store your list in a safe and secure place where your executor or trustee can find it after your death. You may also want to share your list with your executor or trustee or with a trusted family member or friend.

Making a list of assets is one of the best things you can do for your beneficiaries after your death. It can make their lives easier and ensure that your wishes are honored.

Notes: Articles on this website are for information purposes only. They do not provide legal advice. The information might not reflect the latest updates.