Comprehensive Checklist of Potential Asset Categories
Creating an estate inventory requires meticulous attention to detail and a comprehensive understanding of the deceased’s financial and personal assets. Below is a detailed checklist of potential asset categories to ensure a thorough and accurate inventory.
1. Real Estate
1.1 Residential properties, including primary homes and vacation homes.
1.2 Commercial properties, such as office buildings, retail spaces, or warehouses.
1.3 Undeveloped land or agricultural properties.
1.4 Timeshares or fractional ownership properties.
1.5 Rental properties and associated lease agreements.
2. Bank Accounts
2.1 Checking and savings accounts, including joint accounts.
2.2 Certificates of deposit (CDs).
2.3 Foreign bank accounts and offshore holdings.
2.4 Online-only bank accounts.
3. Investments
3.1 Stocks, bonds, and mutual funds.
3.2 Exchange-traded funds (ETFs) and index funds.
3.3 Retirement accounts, such as IRAs, 401(k)s, or pensions.
3.4 Private equity or venture capital investments.
3.5 Cryptocurrency holdings and digital wallets.
4. Business Interests
4.1 Sole proprietorships and associated business assets.
4.2 Partnerships and partnership agreements.
4.3 Shares in privately held companies.
4.4 Interests in limited liability companies (LLCs).
4.5 Royalties, patents, or trademarks tied to business operations.
5. Personal Property
5.1 Jewelry, watches, and other valuable accessories.
5.2 Vehicles, including cars, motorcycles, boats, and RVs.
5.3 Artwork, antiques, and collectibles.
5.4 Furniture, electronics, and household appliances.
5.5 Firearms and associated permits.
6. Insurance Policies
6.1 Life insurance policies and their beneficiaries.
6.2 Health insurance claims or refunds due.
6.3 Homeowners or renters insurance policies.
6.4 Vehicle insurance.
6.5 Disability or long-term care insurance policies.
7. Digital Assets
7.1 Cryptocurrencies, including Bitcoin, Ethereum, or other tokens.
7.2 Social media accounts, domain names, and websites.
7.3 Online subscription accounts, such as streaming services or cloud storage.
7.4 Digital intellectual property, such as eBooks, designs, or software.
7.5 Online store accounts, like eBay, Etsy, or Amazon seller profiles.
8. Intellectual Property
8.1 Patents, trademarks, and copyrights.
8.2 Royalties from books, music, films, or other creative works.
8.3 Licensing agreements for intellectual property use.
9. Outstanding Loans or Receivables
9.1 Personal loans made to family or friends.
9.2 Loans made to businesses or third parties.
9.3 Promissory notes or other financial agreements.
9.4 Court settlements or judgments owed to the deceased.
10. Miscellaneous Financial Assets
10.1 Bonds or treasury notes.
10.2 Prepaid funeral or burial plans.
10.3 Unclaimed property or funds (e.g., dormant accounts or tax refunds).
10.4 Trust funds, whether as trustee or beneficiary.
10.5 Memberships or shares in cooperative housing or clubs.
11. Liabilities to Include
11.1 Mortgages and home equity loans.
11.2 Credit card balances.
11.3 Personal loans and lines of credit.
11.4 Medical bills and unpaid healthcare expenses.
11.5 Tax debts, including property and income taxes.
12. Documentation and Support
12.1 Wills and trusts.
12.2 Property deeds and titles.
12.3 Investment and bank account statements.
12.4 Loan agreements and credit card statements.
12.5 Insurance policies and payout details.
How to Use This Checklist
- Start with tangible assets like real estate and personal property before moving to financial and intangible categories.
- Engage professionals such as appraisers, accountants, or lawyers to assist with valuations or complex assets.
- Maintain detailed records for each item, including descriptions, values, and supporting documentation.
- Update regularly if additional assets are discovered during the estate administration process.
By following this checklist, heirs and executors can ensure a complete and accurate estate inventory, minimizing disputes and facilitating smooth inheritance proceedings.