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Complete Asset List is the Starting Point

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A complete list of your assets is an essential starting point in making any decisions about those assets, whether financial portfolio decisions, or estate planning decisions.

Without a complete list of your financial assets, a financial planner cannot know how to change your assets to achieve the proper asset allocation to meet your risk, return, and diversification objectives.

Without a complete list of all of your assets, your estate planning attorney cannot advise you with regard to taxation issues. Further, without beneficiary designation and titling information, the estate planning attorney cannot be sure your wishes will be carried out.

assets

Even valuable personal property, such as jewelry, rare coins, etc., should be itemized by you. Ideally, such items should be photographed as well. This list can serve many purposes. If you have a fire, burglary, or other issue arise, this list and the accompanying photographs can help you file a claim with the insurance company.

Do not forget items in safe deposit boxes or other little-accessed areas. First, having a list of such assets will be helpful in the event that there is delay in finding a key. At least your family will know the contents and the urgency, if any, of gaining entry to the box. 

Of course, when choosing items to place in the safe deposit box, leave out items you may need in an emergency, such as originals of your property power of attorney, health care power of attorney, living Will, and your Will.

Any financial or estate plan is like a map that takes you from point A to point B. Unfortunately, if you don’t know where point A is, it’s impossible to give directions from there to point B. The more thorough your list of assets, the better advice professionals can give you.

Compliments of the McGee Law Firm, Attorney Brandon McGee

Written By: The American Academy of Estate Planning Attorneys

Brandon McGee
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About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.