One of the first steps to take for creating an estate plan is to complete an inventory of all of the assets you own. It’s easy to overlook assets as you may not realize how many of them you have that are digital or those that are tangible versus intangible.
Common tangible assets in most people’s estate plans include vehicles like motorcycles, cars or boats, homes or other real estate, personal possessions or collectibles like antiques, coins, art or trading cards. Many people know that these belong in their estate plan and make specific efforts to include them.
Intangible assets inside someone’s estate plan, however, can include things like life insurance policies, savings or checking accounts, CDs, mutual funds, bonds and stocks, health savings accounts or ownership in a business. In addition to pulling together all of the assets, you’ll want to make a thorough list of all of your outstanding liabilities. This will make things easier for your executor when it comes time to handle the administration of your estate.
Your executor will gather all of this information, open the probate process and then follow paying out any creditors or debtors before distributing the remaining assets to your beneficiaries as you wish. Note that if you skip the important step of creating a will to name your executor or to determine the transfer of assets, the state has specific rules that will determine who receives what and will still handle the appointment of a person in the role of executor or personal representative. Speak with a talented estate planning attorney in NH now.