The first step in any
estate
plan is inventory: finding out what you own and making sure that the records you keep are up to date and accessible.
One of the reasons to keep good records is so your heirs receive their full inheritance. As you can imagine,
little benefit will result from an account that no one knows exists. Here are some of the records you’ll want
to organize and keep in a safe place:
You’ll also want to
make sure the people who’ll need this information
know where to find it and have access to it. And you
may want to provide a list summarizing the records you
have to your attorney, a family member, or a close friend.
Gathering your documents also
helps you assess the size and complexity of your estate,
which you’ll need
to do to craft your will and make other estate plans.
It’s also a good time to be sure your
beneficiary
designations are current.
What do you own in a marriage? Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin are
community property
states.
In these states,
assets
acquired during a marriage are owned 50-50 by
both spouses. If you live in one of these states and plan to maintain
separate ownership of an asset for whatever reason, you should keep
detailed records.
