Skip to main content
All CollectionsFinancial & LegalEstate Planning
How to Conduct an Inventory of Your Assets for Estate Planning
How to Conduct an Inventory of Your Assets for Estate Planning

Easily inventory your physical and intangible assets for estate planning with our step-by-step guide and useful template.

Innerhive Team avatar
Written by Innerhive Team
Updated over a week ago

Key Takeaways:

  • Accurately list both physical and intangible assets, including real estate, vehicles, financial accounts, and digital assets, to ensure comprehensive estate planning

  • Record all liabilities such as mortgages, loans, and debts with detailed information to provide a clear financial picture

  • Collect important documents, use a template for organization, and regularly review and update your inventory to reflect any changes in asset values or circumstances

Creating a Comprehensive Asset Inventory

Accurately documenting both physical and intangible assets is crucial for thorough estate planning. This inventory aids in asset management and ensures comprehensive estate preparation. Below are detailed steps and a list of asset types to consider when creating your inventory.


Steps to Inventory Your Assets:

  1. List Physical Assets: Document tangible items such as:

    • Real estate properties (homes, land)

    • Vehicles (cars, boats, motorcycles)

    • Personal belongings (jewelry, art, collectibles)

    • Household items (furniture, electronics)

  2. Document Non-Physical Assets: Include all intangible assets, which might involve:

    • Financial accounts (checking, savings, investment, retirement accounts)

    • Insurance policies (life, health, property)

    • Intellectual property (patents, copyrights, trademarks)

    • Business interests (shares, partnerships)

    • Digital assets (social media accounts, websites, digital wallets)

  3. Document Liabilities: Alongside your assets, list out any liabilities that may affect your estate's value. This includes:

    • Mortgages and home equity loans

    • Car loans and other vehicle-related financing

    • Credit card debts

    • Student loans

    • Other personal loans

      Record each liability with details such as creditor, balance owed, and any relevant account numbers. This helps provide a clear financial picture and is crucial for comprehensive estate planning.

  4. Organize Important Documents: Collect and note the location of critical legal documents such as deeds, titles, wills, trust documents, and contracts.

  5. Use a Template: Employ a template to streamline the documentation process. The template should allow you to note specifics such as the asset type, description, location, estimated value, and designated beneficiary.

Example Template for Asset Inventory:

Asset Type

Description

Location/ Institution

Important Docs / Info

Estimated Value

Real Estate

Home at 1234 Elm St.

Townsville

Deed: in the fireproof safe. Our POA has the code / key.

$300,000

Vehicle

2019 Honda CR-V

Title: fireproof safe

$20,000

Bank Account

Savings Account

Bank of Anytown, #123456

$15,000

Digital Asset

Twitter Account

Username: @johndoe

Credentials in 1Password. POA has access.

N/A

6. Review and Update Regularly: As asset values and circumstances change, it’s essential to periodically review and update your inventory.

Disclaimer: This guide is for informational purposes only and does not constitute legal advice. For personalized guidance, consult with a legal or financial professional.

Did this answer your question?