Schedule of Assets Lawyer
To develop the best plan to protect your property in the future, you really need to understand exactly what you have and where it is located. You also need to know what it is worth.
A schedule of assets gives you all the necessary information in one organized document. However, the process of preparing a comprehensive schedule of assets can be very intimidating. The Law Office of Cameron H.P. White, P.A. can help.
Whether you need a schedule of assets to administer an estate or trust or to create the right estate plan for your family, we will work with you to locate critical information and organize it into a schedule that you can use now and that you can continue to update and use far into the future.
What is a Schedule of Assets?
For estate planning purposes, a schedule of assets is like an inventory. The schedule is a list of all of your property—your assets—with value.
The more detailed your schedule of assets is, the more help it can provide. It is not always necessary to list each item in detail, however. For instance, if you have a coin collection or heirloom jewelry, you might describe specific pieces with particular value and then lump all the others together as “silver coins” or “gold rings” or even simply “jewelry.” We can help you determine how much detail you need to include for different types of property that you own.
Property to Include on Your Schedule of Assets
Your list should include all property that you can think of, along with the approximate value and the location of the asset. If you share ownership with others, such as a family vacation cabin that may be owned by a group of cousins, you should include that because your share of the property has value, but you should also note the names of the co-owners.
During the process of creating your schedule, you may find property you’d forgotten about. Or you may remember that you opened accounts or hid property away but can’t remember the critical details. We will work to help you locate missing assets or gain access to property that requires security access. Sometimes this requires the use of a forensic accountant.
Your schedule of assets can include:
- Vehicles
- Real estate
- Business interests
- Bank accounts
- Investments
- Life insurance
- Antiques and artwork
- Jewelry and collectibles
- Frequent flier miles and credit card points
- Intangible property such as patents and copyrights
If you’re not certain whether to include an item, write it down. It is better to have on the list when it is not needed than to have it forgotten because it was left off.
Using a Schedule of Assets
Your schedule of assets can serve as the starting base for development of a comprehensive estate plan. The schedule can be incorporated into your trust and used as a tool along with your trust. If you already have plans in place, the schedule will be helpful when making adjustments or when a successor trustee or executor needs to step in to pay bills and distribute your assets. The process of creating the schedule can provide tremendous peace of mind.
The Law Office of Cameron H.P. White Can Work With You to Prepare a Schedule Assets to Meet Your Needs
The prospect of trying to locate and organize so much important information is not much fun, and that causes many people to put off this critical task. That’s why we offer to help.
We can work with you to prepare a schedule that is comprehensive enough to meet your needs and organized in a way that allows for updates in the future. Just contact us to learn more about this and other ways we can help you protect your family.