Estate Planning: develop a comprehensive list of your assets
By Melinda Gustafson Gervasi
May 24, 2021
Frenzied frustration, that is how I describe the adolescent emotions evoked when I played Whack-A-Mole at the Dane County Fair or random arcade. Armed with a black mallet, the goal was to whack moles randomly popping up out of the half-dozen or so holes. You would hit one another another would taunt you from the corner of your eye. It was frenzied. It was frustrating. Yet, I loved that game and the challenges it presented. Today as an estate planning and probate attorney that feeling emerges in each and every probate I assist with.
Frenzied because someone has just died and the surviving family and/or friends want to move quickly to "take care" of things. Sometimes a large family is all together for a funeral or memorial service, combining that event with cleaning out the deceased's home. Grief, memories, surprise, and confusion hover overhead while the Personal Representative (Executor in other states) attempts to get a handle on the finances.
Frustration soon arrives on the scene. Banks refusing to release any information on the deceased's accounts. Credit card companies demanding court authorization before turning off a cell phone. Combing through old tax filings and statements, people find false leads on what is a current asset that were sold long ago.
Grieving the death of a loved one will never be easy. However, a bit of organization in your own financial life may reduce the number of Whack-A-Mole moments your Personal Representative or Executor will face while the handle your final affairs. Start by stacking stock of what you own, everything you own, and record it in a format that can be easily accessed. My personal favorite is a three-ring binder that holds everything related to Illness, Death and Taxes behind tabs. Here is a check list for assets you might overlook:
- Checking account(s)
- Saving account(s)
- Money Market accounts
- Certificate of Deposits
- Life Insurance policy
- Disability Insurance if it has a death benefit
- Digital currency and where it is held
- Business formation documents, such as LLC, LLP or S-Corp agreements
- Brokerage Accounts
- Retirement Accounts (IRA, 401K, etc)
- Pensions plans with a death benefit
- Deeds to your home, cabin, farm, etc.
- Title to your vehicle(s) and or boats
- Long-term care insurance with a death benefit
- Custodial or UTMA accounts set up by you for minor children
- 529 plans or other college specific saving vehicles
- Royalties for published works
- Health Savings Accounts
- Stocks
- Savings Bonds
- Valuable hobby or professional equipment
- Contents of a safe deposit box (i.e. valuable coin collection)
