ISSUE #17
Take A Personal Inventory

One of the most important steps in good estate planning is taking a complete inventory of all the things you own. Your attorney will ask you for your inventory at the beginning of the estate planning process. You can simplify things by having it ready ahead of time. Your family will also need it when you pass away, or if you become mentally incapacitated. It will relieve them of the arduous and time consuming process of tracking down all of your various assets, accounts and documents.

1. The Personal Inventory -- Your personal inventory is a comprehensive list of your assets, showing the name of each item, where it is located, the account number, the current value, the broker or agent, and the names of the beneficiaries, if applicable. It also includes your important legal documents, like your will. You may find it most convenient to keep your inventory in a file folder or a notebook, along with your current statements, so that you have all of your information in one place.

2. Use a Checklist -- It is easy to overlook some account or asset, so make sure you use a checklist to collect all of the pertinent information. Purdue University Extension has prepared an excellent form for taking your personal inventory. You can download it from the internet here: www.ces.purdue.edu/estateplanning. Here are some key items to include in your inventory:

• Your bank accounts (checking, savings, money market)
• Certificates of deposit
• Contents of your safe deposit box (and how to access it)
• IRA and retirement accounts (401-k, 403-b, etc.)
• Investment and mutual fund accounts
• Stock certificates and bonds
• Life insurance policies and annuity contracts
• Promissory notes and mortgages you own
• Business interests
• Your home
• All other real estate
• Gold and silver coins
• Valuable jewelry, artwork, and collections
• Automobiles, boats and recreational vehicles
• Furniture and antiques
• Prepaid funeral and burial arrangements
• Your Will and Trusts
• Credit card, charge accounts and loans
• Personal papers (birth certificate, social security card, etc.)

3. Update it Regularly -- Once you record your first personal inventory, you will find that it is fairly simple to keep it updated annually. You will probably need to make just a few changes each year. Review your inventory each year, update the current values, add any new assets, and delete those that you no longer own. This annual review is also useful for reminding yourself to take care of regular planning issues, such as updating your beneficiary designations.

4. Make it Accessible -- Your personal inventory will not help your surviving family members if they cannot locate it. Show a designated a family member exactly where your personal inventory is located. This will make it much easier for your family to handle your final affairs without unnecessary delay or frustration. It is compassionate to plan ahead for your loved ones, and they will appreciate your thoughtfulness when the time comes.

5. Final Instructions – Along with your personal inventory, it is also a good idea to leave written instructions on how you want your affairs handled immediately after your death. Include the type of funeral service you prefer and which charities you have selected for memorial donations. If you have any questions about your final instructions, consult with your attorney, who can provide you with expert advice and assist you in preparing your final instructions.

This publication has been prepared as an educational resource to help the reader identify areas of potential concern. The publisher is not engaged in rendering legal, accounting or other professional services. The information contained in this publication should not be acted upon without first obtaining the advice of a professional adviser. 2004 © Florida Philanthropic Advisors, LLC. Material may not be used without permission.

You may wish to access NEW information this month at: www.ashland.edu/estate and “click” on “Planned Giving” in the left hand column.

Our planned giving director, Paul Ditlevson, can be of tremendous service in helping you integrate your giving goals with your overall estate plan. He can also help you prepare to visit your attorney. You can reach Mr. Ditlevson by calling 419-289-5090 or by email to pditlevs@ashland.edu or regular mail at 401 College Avenue, Ashland, OH 44805.