What is an Estate Planning Inventory?
A Financial Snapshot
An estate planning inventory is a series of documents that capture all of your assets, including your Real Property, Personal Effects, Furniture, Vehicles, Bank Accounts, Investments, Life Insurance, Retirement Accounts, Business Interests, any money owed to you.
This is one of the key areas that estate plans fail. In mid-January of 2021 there were over 6.5 billion of unclaimed assets in Texas. Part of the reason for this issue is simply that families are dying without comprehensive inventories of their assets.
These inventories should be updated every two to three years. Think about it. If you die, how is anyone supposed to know where your assets are located.
In fact, I had a client that misplaced valuable assets worth approximately $130,000.00. If my clients did not know where these assets were, how could their families know where to find them.
At JVP Law, PLLC one of the first things I do is ensure you and your family have a strong inventory that is updated with my office every three years at no cost to you.
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