How to Create an Estate Inventory List
- 1). Begin by listing all of your personal property. Personal property means everything of which you are the sole owner. Be sure to provide exact details about each item so there are no questions about your personal property inventory. Personal property includes all liquid assets such as cash, bank accounts, money market accounts, etc. List stocks, bonds, automobiles, furniture, artwork, and anything else that would fall under the category of sole personal property. Next, list business interests and real estate. Real estate can be recorded by simply writing the street address of the property owned.
- 2). Continue your inventory by listing all joint property. This would include any business ventures or personal relationships in which property has been co-owned. Indicate the percentage of each item that you own. Go over past legal documents to identify shared property and determine the portion that you rightfully own. If you do not have any joint property to list, do not worry about this section.
- 3). Complete the last inventory category, called debts and net values. Go through each major personal property item and roughly estimate its net value. Net value is defined as the market value of your share minus the share of any debts on the item (such as a mortgage or loan). For example, if you list your home as worth $150,000, and there is a $50,000 mortgage on the home, your net value would be $100,000. Separately list any other current debts, such as credit card debts, bank loans, etc.
- 4). Double check your inventory to make sure you have included all the personal property and assets desired. Finalize your estate inventory by having an estate lawyer review it to ensure that all the information is properly stated and accurate.
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