Know What’s Yours: Schedule of Asset Lawyer in CA
Do you know where your belongings are? I'm not talking about your keys or your phone. I mean your assets - your investments, vehicles, real estate–even your grandma's heirloom necklace.
Knowing what you have and where to find it is more important than you might think, especially when it comes to estate planning. Let me tell you why.
The Importance of an Asset Schedule
Imagine you're going on a road trip. You know your destination. But you also need to know what you’ve got to drive through to get there. You–or your GPS program–need a map. Similarly, when you're planning your estate, you need a map of all your assets. A Schedule of Assets is like a map listing of everything you own, where it’s located, and its current value. This list helps you, your lawyer, and eventually your loved ones, understand what's in your estate and how to access it.
Creating an Asset Schedule is the first step in any good estate plan. It provides a big picture view of what you own, detailing each individual asset, including real estate, stocks and bonds, retirement accounts, life insurance policies, business interests, and personal belongings of value, like artwork, jewelry, or collectibles.
With this information, your estate planning attorney gets a clear understanding of your financial situation so they can create a plan designed for you specifically. Plus, a thorough Asset Schedule helps your loved ones if you become incapacitated or when you pass away. They know what you have and where to find it, and this helps with managing your property and with the legal tasks they need to handle after your death.
Find Lost Property
During the process of creating your Asset Schedule, you might come across assets you had forgotten about. This could be a dormant savings account, an old investment, a retirement plan from an old job, or a piece of property you inherited and overlooked.
If you don’t rediscover these assets, they could eventually become lost for good.
Avoid Future Disputes
Besides helping you organize and plan for your finances, an Asset Schedule can serve as a tool to prevent loved ones from fighting over your property in the future. If you combine your Schedule of Assets with a will or trust, people are less likely to misinterpret your instructions and they know who is supposed to receive what.
An Asset Schedule with a clear record of what you own and what you owe can also help avoid legal disputes with creditors or the IRS.
Help Creating a Complete Schedule of Assets in California
Some people are overwhelmed at the idea of gathering and organizing all this information. If you are one of those people, or if you just need a little guidance during the process, I’m here to help. As an estate planning lawyer, I can help you locate, sort, and arrange the information into a comprehensive Schedule of Assets you can use now and update to continue using in the future.
If you're ready to get started with your schedule of assets or if you have questions about estate planning, reach out to me for a free consultation. Just give me a call at (805) 307-7713 or contact me online so we can make sure all your assets are accounted for.