Quick-Start Guide to Taking Stock of Your Possessions during Estate Planning
If you are considering creating or modifying an estate plan in Arizona, one of the first steps in the process is to compile an inventory of your possessions. Only by knowing what your estate contains will you know what you have available to distribute to the people or charities of your choice and avoid litigation.
When inventorying assets, include jointly-owned assets, and assign a value to each asset. You may need the assistance of an appraiser to determine the value of some assets such as real estate and collectibles.
Some of the asset categories you may need to consider when taking stock of your estate’s property include:
- Real estate, including your home and other buildings or land
- Savings, including savings accounts, certificates of deposit (CDs), and money market accounts
- Investments, including stocks, bonds, mutual funds, and similar investment tools
- Retirement assets, like pensions, 401(k) savings, IRAs, and other assets
- Life insurance policies and annuities
- Ownership interests in businesses
- Motor vehicles, including personal vehicles, business vehicles, boats, vehicles used in motor sports, and similar vehicles
- Family heirlooms such as jewelry, artwork, and furniture
- Collectibles including art and antiques
- Other property you may own and plan to include in your estate or leave to particular individuals.
Being aware of your assets before you speak to an estate planning attorney can help you begin to plan what you wish to do with your possessions. The skilled Surprise, Arizona estate planning attorneys at Mushkatel, Gobbato, & Kile, P.L.L.C. can help you create an estate plan for an estate of any size. Contact us today to learn more.
About the Author
Zachary Mushkatel is a founding attorney of Mushkatel, Gobbato, & Kile, P.L.L.C., who has practiced law in Arizona since 2004. He also practices before the U.S. District Court for the District of Arizona and the U.S. Court of Appeals for the Ninth Circuit. A graduate of the University of Arizona and the University of Minnesota Law School, he started his career as a public defender and entered private practice in criminal defense. In 2008, Zachary co-founded a firm dedicated to civil law in addition to criminal defense, and he has since expanded his practice to personal injury, estate planning and litigation, guardianships, conservatorships, probate, corporate litigation, real estate, and various civil matters. He serves on the board and faculty of the Arizona College of Trial Advocacy, and he is a past president and current member of the West Maricopa County Bar Association.
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