Taking an Inventory is the First and Most Important step to any Louisiana Estate Plan.
In order to create a successful estate plan, you have to know exactly what you own (and what you owe).
When you think about estate planning, you’re probably thinking about your will.
As in your last will and testament.
Without doing any estate planning research, you could probably easily tell me what a will is and what it functionally does.
And, in most cases, you’d probably be right.
But, before diving into writing your will, or any other aspect of estate planning, you’re going to need to create an estate inventory.
It’s important to understand exactly what you own, what you owe, and where you want your stuff to go after you pass away.
I know just how fun creating an inventory sounds. But, I assure you, it’s not as bad as you think it is.
I’ll take you through the process of writing an estate planning inventory from start to finish (and as painless as possible).
Creating an inventory is a crucial first step to designing a successful estate plan.
So, let’s get started.
“1 in 3 Americans who have no will or living trust claim they don’t have enough assets to leave behind.”
What is an estate planning inventory?
An estate planning inventory is a comprehensive list that details all the parts of your estate.
This can include:
Assets: all owned property.
Liabilities: everything you currently owe.
Important documents: including all deeds, contracts, marriage license, birth certificates, and ID docs.
Ancillary documents: living will, powers of attorney, living trusts, final wishes and other estate planning docs.
Login credentials: your estate planning team needs access to your email, accounts, social media and any other aspect of your estate.
This inventory is created to prepare a last will and testament and serves as a very important part of the estate planning process.
The first step to your estate plan made simple!
Every estate plan starts with an inventory of everything you own and owe!
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Inventory of Assets
Simply put: you have to know what you own (and owe!) in order to know what you'll be passing down.
Often, my clients feel a more than a little stressed about this step.
To be real, I felt very stressed about this step when doing my own estate plan. It just feels so daunting when everything you own is just floating around in your head (or in a hundred different places around your home, office, and junk drawers.)
When people think about inventory, they start to think about the boxes in the basement or in the garage that are collecting dust.
You realize how much stuff you have all over your house, in your car, and out in the storage shed. Just thinking about it can leave you feeling overwhelmed.
But, here’s the thing, the inventory is much easier than you think.
Use my free estate planning inventory worksheet to get your inventory done quickly and easily.
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Keep your Inventory Simple
First, what you don't need to do is pull out all that stuff and write down each sweater, screwdriver, and old cell phone in every nook and cranny of your house.
Go ahead and let that anxiety nightmare go.
What you do need to do is think about the stuff you own in terms of these categories:
Real Estate
Cars, Boats, RVs
Bank Accounts
Investment Accounts, Bonds, Stocks
Life Insurance Policies and Annuities
Retirement Plans
Business Interests
Furniture + Personal Effects
Debt
Other Property
Any other property refers to anything that doesn't fit any of the above categories that has significant value or sentimental meaning to you. Think jewelry or family heirlooms.
Quick tip: start with the big stuff, then work your way into the smaller things.
Give yourself a set amount of time to sit down and think about it and write it all down.
There might be stuff that comes to you after a while - just add it to the list.
Remember: you can't do an estate plan without really understanding what you own. So, to do an inventory of everything that you own is the first step of any successful estate planning.
Inventory of Liabilities
For the majority of Americans, debt is a part of our lives.
In fact, over 340 million Americans currently have some sort of debt.
Here’s the thing, debt doesn’t really go away when you pass away.
In fact, your executor (the person you put in charge of your estate after you die) will most likely be responsible for settling your debts before any assets are distributed to your named beneficiaries.
So, having an accurate and updated list of your liabilities is crucial to a successful estate plan.
““Americans who have had a serious case of COVID-19 are 66% more likely to have a will than those who have not.””
When creating this list, think about the following categories of debt and list them in your inventory:
Mortgages
Personal and business loans
Credit card balances
Student debt
Medical debt
By having a thorough list of your liabilities (what you owe), you are better able to create estate planning strategies that protect your family and retain as much of your assets as possible.
It may not be comfortable, but it is incredibly important.
Estate Planning has never been simpler!
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Inventory of Important Documents
Having thought about estate planning is one thing, but having the legally binding documents is another.
If you’ve already created a living will, a power of attorney, or any other ancillary document, it’s important to make a copy and list those with your estate planning inventory.
Along those same lines, it’s one thing to know your home is paid off, but it’s another to have the legal documentation that proves it.
So, when it comes to your important documents, your estate planning inventory should serve as a collection of all the documentation of your entire estate. (Oh, is that all?)
Get your estate plan done quickly and correctly!
Sign up to download this FREE estate planning inventory worksheet instantly!
Good news!
If you already have all the documents, this step is about collecting them and keeping them within reach.
Keeping these documents accessible is an essential step to prepare your estate planning team (i.e. your executor and loved ones).
Be sure to include copies of the following documentation with your estate planning inventory:
Identifying documents (social security card, birth certificate, marriage license, divorce decrees, etc.)
Insurance policies
Ownership documents (Titles, deeds, mortgages, etc.)
Investment portfolios
Login and access information (email passwords, bank account information, the combination to the safe, etc. )
Free Louisiana Estate Planning Inventory Worksheet
This free resource makes the first (and most important) step to any estate planning process simple. Don’t put your estate plan off any longer!
The emotional aspects of creating an inventory.
Summarizing your entire life and boiling it down to a list of your stuff, your debts, and a pile of documents is probably the last thing you want to do this weekend.
Avoiding doing your inventory, while understandable, is what’s holding you back from a successful estate plan.
It can be really emotionally taxing to think about end-of-life preparation.
I mean, who wants to think about death? Who wants to see the sum of their lives itemized on a spreadsheet?
Depending on your particular situation, it can be a humbling task, listing out all your debts and digging up all of your financial responsibilities.
It’s difficult to explain the brass tacks of estate planning and what it actually entails. It often gets pushed to the bottom of the to-do list, or gets dragged out over weeks, months and even years.
Estate planning then becomes the daunting mountain of work that just may never get done.
It doesn’t have to be like that.
Get your Estate Planning Inventory done FAST.
For the majority of Louisianans, a comprehensive estate planning inventory could be completed in just a few hours.
Here’s a game plan for how to go about creating an inventory:
Download my estate planning inventory doc, save it to your files.
Set a timer for 30 minutes. Write down all the stuff you own, your debts, and make a list of the documents you already have into your Estate Planning Inventory Doc
Set a reminder each day for the next week to check back in and write down anything you missed.
Finally, set a timer for 30 minutes and assign the role of executor and assign beneficiaries for all your assets.
I assure you, if you give yourself 2 years to complete your inventory, it will take 2 years.
But, if you set aside a few hours, you’ll be able to knock out your estate planning inventory in no time.
Book 1:1 Estate Planning Services
When you need a Louisiana estate planning lawyer to prepare your estate plan thoughtfully, strategically, and accurately.
Addie Prewitt offers one-on-one estate planning services for those needing the support of a legal professional.
Hiring a lawyer doesn’t mean skipping the inventory.
Keep in mind that even if you want to work with a licensed estate planning lawyer, you will still need to complete your own estate planning inventory before you can begin the estate planning process.
In reality, you will most likely be paying your lawyer for the same process that you could take care of yourself.
This is why I have created a FREE resource for you to complete your own Louisiana estate planning inventory.
As an estate planning lawyer, if you were to bring a comprehensive inventory to our collaboration, it would mean our work would be that much more fruitful.
By already having your stuff organized, we’d be able to identify areas of confusion, discuss strategy, and create a plan that really suits your needs.
Taking the time to organize yourself means saving money and time, no matter how you go about your own estate planning.
Estate Planning is way more than a living will.
It’s time to get prepared.
The gift that keeps on giving.
An estate planning inventory, once complete, is not a one-trick pony.
First and foremost, you’ll be able to write a will, establish an executor to your estate, clarify your final wishes, and even document your living will and powers of attorney.
But, more than that, the inventory can come in handy when making all sorts of future-planning decisions.
In fact, by having a completed estate planning inventory, you will have the tool needed to complete or prepare for the following:
Admin and responsibilities upon death (essentially, executing the estate plan)
Medical emergency or incapacitation
Financial planning
Business succession
Divorce or Marriage
Civil litigation
Get your Louisiana estate planning template here, and get your estate plan done once and for all.
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Estate Planning is for everyone.
In Louisiana, anyone who wishes to ensure an organized and efficient transfer of their assets upon death or incapacitation should consider creating an estate planning inventory.
Get your FREE Louisiana estate planning inventory template here.
The estate planning inventory is probably the most difficult part of the estate planning process, but it doesn’t have to be.
Because, generally, creating your estate planning inventory is the first time you’ve sat down and thought about end-of-life matters.
By completing your estate planning inventory, you’ve given yourself the necessary tools to strategize and create an estate plan that’s perfect for you and your loved ones.
Test Your Knowledge Your Estate Planning Inventory Knowledge.
Did any of this information about Louisiana estate planning inventory actually stick?
Check your knowledge with this quick estate plan inventory quiz (and let me know how you did!)
Get Your Estate Plan Done with Ease (really!)
The first and most important step in any estate planning process is creating an inventory of everything you own (and owe).
Sign up to get the free worksheet instantly!
Remember, estate planning is for everyone.
But, that doesn’t mean you need the same estate plan as every one else.
If you’ve been putting off your estate planning because it seems too daunting, then you need to know you’re not alone.
But, the days of avoiding this incredibly important process can be behind you.
Start with your estate planning inventory and see how easily the rest of your estate plan falls into place.
Use this free template to create your Louisiana estate planing inventory in just a few hours.
Louisiana estate planning really can be simple.
Check out my digital resources, read through my estate planning articles, and be sure to reach out if you have any questions or need specific insight into your estate planning situation.
You’ve got this.
Take Care,
Addie
FAQ
Q: What is an estate planning inventory?
A: An estate planning inventory is a comprehensive list that details all the parts of your estate
Q: What’s included in your estate planning inventory?
A: This can include:
Assets: all owned property.
Liabilities: everything you currently owe.
Important documents: including all deeds, contracts, marriage license, birth certificates, and ID docs.
Ancillary documents: living will, powers of attorney, living trusts, final wishes and other estate planning docs.
Login credentials: your estate planning team needs access to your email, accounts, social media and any other aspect of your estate.
Q: Do I need to include debt in my inventory?
A: Yes! In fact, your executor (the person you put in charge of your estate after you die) will most likely be responsible for settling your debts before any assets are distributed to your named beneficiaries.
Q: Can I avoid doing an inventory if I hire a lawyer?
A: Not necessarily. You most likely will be paying an hourly rate while this process is done the long way. Your time with your estate planning attorney would be maximized by arriving with your own inventory already done. It’ll save you time, money, and make any collaboration with a legal advisor that much better. Get prepared for any estate planning journey by doing your inventory with this free template.
Q: What is an estate plan?
A: An estate plan is a collection of an individual’s wishes and how they want things to happen when they’re not around. So, including everything you own and owe is a vital and often overlooked aspect of a thorough estate plan.
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