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Schedule of Assets

Proper estate planning involves creating a schedule of assets and updating it frequently. If you need assistance creating an accurate, comprehensive schedule of assets, our estate planning attorneys can help. Contact our lawyers at Commonwealth Life & Legacy Counsel today for estate planning assistance by calling (434) 598-2958 or, in or near Powhatan, call (804) 598-1348.

What Is a Schedule of Assets?

A schedule of assets is a document that includes a list of all of your assets. This document can play various roles in the estate planning and probate process.

Determining who will receive your assets after your death is an important step in the estate planning process. However, your estate executor may have trouble identifying and locating all of the items you wish to distribute — especially if you do not list them in your will or in a memorandum that is referenced in your Will or living trust.

As a result, a schedule of assets can provide more clarity about the property you wish to give to beneficiaries and its value.

Why Fill Out a Schedule of Assets?

You may want to fill out a schedule of assets in a few different cases.

The most common reason to complete a schedule of assets is when creating a living trust within estate planning. This type of trust provides directions for the distribution of your assets after your death. It allows your beneficiaries to avoid probate by receiving your assets directly through the trust.

A schedule of assets is an important component of a living trust, as it clarifies the items you wish to distribute through the trust. You can edit the schedule of assets as needed to ensure that it is up to date when you pass.

You may also want to create a schedule of assets to simplify probate. Having a detailed list of your assets can help the court distribute this property faster, allowing your family members to gain closure and begin moving forward.

What to Include in a Schedule of Assets

Your schedule of assets should include all of the assets in your name or that you legally own. These can include your:

  • Real estate
  • Personal property
  • Savings accounts
  • Possessions
  • Heirlooms
  • Digital assets
  • Cash
  • Tax refunds
  • Life insurance with cash surrender value
  • Investments

Your possessions may include all of the following:

  • Household items
  • Jewelry
  • Antiques
  • Vehicles
  • Boats

Many people pair a schedule of assets with a schedule of debts.

You do not need to list every single item you own in your schedule of assets. Instead, you can group your assets into the above categories, then provide an estimate of the value of each category.

Even if you’re sure your schedule of assets is comprehensive, you should also create a pour-over will. This type of will ensures that any remaining assets you did not list in the trust will be transferred to the trust upon your death.

Contact a Central Virginia Estate Planning Attorney

Creating a schedule of assets on your own can be time-consuming and overwhelming. At Commonwealth Life & Legacy Counsel, we would be happy to walk you through the process and integrate your schedule of assets with the rest of your estate plan.

Contact us today at 434-589-2958, or in or near Powhatan at (804) 598-1348 to schedule your consultation.

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