A schedule of assets is an essential tool for purposes of estate planning as well as for administering an estate or trust. The process of compiling the necessary information and organizing that information into its most useful form can be intimidating, and for that reason, many people avoid the task.

Allow Inhulsen Law to assist. We can work with you to prepare a schedule of assets that enables you to move forward with planning and administrative duties now, and provides a valuable resource for the future.

What is a Schedule of Assets?

A schedule of assets is essentially an inventory that includes detailed information needed for planning and administrative purposes. If the schedule is prepared to assist with the process of administering an estate or trust, it should include all property with monetary value. When you are creating a schedule of assets to use for estate planning, it is helpful to include not only property with monetary value but also property with personal and sentimental value, because loved ones are often just as interested in locating and receiving this type of property as they are in having property with pecuniary value.

Some items should be listed individually while others can be described by category. For example, if you have a set of sterling silver flatware, you don’t need to list each spoon individually. However, if you have specific pieces of silver such as an antique vase or platter, it might be a good idea to list those pieces separately to avoid ambiguity and ensure that special pieces are not overlooked.

In addition to describing each asset, it is helpful if the schedule includes the location of the asset, and any information needed to access it, such as passwords for online accounts. The actual or approximate value should also be included.

Why a Schedule of Assets is Essential for Estate Planning

While estate planning also includes tools to protect you with respect to health care needs, many components of your estate plan revolve around conserving, managing, and transferring your assets in the most efficient manner possible. That means that in order to build the plan that accomplishes these goals effectively, you need to have a clear understanding of your assets, including their value, tax liability, and other attributes.

A schedule of assets provides a comprehensive list that you easily adjust as you add new assets or divest certain property. You can continue to add detail over time to make it easy for loved ones to locate and access property if you are incapacitated or when you pass away.

If you build your estate plan around a revocable living trust, part of your schedule of assets can be incorporated into the trust documents to transfer certain assets into your trust.

Using a Schedule of Assets in Probate and Trust Administration

If you have been named the executor of an estate or trustee of a trust after someone passes away, you will be responsible for managing property, paying bills, distributing property to beneficiaries, and other tasks. Executors often need to file an inventory of property with the court, so the schedule of assets can fill that purpose, although you may need to exclude certain assets if those assets are set up to transfer outside of the probate process. 

Preparing a schedule of assets can help you assess the value of the estate or trust property so that you can determine whether you will need to sell assets to pay all outstanding bills. The schedule of assets can also help you keep track of property that may require ongoing management such as real estate.

How We Work with You to Prepare a Schedule of Assets

We can assist in numerous ways with the process of preparing an asset schedule. It starts with gathering information. Since we regularly assist clients with the process of preparing asset schedules, we have a checklist of property to look for to help avoid assets that can be missed. We can help organize information into a cohesive document that can be used now and added to for continued reference in the future. Years later when someone wonders what happened to your grandfather’s coin collection or the home movies from the 1970s, your schedule of assets may be able to assist in locating those treasured items.

Work with Inhulsen Law to Create Your Schedule of Assets Today

While the process of compiling and organizing data is not one most people relish, when you have the information together in a schedule, it can serve as a valuable resource for planning and administration now and reference in the future. Updating your schedule of assets can be incorporated into reviews of your estate plans as a whole.

Inhulsen Law is ready to help you build a comprehensive schedule of assets to ensure that nothing is overlooked in the planning and administration process. Schedule a consultation today to find out how we can assist with this and other strategies for protecting your loved ones. Just call (616) 747-0000 or contact us online.