When working with elderly clients who are trying to get their affairs in order, performing an inventory of their financial and personal assets is an excellent place to start. Not only does it decrease the burden on their loved ones, but it helps elders feel in control of their affairs. There is an added bonus that in an emergency this helps establish and expedite insurance claims.
At Santa Barbara Estate Services, we recommend making a list of liquid assets such as cash, checking and money market accounts, savings, mutual fund shares, securities, bonds, certificates of deposit, and readily tradable stocks and securities, as well as retirement and life insurance accounts. It should name each account, where it is held, point of contact and value. In case of an emergency, this list will be an invaluable tool. In addition, an agent will find this financial inventory extremely useful as they manage their clients’ affairs.
A personal property inventory details everything else of value, including items with significant personal value. Group minor items such as tools, books and records into one line item in order to streamline the process. Automobiles, furs, jewelry, artwork, furniture and collectibles should be itemized. Ideally, each item is listed with title, make and model, serial number, quantity, condition, purchase date and price and current value. Attach photographs of each item, notes, and a PDF file of the receipt and warranty to make a complete record.
There are a lot of different computer programs, such as Excel or Quicken, that can be used to log your inventory. Use one that is easy to work with to make it easy to do regular updates. If you or a client needs help performing an inventory, contact Lindsay Leonard of Santa Barbara Estate Services at www.SantaBarbaraEstateServices.com.
