A complete list of your assets is the essential starting point in making any decisions about those assets, whether financial portfolio decisions, or estate planning decisions. 

Q.:  Why is it important for me to have a complete list of my assets?
A.:  Without a complete list of your financial assets, a financial planner cannot know how to change your assets to achieve the proper asset allocation to meet your risk, return, and diversification objectives.  Without a complete list of all of your assets, your estate planning attorney cannot advise you about taxation issues.  Further, without beneficiary designation and titling information, your estate planning attorney cannot help ensure your wishes will be carried out at your death.

A complete list of assets is essential for financial and estate planning.  Any financial or estate plan is like a map that takes you from point A to point B.  Unfortunately, if you don’t know where point A is, it’s impossible to give directions from there to point B.  The more thorough your list of assets, the better advice professionals can give you. 

Q.:  What should I include in my list of assets?
A.:  You should list obvious assets, such as a home or other real property, savings accounts, 401k accounts, pension plans, and insurance policies.  You should also itemize valuable personal property, such as jewelry, rare coins, etc.  Ideally, you should photograph such items as well.  This list can serve many purposes.  For example, if you have a fire or a burglary, this list and the accompanying photographs can help you file a claim with your insurance company.

Q.:  I keep some things in a safe deposit box.  Is there any reason to list these items?
A.:  Yes.  First, having a list of such assets will be helpful in the event that there is delay in finding a key.  At least your family will know the contents and if there’s any urgency about gaining entry to the box.  Also, while extremely unlikely, safe deposit boxes have had their contents looted or destroyed. 

Q.:  I have all my important documents in my safe deposit box.  Should I take some of them out?
A.:  You may wish to leave out or make copies of items you may need in an emergency, such as your property power of attorney, health care power of attorney, living will, and, in many states, your will.  Copies of these documents are acceptable for most purposes, and can be kept at home in a safe place.  You also may wish to give copies of certain documents (such as your living will and health care power of attorney) to a person named in the document, to a family member, and/or to your physician or hospital.

1/27/2006

Law You Can Use is a weekly consumer legal information column provided by the Ohio State Bar Association.  This article was prepared by attorney Richard W. Ashley, of the Akron firm of Corzin, Sanislo, Ufholz & Ashley, and of counsel to the Medina firm of Largent, Berry Preston & Jamison Co., LPA.