Below I have posted a sample of the information we like to have when we do estate planning. Though we do not require the information it’s helpful to us. It’s helpful in different ways. Let’s discuss.
First, the dollar amounts are certainly not required but knowing the approximate estate size helps determine what plan is right for YOU. Often clients do not think about the true size of their estate until they put it on paper. Often it adds up to more than they thought. That is, by the time you add your IRA, 401k, life insurance, and other things to your home equity and savings accounts the value can jump up!
Second, we can’t fully fund a trust if we don’t know about all your accounts. Having the name, account number and address helps us to help you fund the trust!
Third, it’s a great help to your family, friends, loved ones and trustees later. That is, at your incapacity or death how do they know what assets exist? The only way they know is if they have a list. Where do they get a list? From YOU.
Here’s a sample of the questions we go over with you during the estate planning process.
1) CASH AND SAVINGS (Please supply bank name, address and account number)
Checking Account $ ___________
Certificates of Deposit (CDs) $ ___________
Credit Union $ ___________
Savings Account $ ___________
Money Market $ ___________
TOTAL CASH AND SAVINGS $ ______________
2) MARKETABLE SECURITIES (Please include bank name, address and account number)
Stocks $ ___________
Bonds $ ___________
Mutual Funds $ ___________
Annuities $ ___________
Gold and Silver $ ___________
TOTAL OF MARKET SECURITIES $ ______________
3) REAL ESTATE (Please list address, city and state)
TYPE OF PROPERTY COUNTY MARKET VALUE – MORTGAGE = EQUITY
i. _______________________________ ______________________________________
ii. _______________________________ ______________________________________
iii. _______________________________ ______________________________________
TOTAL EQUITY IN REAL ESTATE $ _______________
4) FIXED AND OTHER ASSETS (Please supply additional information if available)
Business Interests $ ___________
Limited Partnerships $ ___________
Notes Due $ ___________
TOTAL OF FIXED AND OTHER $ ________________
5) RETIREMENT PLANS (Please bring bank name, address and account number)
IRA (Standard Deductible) $ ___________
IRA (Roth IRA) $ ___________
Keogh $ ___________
SEP $ ___________
401k $ ___________
403B $ ___________
Profit Sharing Plan $ ___________
TSA $ ___________
ESOP $ ___________
PASOP $ ___________
Deferred Compensation $ ___________
Pension Plan $ ___________
TOTAL OF RETIREMENT PLANS $ ________________
6) LIFE INSURANCE (Please list life insurance company and agent, if you know)
Face Value of Policy #1 $ ___________ (Term or Whole Life?)
Face Value of Policy #2 $ ___________ (Term or Whole Life?)
Face Value of Policy #3 $ ___________ (Term or Whole Life?)
TOTAL FACE AMOUNT OF LIFE INSURANCE $ ________________
7) OTHER ASSETS (Cars, boats, collectibles, etc.)
$ ___________
$ ___________
TOTAL OF OTHER ASSETS $ ________________
GRAND TOTAL OF ALL ASSETS $ ________________