Taking Stock

The first step in estate planning is to inventory everything you have and assign a value to each asset. Here's a list to get you started. You may need to delete some categories or add others.

• Residence
  
• Other Real Estate
  
• Savings (bank accounts, CDs, money markets)
  
• Investments (stocks, bonds, mutual funds)401(k), IRA, pension and other retirement accounts
  
• Life insurance policies and annuities
  
• Ownership interest in a business
  
• Motor vehicles (cars, boats, planes)
  
• Jewelry and/or Collectibles
• Other personal property

Once you know the value of your estate, you're ready to do some planning. Keep in mind that estate planning is not a one-time job. There are a number of changes that may call for a review of your plan. Take a fresh look at your estate plan if:

• The value of your assets changes significantly.
  
• You marry, divorce or remarry.
  
• You have a child.
  
• You move to a different state.
  
• The executor of your will or the administrator of your trust dies or becomes incapacitated, or your relationship with that person changes significantly.
  
• One of your heirs dies or has a permanent change in health.
  
• The laws affecting your estate change.