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Personal Property Inventory
Why is it important to have a personal property inventory?
Estate Settlement
When an estate is being settled, the executor is required to submit a listing of the personal property. This can be a difficult task. Having a prepared inventory will save them time and trouble at this emotional period.
Bequests
Include a Bequest column on your written report to indicate your wishes. For instance, if you have a special ring that should go to your oldest daughter, and the pocket watch to your nephew, you can list their names next to the specific item. As long as these notations don't conflict with your will, this report will serve as a Letter of Instruction in the State of
Multiple purposes
A personal property inventory brings peace of mind, knowing you'll be able to recover financially if you have a disaster. This same document can then serve as the tool to help your executor honor bequest wishes and settle your estate quickly and efficiently.
Provide your inventory to key people. Your spouse, executor, children, lawyer and financial planner should -- at the very least -- know where to find your inventory if and when you become indisposed. You may feel comfortable providing everything in full to everybody involved. Or, you can provide a summary, with specific amounts not disclosed. Unless you are a curmudgeon or you wish to plan a punitive disposal of your estate, discuss what you have done to this point with your significant others.
Select a cycle for updating your inventory. You may wish to review and update your inventory each year at tax time in order to decide whether assets should be reallocated before the end of the tax year. If you are keeping track of the worth of your assets, you might want to review and update your inventory after a period when the stock market has been particularly bullish or bearish.
Contributed by Hartman Inventory
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