Before you start creating your estate plan, you need to make an inventory of all the assets that you own. These include not just physical assets, but also non-physical assets.The first thing that you need to do before you make a will is to first determine what you own. That is easier said than done. Over the course of many years, you have probably collected many personal items that you must now account for in your will.First, create an inventory of the physical items or assets. That includes all of the item, in your possession. You do not have to include each and every personal item, but those that are worth above a certain amount of money.For instance, make an inventory of items that are worth more than $100 each. That can include furnishings, furniture, heirlooms, jewelry, antiques, pieces of art, collectibles, record collections, coin collections, souvenirs, mementos and other items in your possession.List each item individually - do not lump all of the pieces of furniture together, as a single entry labeled "furniture." Also, include your home appliances, computers, as well as weapons in your gun collection. The power tools and equipment that you currently own will also find a place on the list. Finally, include your house, and each of your vehicles on the list.Next, make an inventory of all of the non-physical items. These assets can include your mutual funds, retirement assets, 401k plans, bank accounts, life insurance policies, IRA plans, disability insurance policies, auto policies, homeowner's insurance policies, health insurance plans, stocks, bonds, and notes.Once you have created an inventory, it is much easier for you to go about the process of distributing these assets however you see fit. Speak to an estate planning lawyer in San Jose, for help with creating a will.
