The Financial Inventory

Say your friend has just died and you had agreed to settle that person’s estate when the time came. But where to start?

A column on suggests starting with an estate planning document known as the financial inventory.

It is a listing of all of a person’s financial accounts and contacts. This inventory can save a lot of time for the person charged with settling the estate.

The inventory should include all accounts, papers and contact persons. Bank account numbers, Social Security number, brokerage account numbers and debts, such as loans, should also be listed. So should papers such as marital records, deeds, stock certificates and so forth.

The inventory should also contain a list of all people who would be interested in learning of your death, as not everybody reads the obituary section of the paper every day.

Once your inventory is done, it should be carefully stored and one or two trusted friends should know where it is and how to access it.

If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.

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