Over the course of a lifetime, we accumulate a lot of “stuff.” Have you ever stopped to think about all the details and information that accompanies those possessions? I bring this up for today’s post because we have been writing once a month on estate planning. And, physical assets are certainly not exempt from the planning that is necessary to make sure everything is squared away in the event of one’s death.
As discussed before, we have created a digital guide that walks through the estate planning process titled, “Getting it Together…Estate Organizer.” The second section of this organizer helps to wade through the information associated with one’s physical assets.
For instance, think of your primary vehicle. It’s a car, how much could there be to keep track of? As our organizer shows, there is actually quite a bit! There is the year, make and model, of course. Beyond that, somewhere in your filing cabinet or perhaps in the glove compartment you have the VIN, registration renewal information, the title, how the vehicle is financed, the institution it is financed through, warranty information and any TOD designation you may have assigned to it. Remember that is just for one vehicle.
You may know exactly where each of those components are located, but do your loved ones? In the event of your death, your family will need to address each of your assets and may need to sell them. When you take the time to compile all of this information into one place like our digital organizer, you are giving your loved ones the gift of space to grieve while minimizing the stress that can come with the passing of a loved one.
Over the years you may have accumulated other assets such as residences, rental property or time shares just to name a few. Let us know if you think our organizer can aid you in the process of getting your “ducks in a row,” in regards to your things, right down to the location of your keys.
Until next time, cheers!