Good record keeping is important for your family’s sake

Identifying Your Estate Assets
October 1, 2018
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Now that you have made a list of your assets, it is a good idea to learn the basics of good record keeping! This means, as your property changes, your property list needs to be updated. You may have created your Revocable Trust or Last Will and Testament years ago. Perhaps, the property listed on Schedule A has been sold or already given away. Schedule A identifies your assets and the location of your assets.  When it comes time to distribute your estate assets to your heirs, it is a lot easier to know what you own and where it’s located.

Chaos happens when things get messy!

As you can see in these two images, the records have been neatly stacked. The other image is total chaos. The tape cassette is not properly identified and worse yet, has unraveled, making a total mess. I recall this happening to some of my favorite music tapes (yes, I am that old!!!) I tried to put a pencil in the hole and attempted to roll the tape back into the cassette. Rarely, this method worked and didn’t last long before it unraveled again.  So, what if your important financial documents are not properly organized? Will your property be easily identified after you’re gone?  As consumers, we are in a constant flux of buying and selling. Quite often, important papers and assets can be misplaced and difficult to locate. Now is the time to reel it all in.  Lets clean up the mess so there is less stress.

To ensure a smooth transition of your estate assets to your children and others, it is important to maintain good record keeping. So, update your Schedule A to reflect the type of property you own today and where it is located.

This content is general knowledge and can be found on any bookshelf in a public library or bookstore in California.
Carol Ramirez
Carol Ramirez
Carol Ramirez, CLA, LDA, is a registered and bonded Legal Document Assistant providing affordable legal document preparation to consumers with the highest degree of confidentiality and professionalism.

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