Create a financial asset list and store it in a safe place

Create a financial asset list

The person who named you as executor should create a list of all financial assets he or she owns. Be sure to encourage them to update the list any time there is a change, such as the purchase or sale of stock outside of an investment account, the opening or closing of a bank account, etc. The spreadsheet below can be a big help in this process.

What to include

They should document where the assets are being held, their account numbers, and customer numbers, if applicable.  Further, he or she should provide locations of the accounts (if applicable) as well as their contact information. If this person has a contact at the financial institution, he or she should write this down, too. We do not recommend storing account passwords online and will never ask you for account passwords on Executor.org.

Finally, federal and state tax returns and statements from financial institutions should be organized by the will maker and the location of the statements shared with the executor. This will help the executor get an idea of the types of assets in the estate, the type and value of relevant accounts, and how to contact the financial institution.

Having the will writer and executor talk to a financial advisor is also typically an excellent idea at this point, as there are tax strategies that can be utilized that can minimize required tax payments now and later.

A note about safe deposit boxes

Many people consider keeping valuables and documents of this nature in a safe deposit box. While this is definitely a safe place to keep items, it is important to remember that when a person dies, the bank will not allow you access to the safe deposit box of a deceased person until you receive official court documentation of your executor role, such as letters of testamentary. This can create a challenge if you cannot retrieve the will if it is stored there.