Create a financial asset list

As you know, having an accurate list of financial assets is important to the final administration of an estate. You should make a list of all your current financial assets and keep the list updated any time your assets change.

Within your financial asset list, make a note of where records and statements for each item in the list can be found. You also might want to include an estimated value of each asset on this list, and be sure to put the date beside the estimated value and update it anytime there is a significant change in value. If you have a trusted financial advisor who manages your entire financial picture, he or she can manage this process for you, and you can just keep your annual financial reports to document your financial assets.

In addition to listing assets, you should also write down the account numbers, customer numbers, etc. You should write down the physical location of the accounts, if applicable, as well as contact information for anyone you work with on these accounts.

While it is up to you, you might even want to go ahead and contact people you work with regarding your financial accounts to let them know who you are naming as executor. They will likely be able to make a note on your account so they can know who your executor is when the time comes.

The financial asset list should be stored in a secure location. Because it is a list you should keep updated, it should not be stored somewhere it will be difficult for you to access. That could deter you from keeping it updated. You also should tell the executor where the list is kept so he or she can access it when needed.