Do it for the kids

Are you someone who believes "it" won't happen to you? And because of that belief, don't think there is a need for a personal property inventory?

There will come a time, without exception, that an inventory will be required. That time is when the executor of your estate, usually one of your adult children, will need to provide a list of your belongings. Have you considered what you can do to make this easier on them?

One responsibility as an executor is to provide an inventory of the estate’s assets. Consider how emotionally difficult this will be for him or her. Emotions aside, he or she will also need to find the time to document the items and assign a fair market value to each.

Creating an inventory of your personal property now will ease this process for them upon your death. On your written report, include a column that indicates who you want to receive specific items, as this will communicate your intentions to your family. This simple gesture can eliminate discourse and hard feelings. We’ve inventoried estates and have seen many families fighting – or worse, not talking at all – due to not agreeing on who should have what.

At your death, your executor will not have to worry about providing an inventory – you have already taken care of it. The only action necessary will be changing the replacement value to fair market value. And that will be a very small task compared to compiling the entire inventory.

If the task of creating an inventory is one you don’t want to tackle, there are professional inventory service providers who will compile a professional report for you. Many will remind you of your annual renewal and also maintain your record on line for safekeeping and immediate access.

Whether you are elderly or just entering your adult life, an inventory is a living document that you should have prepared. For now, to ensure a maximized insurance claim. And for later, to ease the stress your children will face. Bottom line, do it for your kids!