MARRIAGE
Joining two households together can be stressful, and an inventory can serve as a starting point for the new couple. Wedding gifts fill the house with new items, which would make it extremely difficult to remember everything you own.
PRE-NUPTIAL AGREEMENTS
Pre-nuptial agreements are often created when one of the spouses owns a large amount of assets. Another reason for pre-nups is when one or both of the newlyweds have adult children to consider. They need to know that their family items will remain in the family and feel confident that their parent's estate will be theirs. An itemized inventory of each household, before combining them, will bring peace of mind to these adult children.
Thinking about death is not a topic people like to discuss, but starting out with these issues resolved will help keep the families on good terms years from now. Include a bequest column on your written report, which includes the name of the person you want to have the family heirloom, special jewelry, or any other item he or she is especially fond of. In the State of Indiana, this document will serve as a letter of instruction as long as it doesn't conflict with your will.
DIVORCE
When splitting up a household, some couples want to know the value of their belongings so they can be sure to receive equitable settlements. (If an inventory was created prior to marriage and included in the pre-nuptial agreement, this will be a very easy task.) When one of the spouses is a business owner, an inventory of the assets of the business will be extremely important. If necessary, a court-ordered, 3rd party inventory service provider will help ensure the value is stated accurately.
Changes in marital status bring the need for an inventory for many reasons. An inventory now can help take care of each of these issues.
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