Schedule Of Assets

What is a Schedule of Assets in Arizona?

A schedule of assets, also commonly known as just “Schedule A,” identifies and lists your assets which will be a part of your estate plan.  It allows your estate planning lawyer to gain a full picture of your assets so that these assets can be included in your plan and distributed as you wish when you die. Ideally, it will also provide an easy roadmap for your designated Personal Representative (Executor) or Trustee to use to locate your assets that are part of your estate or trust estate. The more detail you can include on the list, the more helpful it will be for yourself and others in the future.

What Do You Include on a Schedule of Assets?

The items to be included on a schedule of assets can vary depending on the reason you are preparing the inventory. If you are creating a list as part of the probate process or trust administration for a loved one who has passed away, you should include all items with monetary value. If you are preparing a schedule of assets for estate planning for yourself or a loved one, it is helpful to include not only property with monetary value but also items with sentimental value such as photos and journals because loved ones are often just as interested in locating and obtaining these assets as they are in the more traditional property.

The list might include:

• Real estate
• Vehicles
• Jewelry
• Collectibles
• Bank and brokerage accounts
• Digital assets such as cryptocurrency or digital art
• Furniture and household items

Some items might need to be listed individually if they are of particular value or interest, such as a rare coin or collectible toy that all the grandchildren loved to play with. Other items can be listed in a group, such as “crystal wine glasses.” You should include at least an approximate value for each listed item. If you can add information such as account numbers and locations of items, that makes the list more useful and avoids the potential for confusion.

The Importance of Using a Schedule of Assets in Estate Planning

Estate planning develops the best strategies to protect assets during your lifetime and manage the efficient transfer of assets after you pass away. To build the most efficient plan, we need to have a complete picture of the assets you are working with. A schedule of assets gives you that picture so that you can account for everything, including value, potential tax liability, and other attributes of your assets.

If your plans include a revocable living trust, your schedule of assets can be incorporated to ensure that your items are properly transferred into the trust. The detailed schedule will ensure that when the time comes, your loved ones will understand where to find assets and how they should be allocated.

Once you have a comprehensive schedule of assets prepared, you can update the inventory periodically to keep it up-to-date. This makes it much simpler to ensure that your plans are still on track to meet your goals as life moves forward.

Using a Schedule of Assets in Estate and Trust Administration

If you have been chosen to serve as the personal representative (executor) of a loved one’s estate or the trustee of a trust, preparing a detailed schedule of assets gives you a clear picture of the assets you will need to manage as part of your obligations. The values on the inventory help you determine which resources can be used to satisfy outstanding debts. In addition, preparing the schedule can help you assess which property may require professional appraisal and whether the property will need to be sold in the process of administration. You may be required to file an inventory with the probate court or submit an inventory to trust beneficiaries, so having the schedule prepared from the outset makes it easier to proceed through all required obligations.

PayneLess Law Can Help You Build the Right Schedule of Assets

The process of gathering, analyzing, and organizing data can be painful, but it is an essential part of the process of estate planning and administration. Allow PayneLess Law to help you in preparing this valuable resource as PayneFree as possible. We reduce the burden and simplify the process so that you will be ready to move forward toward your next steps with efficiency and confidence. To discuss how we can help create a schedule of assets and aid in other aspects of estate planning and administration, schedule a consultation today.