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You Have a Will, But Do You Have an Up-To-Date Asset Log?
30 January, 2025 4 minutes reading time
Why a Log is Crucial for Your Estate
You may have already taken the responsible step of creating a Will. This ensures your wishes are known and has given you peace of mind. But having a Will isn’t the whole story. Creating and maintaining an up-to-date, detailed asset log is a crucial, often overlooked task. Without it, even the most meticulously crafted Will can become a source of stress and potential conflict for your loved ones.
Why a Detailed Asset Log is Important
As the person you’ve entrusted with managing your estate, your executor faces the task of locating and valuing all your assets. This could include bank accounts, investments, property, valuable possessions, digital assets (online accounts and cryptocurrency), and insurance policies. This can be a monumental, time-consuming, and potentially expensive undertaking without a clear record. They may unknowingly overlook assets, leading to delays in probate and distribution or, even worse, disputes amongst your beneficiaries.
Simplifies Your Executor’s Role (and Keep Your Beneficiaries Happier)
An asset log acts as a comprehensive inventory of everything you own. It’s a roadmap for your executor, guiding them through administering your estate. Collating this information has several key benefits:
A Financial Aid in Life
Assets change over time. Maintaining a detailed log enables you to keep a contemporaneous record of what you own. This is a valuable tool for financial planning during your life and your estate after you’re gone. You can make informed decisions about investments, retirement options, and other financial matters without constantly digging for information.
Reduced Stress and Time
Having a readily available list of assets significantly reduces the burden on your executor. They won’t have to play detective, trying to piece together the puzzle of your finances and possessions. This schedule speeds up the probate process, allowing your beneficiaries to receive their inheritance sooner.
Fairer Distribution
A detailed asset log also helps with the fair and accurate distribution of your estate. It minimises the risk of assets being overlooked or undervalued, reducing potential disagreements among your beneficiaries.
Clarity and Transparency
A well-maintained log provides clarity and transparency for everyone involved. It clearly outlines what you own and where it’s located. Thus minimising confusion and potential disputes.
Protection Against Loss
In the event of theft or misplacement, your asset log can be invaluable in helping to recover your belongings. Keeping a copy with your will provides details about your estate assets, reducing the risk of things being forgotten, lost or the subject of fraudulent claims by others.
Digital Asset Management
In today’s digital age, many of us have online accounts, subscriptions, and even digital currencies. Your asset log should include details of these digital assets, including usernames, passwords (securely stored), and instructions on accessing them. This is crucial, as these assets can be easily lost or forgotten without proper documentation.
What Your Asset Log Should Include
Your asset log should be a living document, regularly updated as circumstances change. It should include:
Financial Assets
Bank accounts, investment portfolios, stocks and shares, ISAs, pensions, etc. Include account numbers, institution names, and contact details.
Property
Your properties’ details include addresses, title deeds, and mortgage information.
Valuables
Include descriptions, valuations, and insurance details for jewellery, art, antiques, collectables, and other valuable possessions.
Digital Assets
Include online accounts, email accounts, social media profiles, cloud storage, cryptocurrency wallets, etc. Include usernames, but store passwords securely and separately.
Insurance
Life insurance, home insurance, etc. Include policy numbers and contact details.
Other Assets
Any other assets you own, such as vehicles, business interests, or intellectual property.
How to Create and Maintain Your Asset Log
You have several options for creating and maintaining your asset log. For example, a simple spreadsheet can be a good starting point. Alternatively, you might consider dedicated software designed specifically for asset management. Finally, for more comprehensive support, your solicitor or financial advisor can help you create and maintain your asset log.
Our Advice
Creating and maintaining an asset log is an act of love and responsibility. It’s a gift to your executor and beneficiaries, making the probate process smoother and ensuring your wishes are carried out effectively. Therefore, don’t delay—start creating your asset log today. It’s one of the most important things you can do to protect your loved ones and ensure your legacy.
Finally, contact us today for advice on estate planning or any other wills, trusts or probate matter. We’re here to help.
Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.