Estate planning is a crucial aspect of financial management that ensures your assets are distributed according to your wishes after you pass away. A well-rounded estate plan not only includes a legally binding will but also an asset inventory document that provides your executor with all the necessary information to distribute your property to your family. In this article, we will discuss the importance of an asset inventory document, its definition, and how to use it effectively in conjunction with your Islamic will.
Definition of an Asset Inventory Document
An asset inventory document is a comprehensive list of all your assets and debts. It includes personal information, valuable property, important documents, and contacts. This document is separate from your will and serves as a supplementary guide for your executor to navigate through your estate.
It is essential to understand that an asset inventory document is not a legal document and does not override anything allocated via deed, title, will, or lifetime gift. Instead, it is an informational tool that helps your executor create a final list of your estate for distribution.
Usage of an Asset Inventory Document
To use an asset inventory document effectively, you should download it from your MyWassiyah dashboard after completing your Islamic will. The MyWassiyah Asset Inventory and Document Organizer is a user-friendly document that guides you through the process of listing your assets and debts.
Once you have downloaded the document, fill it out with as much information as you feel comfortable providing. The organizer is divided into several sections, including personal information, emergency care of children and pets, valuable property, important documents, and contacts.
Personal Information
In the personal information section, you will provide your legal name, previous names, aliases, or nicknames, social security number, permanent address, P.O. boxes or mailing addresses, and driver’s license number. This information is crucial for your executor to identify you and your assets accurately.
Emergency Care of Children and Pets
If you have minor children or pets, it is essential to provide information on who should be contacted to care for them in case of emergencies. This section allows you to list the names of your minor children and pets, along with the contact information of the individuals who should be responsible for their care.
Valuable Property
The valuable property section is where you will list your real estate, vehicles, cash accounts, retirement accounts, life insurance policies, and other valuable items. It is crucial to provide the location of these assets to make it easier for your executor to locate and distribute them according to your wishes.
Important Documents and their Locations
In addition to your valuable property, you should also list the location of important documents such as your will, trust documents, deeds, financial records, property tax returns, marriage certificate, divorce decree, insurance documents, birth certificates, military service records, social security cards, and address book. This information will help your executor navigate through your estate and ensure that all necessary documents are accounted for.
Important Contacts
The important contacts section allows you to list the contact information of your lawyer, tax preparer/CPA, investment advisor, real estate agent, stockbroker, accountant, physician, and dentist. These individuals can provide valuable assistance to your executor in managing your estate and ensuring that your wishes are carried out.
Health Care Information
Finally, the health care information section allows you to provide details about your health insurance, location of medical records, advanced medical directives (living will), health care proxy, pharmacy, and durable power of attorney. This information is crucial in case of emergencies or if you become incapacitated and unable to make decisions for yourself.
Once you have filled out the MyWassiyah Asset Inventory and Document Organizer, print it out and attach it to the back of your Islamic will. It is essential to store these documents together in a safe and secure place where your family can access them in case of an emergency or death.
Updating Your Asset Inventory Document
It is important to note that an asset inventory document is not a one-time task. Your assets and debts may change over time, and it is crucial to update your document accordingly. MyWassiyah recommends updating your asset inventory document at least once a year, if not twice.
By regularly updating your asset inventory document, you ensure that your executor has the most accurate and up-to-date information about your estate. This will make the distribution process smoother and less stressful for your family during an already difficult time.
Conclusion
In conclusion, an asset inventory document is a critical component of a well-rounded estate plan. It provides your executor with a comprehensive list of your assets and debts, making it easier for them to distribute your property according to your wishes.
The MyWassiyah Asset Inventory and Document Organizer is a user-friendly tool that guides you through the process of listing your personal information, valuable property, important documents, contacts, and health care information. By filling out this document and attaching it to your Islamic will, you ensure that your executor has all the necessary information to manage your estate effectively.
Remember to update your asset inventory document regularly to reflect any changes in your assets and debts. By doing so, you provide peace of mind for yourself and your loved ones, knowing that your estate will be distributed according to your wishes.
At MyWassiyah, we understand the importance of estate planning and are committed to providing our clients with the tools and resources they need to create a comprehensive and legally binding Islamic will. By using our platform and the MyWassiyah Asset Inventory and Document Organizer, you can ensure that your assets are distributed according to your wishes and in accordance with Islamic law.
