List your real estate properties, investments, retirement accounts, bank accounts, life insurance policies, business interests, and valuable personal belongings.ĭetermine their approximate values and identify any outstanding debts, such as mortgages, credit card balances, or loans.Ī clear understanding of your financial standing is essential for making informed decisions about how you want your assets distributed among your heirs. That is – what do you own, what do you owe? Step 1: Take Stock of Your Assets and Liabilitiesīefore making a plan, work out what you have and create an inventory of all your assets and liabilities.
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