🧾 Why Every Client Needs a Will, a Trusted Executor, and a Clear List of Assets

A Practical Guide from Your Accounting Team

At our firm, we don’t just help you file taxes or manage your books—we help you protect your financial future. One of the most overlooked, yet critically important, parts of that future is estate planning.

Whether you’re a business owner, a parent, or entering retirement, having a will, naming a capable executor, and maintaining a comprehensive asset list are key to ensuring your legacy is handled the way you intend.

📜 The Will: Your Financial Instruction Manual

A will isn’t just for the ultra-wealthy—it’s for anyone who wants to control how their assets are distributed. Without one, your estate may be handled through a lengthy probate process, often dictated by state law, not your personal wishes.

Why it matters:

• Ensures your assets are distributed to the right people.
• Appoints guardians for minor children.
• Minimizes confusion and legal disputes among heirs.
• Can help reduce estate taxes when combined with proper planning.

As your accountants, we often have deep insight into your financial life—insight that can help inform or complement your legal estate plan.

🧭 Why Your Executor Needs More Than Just a Name

An executor is legally responsible for carrying out your will. But without proper documentation and guidance, even the most responsible executor can run into major issues.

Common challenges executors face:

• Locating and valuing all assets.
• Filing final tax returns and estate returns.
• Navigating debts, distributions, and legal filings.

Our role: We can work with you to prepare organized financial records and tax documentation so that your executor isn’t left piecing together your estate in a crisis.

🗂️ The Essential Asset List: Don’t Leave It to Memory

Your executor can’t manage what they can’t find. That’s why we recommend all clients create and periodically update a detailed asset list, which can be securely stored and shared with your executor or attorney.

We suggest including:

Financial Accounts

• Checking, savings, and money market accounts
• Investment and retirement accounts
• Business accounts
• Life insurance policies (with beneficiary designations)

Real Estate & Property

• Principal residence and secondary properties
• Rental or commercial real estate
• Deeds and mortgage documents

Tangible Personal Property

• Vehicles, boats, equipment
• Jewelry, antiques, artwork
• Personal items with sentimental or financial value

Business Interests

• Business ownership or partnership agreements
• Buy-sell agreements
• Succession plans

Digital & Online Assets

• Cryptocurrency holdings
• Online banking and investment logins
• Digital wallets, domain names, social media accounts

Debts & Liabilities

• Mortgages, loans, and lines of credit
• Credit cards
• Tax liabilities

💡 Pro Tip: Store this list with your will or estate plan documents—and consider giving your accountant a copy for recordkeeping and tax planning purposes.

💬 Final Thoughts from Your Accounting Team

Estate planning isn’t just a legal issue—it’s a financial and tax strategy. As your accounting firm, we can:

• Work with your attorney to ensure tax efficiency in your will.
• Help value and document assets for your executor.
• Maintain secure records to support estate and trust filings.
• Provide year-round guidance to ensure your plan evolves with your life.

Don’t wait for a crisis. Start organizing today.
If you’d like to begin—or update—your estate plan, reach out to our team. We’re here to support you every step of the way.