Live in Oregon? This article covers the Oregon version of this page.
This part of the questionnaire tells your attorney what you own and what may come to you later. That helps them prepare documents that fit your situation.
First you check boxes for the types of assets you have. Then you add details on the pages that follow.
Estimates are fine. If you are unsure about an asset, include it. Your attorney can help sort out the details.
Why your assets matter
Your assets show the size and mix of your estate. That helps your attorney see how complex your plan needs to be and whether tax planning may matter.
They also help your attorney spot property that needs special handling, such as:
- Real estate in another state
- Business interests
- Regulated property, such as firearms
Your attorney also looks at which assets pass by beneficiary designation, such as retirement accounts and life insurance. Others pass through a Will or trust.
Most of all, your answers help make sure your plan does not miss anything you own or owe.
What to enter for “Value”
Enter an estimated fair market value. That is the price a willing buyer and seller would likely agree on today. For example:
- Real estate: An estimate from Zillow, Redfin, or your property tax assessment
- Bank accounts: An approximate balance
- Retirement and investment accounts: The current balance
- Collections and personal property: A reasonable estimate
These values show the overall size of your estate and whether estate or gift tax planning may matter. Exact numbers are not needed now.
Who owns each asset
For each asset, the details page asks who owns it and what it is worth. How you fill in the Ownership and Value columns depends on your situation.
If you are single
If you own an asset with someone else, enter only your share of its value.
If you are married
If only you or only your spouse owns an asset, select that person’s name under Ownership. Then enter that person’s share of the value.
If you own an asset together, whether equally or as community property, select Both. Then enter the full value.
If you are not married but have a partner
If you included your partner’s information, you can list each asset as yours, your partner’s, or both:
- If you own it equally, select Both and enter the full value.
- If you own it in unequal shares, enter it twice, once for each of you, with each person’s share. The two values should add up to the full value.
- If one of you owns it with someone else, enter only that person’s share.
If you are widowed
The first page of this section asks: Are any assets or debts still titled in your late spouse’s name, or still held jointly with them?
Your answer shows whether any of those items may still need to be transferred, sometimes through probate, the court process for settling an estate.
If you answer Yes, the details pages add an Ownership column. You can then mark each asset or debt as yours, your late spouse’s, or both:
- Select Both only if it is still in both your names and was owned equally. Then enter the full value.
- If it is only in your name or only in your late spouse’s name, select that person and enter that person’s share.
- If either of you owns it with someone else, enter only that person’s share.
If you answer No, list only what is in your own name.
Until you answer the question, a reminder appears on the asset and debt pages.
Types of assets
Here are the types of assets on the checklist, with what to include for each.
Real estate
Include any real estate you own, alone or with others, such as a home, vacation home, rental, condominium, cabin, or vacant land. Give at least the city and state.
- Include a timeshare only if you own a deeded interest, not points or weeks in a program.
- List real estate held in a revocable trust or title-holding trust here too.
- List property owned through an LLC, such as a rental, under business interests instead.
- Include real estate outside your home state or outside the United States. It can affect your planning.
Bank accounts and cash
Include checking, savings, and money market accounts, certificates of deposit, and similar accounts. Approximate balances are fine.
Retirement plans
Include each retirement account and its approximate balance. The type of account can affect taxes and planning. Common types:
- 401(k): An employer plan funded with pre-tax money
- Traditional IRA: Funded with pre-tax money and grows tax-deferred
- Roth IRA: Funded with after-tax money and grows tax-free
- SEP IRA: Often used by self-employed people and small business owners
- SIMPLE IRA: Allows both employer and employee contributions
- 403(b): Often offered by nonprofits and schools
Non-retirement investment accounts
Include brokerage and investment accounts with approximate balances. You do not need to list each investment.
Life insurance
Life insurance can provide cash, support your family, fund a trust, or support a charity. So it helps your attorney know what coverage you have.
Include policies you own and policies on your life. Include coverage through your employer if the death benefit is over $100,000. For each policy, include:
- Who owns the policy
- Whose life it insures
- The type of policy, if you know it
- The approximate death benefit
The owner is the person or entity that controls the policy and pays the premiums. The insured is the person whose life is covered. They can be the same person, but do not have to be.
Common types:
- Term: Covers a set period, such as 10, 20, or 30 years
- Whole life: Covers your whole life and builds cash value
- Universal or hybrid: Combines features of term and permanent coverage
- Second-to-die (survivorship): Covers two people and pays only after both have died
You do not need to decide now how your life insurance fits into your plan. If you are unsure about a policy, include it.
Personal property
Personal property means physical items that are not real estate or accounts, such as art, jewelry, vehicles, or collections.
You do not need to list every item. Include items or collections worth more than $10,000, such as “two vehicles worth $50,000” or “a jewelry collection worth $22,000.”
If you own regulated property, such as firearms, list it separately.
Ownership or operation of a business
If you own, run, or invest in a business, a separate page asks for more details.
Stock options or equity compensation
Stock and other equity from your work can have significant value and can affect taxes, so please include it. If you can, note whether each award is vested or unvested. Examples:
- Stock options: The right to buy company shares at a set price
- Restricted stock units: Shares you receive later, once conditions are met
- Performance shares: Shares awarded for meeting goals
- Stock appreciation rights: A payout based on how much the stock rises
Money owed to you
Include money others owe you, such as personal loans, unpaid wages, or a settlement. These are often overlooked.
For example, if a beneficiary owes you money, your plan may take that loan into account.
Potential inheritance over $100,000
If you expect to inherit more than $100,000, include a rough estimate. A future inheritance can affect your plan, and it may be worth coordinating with the person leaving it to you.
Other assets
If you have assets that do not fit the categories above, please include them. Examples:
- Patents, copyrights, trademarks, or royalties
- Donor-advised funds, which let you recommend gifts to charities over time
- Private family foundations
- Club memberships you can transfer
- 529 education savings plans
- ABLE accounts for people with disabilities
- Mineral rights, such as oil or gas interests
- Deferred compensation, earned now but paid later
Including these helps your plan reflect everything you own.
Want to read more?
These articles are optional.
- Estate tax: Federal, Washington, and Oregon estate tax. See this article.
- Digital assets: Planning for your online accounts and digital property. See this article.
- Family cabin: Keeping a cabin or vacation home in the family. See this article.
- Community property: How it affects your estate plan. See this article.
- Beneficiary designations: How retirement accounts, life insurance and other property outside your Will fit with your plan. See this article.