If you are of retirement age in Florida, it is time to start thinking about estate planning if you have not already done so. Estate planning is the process of figuring out what will happen with your assets after you have either died or become incapacitated. Having a solid is state plan will help your beneficiaries figure out how to sort things out after you are gone. One of the most important steps of creating a comprehensive estate plan is to inventory your belongings. According to NerdWallet, you will need to make a list of all of the intangible and tangible assets you currently hold.
You need to start off with an inventory, since before you can make a plan you have to figure out what it is you actually own. Tangible assets are assets that you can actually touch. A good example of a tangible asset is your house or any other real estate holdings you own. Vehicles are also tangible assets, as are collectibles like antiques or coins. In fact, any personal possessions are tangible assets. Depending on the desires of your beneficiaries you may also want to take note of furniture or sentimental objects.
Intangible assets typically relate to money. So any money that you have in a savings account or checking account would be considered an intangible asset. Life insurance policies and retirement plans are also intangible assets. If you happen to own all or part of a business, this would also be considered an intangible asset. Stocks, mutual bonds, and funds will also be on this list.
Knowing what you own and inventorying these items is the first necessary step in a comprehensive estate plan.