A good first step in estate planning is to inventory everything you own (i.e., your assets) and assign a value to each asset. The following list can help you get started, but you'll probably need to add some categories and delete others.
* Other real estate
* Savings, e.g., savings accounts, CDs, money markets
* Investments, e.g., stocks, bonds, mutual funds
* Pension and/or other retirement accounts, e.g.,401(k), IRA
* Life Insurance policies and annuities
* Ownership interest in a business
* Motor vehicles, e.g., cars, boats, planes
* Collectibles, e.g., art, antiques
* Other personal property
Depending upon your specific situation, you may need professional advice (e.g., a real estate or antiques appraiser) to determine realistic values. Once you've estimated the value of your assets, you're ready to do some planning.
(SOURCE: Federal Citizens Information Center)