A good first step in estate planning is to inventory everything you own, either alone or jointly with another, 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.

• Residence
• 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
• Jewelry
• 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.