Preparing a written inventory and valuation of your property is essential for thorough estate planning. After you have completed the inventory work sheet in Part I, you will have your approximate total asset value. Part II itemizes other deductions that will affect the calculation of your final estate value. Then you can determine the approximate value of your taxable estate in Part III.

Part I

Inventory Work Sheet
A. Assets
1.	Cash on hand, savings and checking accounts (current market value)	$
2.	Mutual funds, stocks, bonds, CDs, other investments (current market value)
3.	Your home (current market value)
4.	Other real estate (current market value)
5.	Individually owned personal property, vehicles, jewelry, collectibles (current market value)
6.	Your share of jointly held property (current market value)
7.	Net equity in your own business (current market value)
8.	Proceeds from life insurance owned by decedent
9.	IRAs, retirement plans, annuities (current market value)
10.	Approximate Total Asset Value	=$
Current market value is the value of an investment at a certain point in time.

Part II

Deductions
A. Debts
1.	Additional expenses (for example, utility expenses)	$
2.	Mortgage loans
3.	Other consumer loans
4.	Credit cards
5.	Income tax and property tax
6.	Total Debts	=$
B. Estate Settlement Costs
1.	Administrative expenses (attorney, accountant and executor fees, probate fee, appraisals)	$
2.	Funeral expenses
3.	Total Estate Settlement Costs	=$
C. Other Deductions From Your Estate
1.	Marital deduction (generally, the value of the property that passes from your estate to your surviving spouse)*	$
2.	Charitable bequests	=$
3.	Total Other Deductions	=$
D. Total (Add Part II lines A6, B3 and C3)
*All property that is included in the gross estate and passes to the surviving spouse is eligible for the marital deduction. The property must pass "outright." In some cases, certain life estates also qualify for the marital deduction.

Part III

Value Of Your Taxable Estate
1.	Approximate total asset value (Part I line A10)	$
2.	Total deductions (Part II line D)	=$
3.	Adjusted Taxable Estate (Part III subtract line 2 from line 1)*	=$
*If this amount is greater than the amount at which the federal estate tax is imposed, you may wish to seek professional advice for ways to reduce your estate taxes.

Consult with an estate planner or financial planning professional to determine the value of your taxable estate.

Updated Thursday, May 13, 2010