Spring Cleaning: Lists You Need to Get Your Affairs in Order
Americans’ median household net worth (meaning half the households have more and half the households have less) is around $193,000, while the average net worth is just over $1 million, according to the Federal Reserve, the central bank of the United States.1 The median gives a more accurate picture because it shows what most people are experiencing without being skewed by a small number of ultrawealthy Americans.
The Federal Reserve tracks household net worth as an indicator of the overall health of the US economy and to gain a long-term perspective that influences future monetary decisions. You should track your net worth for similar reasons. This process involves creating an inventory of your assets (everything you own) and keeping it updated so that it can be measured, analyzed, and readjusted to keep your financial and estate planning goals on track.
Majority of Americans Do Not Know Their Net Worth
Your financial plan and your estate plan are deeply intertwined. Trying to create an estate plan without a clear picture of your finances is like planning a journey without knowing your beginning point.
Do you want to ensure that your loved ones are taken care of when you are gone? Do you want to leave a gift to a charity you care about? Do you want to ensure that the money you have saved and the assets you have acquired benefit the people and causes you care most about? If so, start planning now. Your plan begins with an assessment of your net worth.
Many Americans are unsure about how to calculate their net worth—or even what it is.
Around half of Americans told Credit Karma they do not know how to calculate their net worth.2 Sixty-seven percent also said they do not track their net worth, and nearly 20 percent said they do not know what actions to take to increase their net worth.3 More than one in five believe the term net worth applies only to the wealthy.4
Net worth is calculated by subtracting your liabilities (what you owe) from your assets (what you own).
- Add up the value of all of your assets. Assets are the things you own that have value, such as cash, investments, real estate, and personal property.
- Add up the value of all of your liabilities. These are your debts, including credit card balances, loans, and mortgages.
- Subtract the total liabilities from the total assets
While this calculation is straightforward, you cannot figure out your net worth if you do not have an accurate picture of everything you own and the value of individual assets, which can be trickier to calculate.
1 Jeannine Mancini, If the Average American Household Is a Millionaire with a Net Worth of $1.06 Million, Why Do
People Feel So Broke?, Yahoo!Finance (Oct. 28, 2024), https://finance.yahoo.com/news/average-americanhousehold-millionaire-net-193035068.html.
2 Americans Have a Net Worth Problem, and It’s Not Positive, Creditkarma (Apr. 17, 2023),
3 Id.
4 Id.
How an Asset Inventory Fits into an Estate Plan
To provide for your beneficiaries and fulfill other estate planning goals, such as charitable giving, you need to know how much your estate (everything you own) is worth—and therefore how much you have to give.
Compiling an inventory not only helps you measure, grow, and distribute your wealth; it also helps those who must step in if you become incapacitated (unable to manage your affairs) or when you pass away, such as your estate executor, trustees, and agents under a power of attorney decision-makers.
We can help you compile a comprehensive list of your assets and fill in any gaps. Before meeting with us, create a list that includes the following information:
● Types of assets and detailed descriptions. Include as much information as possible about each asset, including the following details:
- Bank accounts: The last four digits of the account number, the full legal name of the financial institution, and whether it is a checking, savings, money market, CD account, etc. Note if the account is held jointly with another person and specify their name and relationship. List the named beneficiary for the account and any contingent (backup) beneficiaries, if you have already completed these forms.
- Investments: Name of the brokerage firm or investment company, the last four digits of the account number for each investment, the types of investments (stocks, bonds, mutual funds, ETFs, retirement accounts, annuities, etc.), and supporting information such as the number of shares owned. Specify whether the account is held individually, jointly, or in a trust and list the primary and contingent beneficiaries for each account, if you have already completed these forms.
- Real estate: Complete street address, the legal description of the property as recorded in the deed, lender name, loan number, mortgage details (principal balance, interest rate, and monthly payment), ownership type, and annual property taxes.
- Personal property: Vehicles (make, model, VIN, and loan information), art, antiques, coins, stamps, jewelry, and other collectibles (including any appraisals, provenance
information, or insurance information), and items such as musical instruments or electronics with significant value. - Digital assets: Online banking and investment accounts, online payment platforms (e.g., PayPal), cryptocurrency wallets, domain names, intellectual property, and online businesses. Include documentation that proves ownership of these assets, such as crypto wallet addresses and keys.
- Acquisition date. Documenting when you acquired an asset can be helpful for tax purposes and tracking progress toward your financial and estate planning objectives.
- Present value. An inventory is a snapshot in time and needs ongoing review and updates. Use a professional appraiser for items such as antiques, art, jewelry, collectibles, memorabilia, and furniture.
- Storage. We can keep an up-to-date asset list for you, but you should have your own copies. Secure the list in a water- and fireproof home safe. Create backups that are digitally stored with other important documents on an encrypted cloud service or external hard drive kept in a separate, safe location. Use cloud services with features that allow you to share specific folders or files with trusted individuals or provide those individuals with login\ information for the cloud service or physical drive.
Your Wealth Journey Starts Here!
You need to know the value of everything you own to grow your net worth. You also need to know how much wealth you have to ensure that your estate planning wishes are achievable.
Depending on your age, you could have years or decades left to acquire more assets, pay down your debts, and grow your wealth so that you have enough financial resources to fulfill your wishes by the time your estate plan takes effect.
You cannot get to where you want to go on your wealth journey if you do not understand where you are right now. The first step of this journey is creating a current, comprehensive asset list and meeting with an estate planning attorney.
Who Is Part of Your Professional Team?
If you are like most Americans, you have at least one to-do list. You might also use lists when you are shopping, brainstorming, setting goals, and planning for events.
To-do lists, grocery lists, bucket lists . . . the list goes on. However, there is one crucial list that often gets overlooked: the list of trusted professionals and decision-makers who can step in for you during a time of need.
This list can be a centralized document of all the key players in your life who advise you on a regular basis or are legally designated to carry out your affairs when you become incapacitated (unable to manage your affairs), pass away, or experience an emergency. This simple yet powerful tool can help you, your professional team, and your loved ones be better prepared for future scenarios and more smoothly navigate challenging times.
Your List of Professionals
Your list of professional advisors should contain contact information for the following important people in your life:
- Accountant
- Financial advisor
- Insurance agent
- Spiritual advisor
- Other professionals you routinely work with, such as legal and medical professionals
You will also want to include on this list the following key decision-makers in your estate plan documents:
- Trusted family and friends, in particular those whom you have designated as an agent under a power of attorney
- Your estate executor/personal representative
- Trustee(s) of your trust(s)
- Guardian of your minor children
For each contact, provide the following information:
- Full name
- Area of expertise or relationship to you (e.g., long-term care insurance agent, son, etc.)
- Contact information (phone number, email address, mailing address)
- Account or policy numbers for any assets under a professional’s management (where applicable)
- Any authority that has been given to a person (agent under a power of attorney and, if so, the type(s) of power granted, such as financial, medical, general, or springing)
Why You Need an Advisor List
A list of professionals can prove invaluable for your loved ones if you pass away or a health crisis leaves you incapacitated. Without it, your loved ones may be left to navigate a maze of financial accounts, legal documents, and critical decisions. Having a centralized repository of who’s who in your personal and professional lives can save your family time, money, and stress when managing and winding down your affairs. Here is a look at who may need to be involved and what they might need to know:
- The person you designate as an agent in your financial power of attorney may need to know whom to contact to oversee and manage your finances.
- Your executor or funeral representative should know your spiritual wishes when you pass away. Your executor also needs to understand all of the transactions you are a party to so that your estate can be settled.
- The trustee of a trust you created may want to work with your financial advisor or your attorney to manage the trust’s accounts and property in accordance with your wishes and legal requirements.
- Your healthcare proxy (the agent under your healthcare power of attorney) might need to reach out to your providers about treatment options and end-of-life decisions.
In addition to incapacity and death, there are everyday situations when you may need ready access to this list.
For example, if you must travel unexpectedly, get caught in a natural disaster, are hurt in an accident, lose your smartphone or internet access, or are forced to deal with a family crisis, you might need to reach out to people on the list who can act on your behalf or otherwise provide assistance. However, their contact information may be stored in different locations and hard to locate in a crisis. A single list containing this information is more accessible and efficient.
Ensure that the list can be accessed by the right people at the right time. Keep it in a secure location, such as a home safe or encrypted digital file, where your advisors and trusted decision-makers can obtain a copy via instructions and permissions you provide to them ahead of time. You might also want to include a copy of the list with other important documents, such as your estate plan, so that designated individuals such as your executor or trustee can refer to it. Consider keeping a copy of the list on file at your advisors’ offices as backups and for safekeeping.
Add Making a List of Professionals to Your To-Do List
You may assume that your loved ones know whom to contact at a critical moment or that this information is readily available. Compiling a contact list can also get lost in the shuffle of bigger tasks such as making a will, setting up a trust, paying your taxes, and following a financial plan.
A list of professionals and key decision-makers is an underutilized planning tool that complements your existing documents and goals. This type of list is not just about names and numbers. It ensures that you, your loved ones, and your team can quickly and seamlessly collaborate for your best interests in difficult situations, both expected and unexpected.
Life and relationships change. The next time you meet with us, check that your advisor list is accurate, up to date, and stored in a secure, accessible place—and check this important task off your to-do list. If you have not already created one, we can assist you.
Ensure That Your Loved Ones Call the Right Doctor
Now that we are in March, we are well past the point at which most of us have abandoned our New Year’s resolutions. As in previous years, improving physical health ranked among the top goals that Americans set for themselves in 2025.1 But while goals like losing weight and building strength remain popular, there is a growing emphasis on overall well-being, including mental health and preventative care.
This greater focus on health and wellness, however, stands in stark contrast to our lack of advance healthcare planning. While some Americans are diligently counting their steps, watching what they eat, and trying to live longer, healthier lives, many have failed to plan adequately for their future healthcare and what could happen in a medical emergency. One basic list can help address this shortcoming.
The Healthcare Planning Gap
For a growing number of Americans, healthy living is no longer a luxury but a core value. Although we spend more on healthcare than other high-income countries, our health outcomes are among the worst by many metrics.2 An estimated 129 million Americans—roughly half the population—have at least one chronic disease (e.g., heart disease, cancer, diabetes, obesity, hypertension).3
The COVID-19 pandemic accelerated the trend of Americans taking a more proactive role in their health.4 It also prompted more Americans to create estate plans as we contemplated our mortality.5 Unfortunately, the percentage of Americans with a will has since fallen back to pre-pandemic levels of around one-fourth.6
The number of people who have created a healthcare power of attorney is slightly higher than those who have created a will, but not by much. According to a study by Penn Medicine, the systematic review of approximately 795,000 people in 150 studies found that only 29.3 percent had completed an advance directive, including just 33.4 percent who had designated a healthcare power of attorney.7
The lead researcher in this study said that this lack of surrogate decision-makers and end-of-life care instructions means that the treatments most Americans would choose near the end of their lives are often different from the treatments they receive—a disconnect that can lead to “unnecessary and prolonged suffering.”8
How to Ensure That You Get the Care You Need—and Want
Without medical directives such as a healthcare power of attorney, doctors may be forced to make critical decisions without a clear understanding of your wishes. This can lead to delayed care, unwanted treatments, family disagreements over the best course of action, and even court intervention.
Although you may have a healthcare power of attorney, this document alone might not be enough to guarantee that the treatments you receive are the ones you need—or would choose yourself. It may be necessary to have an advance directive or living will to help elaborate on your wishes. If your state does not recognize advanced directives or living wills as legally valid, you can still leave a letter of instruction to your healthcare power of attorney to share your thoughts and desires.
A healthcare power of attorney authorizes a trusted person (your healthcare agent) to make medical decisions on your behalf when a medical condition prevents you from making or communicating those decisions. This agent is charged with the task of making decisions that are in your best interest and would ideally be ones you would make for yourself. However, your agent needs additional context to make the appropriate choices for you. This information should be organized in a document that lists the following:
- Doctor’s name and specialty. In a stressful situation, seemingly obvious details like these can be easily forgotten.
- Doctor’s contact information. Include the office phone number, after-hours contact number, and the provider’s office address.
- Current health conditions. List any chronic illnesses or ongoing medical concerns the doctor is managing.
- Medication list. Provide a complete and up-to-date list of all medications, including dosages, frequencies, and the reasons they are prescribed.
- Healthcare power of attorney. Confirm that a healthcare power of attorney is on file with the doctor’s office.
- Insurance information. Knowing your insurance information and coverages can facilitate timely access to care and billing.
Each of the doctors you regularly see should be on the list—and they should have a copy of your healthcare power of attorney on file—to cover all potential health situations.
During a life-threatening or emergency medical situation, it is generally recommended that your primary care provider be contacted because they know you and your medical history. However, there may also be situations where a specialist, such as a cardiologist or psychologist, needs to be consulted in short order.
Other Healthcare Planning Documents and Considerations
Not planning for medical contingencies, from sudden illnesses or injuries to gradual declines in cognitive abilities, could result in you losing the ability to voice your treatment preferences. Because the stakes are so high, your healthcare planning should cover all of the bases.
- Copies of your power of attorney, both physical and digital, should be kept in several other strategic locations, such as with your agent, trusted family and friends, and your attorney. A medical crisis may require you to visit the emergency room, where the document is not on file.
- A healthcare power of attorney is just a starting point for future healthcare planning. Other advance directives to consider are a living will, HIPPA authorization form, DNR order, and documents that address organ donation and funeral preferences. And do not forget about life insurance.
- Periodically review your healthcare power of attorney and other advance directives to ensure that they still reflect your wishes. Send and store updated copies that reflect these document changes.
Maintaining your health and fitness can include one simple action that does not involve going to the gym, tracking steps, or following the latest diet trend. It only takes a visit to our office to complement your current wellness goals and get an instant mental health boost knowing that you and your loved ones are prepared for a medical emergency.
1 Jamie Ballard, What Are Americans’ New Year’s Resolutions for 2025?, YouGov (Dec. 13, 2024), https://today.yougov.com/society/articles/51144-what-are-americans-new-years-resolutions-for-2025.
2 Munira Z. Gunja et al., U.S. Health Care from a Global Perspective, 2022: Accelerating Spending, Worsening Outcomes, The Commonwealth Fund (Jan. 31, 2023), https://www.commonwealthfund.org/publications/issuebriefs/2023/jan/us-health-care-global-perspective-2022.
3 Gabriel A. Benavidez et al., Chronic Disease Prevalence in the US: Sociodemographic and Geographic Variations by Zip Code Tabulation Area, CDC (Feb. 29, 2024), https://www.cdc.gov/pcd/issues/2024/23_0267.htm.
4 New CVS Health Study Finds People Are Taking Greater Control of Their Health As a Result of the Pandemic,
CVS Health (July 8, 2021), https://www.cvshealth.com/news/community/new-cvs-health-study-finds-people-aretaking-greater-control-of.html.
5 Daniel de Visé, Facing Mortality, More Americans Wrote Wills During the Pandemic. Now, They’re Opting Out,
USA Today (Apr. 3, 2024), https://www.usatoday.com/story/money/2024/04/03/fewer-americans-writing-awill/73170465007.
6 Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Feb. 18, 2025),
https://www.caring.com/caregivers/estate-planning/wills-survey.
7 Two Out of Three U.S. Adults Have Not Completed an Advance Directive, Penn Med. (July 5, 2017),
https://www.pennmedicine.org/news/news-releases/2017/july/two-out-of-three-us-adults-have-not-completedan-advance-directive.
8 Id.
