15/11/2022
Schedule of Assets: What is it?
A Will written without a properly updated Schedule of Assets is a Will done halfway. What does this mean?
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Also known as an ‘Inventory Booklet’, the Schedule of Assets is a form of record of the details of your assets (both movable and immovable); what are they, where are they, the estimated value of them.
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Why have it?
Simply put, without it your executors will not be able to gather fully all the assets for proper disposal according to your wishes, hence having a possibility of asset leakages.
If not they may have to seek formal help to do requisitions with financial institutions, thereby costing monies.
Some may list down the assets in their Will, thereby making it costly to change it when the assets change along the way.
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Listing down these assets details in a Schedule of Assets will allow you to update it as and when you need.
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We have been working so hard to accumulate assets along the way, why leave it to chance with the possibility of assets leakages when the time comes?