Debts aren’t included in Schedule of Assets or Estate Plan Reports, but you can document them in your Estate Inventory. Add loans manually by going to Estate Inventory > Add > Account > Account Type > Loan. Enter the debt type and current balance, and it will appear as a Liability. Members with a Pro membership can track debts through the Estate Tax Report.
Loans, credit cards, mortgages, and other debts won't appear in your Schedule of Assets or Estate Plan Report. That's because these documents only list assets (property or value that you own), while debts are obligations, not assets.
That said, you can still document your debts in your Estate Inventory. This gives your digital executor, legacy contact, and/or trustee(s) a clearer view of any outstanding debts or open lines of credit that may need to be addressed during estate administration.
How Do I Add a Loan or Debt to My Estate Inventory?
- Click on Estate Inventory.
- Click the blue Add button in the top-right corner.
- A pop-up will appear with a list of options. Select Account, then click Next.
- Click Add Manually and enter your loan or debt information.
- Under Account Type, select Loan and search for the type of debt (i.e., Student, Credit Card, Mortgage, or Personal Loan).
- Enter the current balance of the account.
Once you've added the account, it will appear as a Liability in your Estate Inventory.
How Do I Track My Debts If I Have Pro Membership?
If you have our Pro membership, you can easily track your debts by going to your Home page and selecting Estate Tax Report.
Want to Learn More?
For more on organizing everything you own and owe in one place, check out Organize Everything You Own (and Owe) in One Place With Estate Inventory.
If you have any questions about adding debts to your Estate Inventory, please don't hesitate to reach out to our friendly Member Support team for help!