Creating a list of personal assets can be a hassle and time consuming. However, this list is necessary when you file an insurance claim if your home is damaged or affected by a disaster. You can use this list to determine the distribution of assets as part of land planning. There are a few simple steps you can take to register personal assets.
Step
Part 1 of 2: Writing Your List
Step 1. Select the desired recording system
There are two main ways to document your assets. You can write down the list manually in a notebook. The advantage is that the list can be accessed whenever you have this notebook and can be stored in a safe place. Another option is to use electronic spreadsheets to jot down the list and it can be changed easily. This list can also be printed, downloaded to the Cloud, or stored on a thumb drive.
- You can create a table with Microsoft Word, or just use Microsoft Excel to create a list of your assets. You can create a title for each category and subcategory. You can also easily add things to a list using both programs by adding table rows and columns.
- Both options are worth trying. Use the method that works for you. Most people choose the electronic way because it is easier to share, modify and add.
Step 2. Keep your personal assets separate
Assets are of two main types. First, are physical or tangible assets. These assets are tangible goods such as houses, furniture, vehicles, works of art, clothing, and other items that can be felt and touched. Proof of ownership of these assets is documented in legal documents such as certificates or deeds.
- Some items are difficult to classify because they belong to both categories.
- For example, expensive jewelry may be a family legacy from generation to generation. This jewelery is still worn on special occasions and is considered a physical asset. At the same time, the jewelery is valuable enough that it requires special insurance and special storage areas, which are usually characteristics of financial assets.
Step 3. Identify your financial assets
The second type of asset is financial assets. These assets are intangibles that represent ownership of bank accounts, securities, insurance policies, stocks and bonds, and evidence of the value of those assets that affect income or wealth.
- Financial assets can also be homes, cars, personal loans, investment and retirement accounts, and credit cards.
- Don't be too hard on separating assets into these two categories. Just put the assets into the category you think is most appropriate. Most importantly all assets have been properly registered.
Step 4. Document your personal information
On the inventory list, you must document some personal information. This will help associate you with the asset through documentation. You must include your name, passport number, income tax number, location of the will, and signature.
You should also include your testament executor's name, safe deposit box location, and number, email account, and online passwords for bills, accounts and profiles
Step 5. Describe your item
When starting out on personal inventory, you need to include as much information as possible on your personal assets, including a detailed description of each item. You should create categories under physical assets in the list to keep the list consistent. You can create categories of valuable vehicles, jewelry, recreational equipment, and collectibles. You should also include a fair market price for each item on the list.
- For example, a television description should include the name and size of the equipment, accessories needed to use the asset (eg remote), the general condition of the asset, and the cost of purchase.
- You should rate collectibles, such as coins, stamps, or other collectibles as a unit rather than individually.
- Include a photo with the date it was taken to prevent misunderstanding or exchange of assets.
- If an item valuation has been carried out previously, include the name and contact information of the appraiser, as well as relevant details of the appraisal that was carried out.
Step 6. Provide proof of ownership
In addition to the list, you will need to provide evidence of intangible assets such as deeds, certificates, insurance policies, and financial accounts. This evidence should be identified with the account number and owner details such as name, address and ID card number. You will also need to include the name of the person who has the legal authority to manage, sell, or dispose of each financial asset.
You should also include the name of the owner, the item insured, and the beneficiary of the insurance policy
Step 7. Provide acquisition details when required
Some items, especially those that are quite expensive, need to include acquisition information. If you remember where you acquired a particular asset, list the elements of the acquisition including the name, address, and telephone number of the seller and the purchase price.
- Also explain how the goods were acquired, for example through purchases, gifts, inheritance, or confiscation.
- For very expensive items, keep the receipt and warranty information if possible.
Step 8. Include location information
Location information of important items or documents should also be included in your personal asset inventory. For each personal asset, note the location where the item is stored along with any special security required. For financial assets, identify with the name, address and telephone number of the custodian, broker or bank where your account is located
- Write down the name and contact number of the person who has access to each account, the date it was opened, and their current status.
- You should also clearly state the location of stock certificates, deeds, mortgages, certificates of deposit, and other evidence of intangible assets.
- You should also create a list of people who have access to the account and the required access details such as passwords, combination numbers, or safe deposit boxes.
Step 9. Take note of the special conditions of certain items
There may be some items in your inventory that require special care. Like any other item, expensive jewelry, works of art, collectibles, and precious metals must be described properly to estimate their current value. In addition, all items intended as gifts must clearly include the recipient's name, address, and conditions of gift.
Step 10. Complete all your inventory lists
If all physical and financial assets have been registered along with personal information and copies of relevant documents, your list is ready to be completed. The trick is to add all additional items that do not fall into the previous two categories but want to be registered. After everything is registered, put the date of creation of this list.
This is done to prevent confusion if your list is changed in the future. A list without a date is more confusing than a list without a date
Part 2 of 2: Protecting Your List
Step 1. Post a list of authorized legal representatives or agents
List all the people who can help solve your problem if needed. In an emergency, you will need to include the name, address, and contact number of your advisor or family member who has the authority to replace you.
You must notify these people that you have completed a list of your personal assets, where they are located, and all instructions regarding when and how to access the information
Step 2. Scan and make copies of all your invoices
To keep your wealth safe, keep as many invoices as possible, especially expensive items. If you are using an electronic register, scan your invoices to make an electronic copy. If you are making physical lists, make photocopies of invoices to keep. It's a good idea to have several copies just in case.
- You should scan or copy all important documents that prove ownership of the item, such as a deed or gift or transfer of ownership form.
- You should keep an electronic copy on the USB drive where you keep your asset list.
- Keep the original invoice, even if you have made a copy. You may lose files or need original documents to prove the authenticity of the purchase. Keep it with other important documents.
Step 3. Make copies of your inventory and keep each copy in a safe place
Once the list is complete, you need to store it in a safe place. Do this by making several copies and keeping one in a safe place. If you are making your list electronically, print out a physical copy of your list and store it with other important paper documents in a fireproof box or safe. Keep the second copy in a safe, but easily accessible place if it needs to be changed at a later date.
- Provide a copy to your attorney or land executor with instructions on when to access the information.
- If the list is electronic, make two copies on a separate USB drive and have password security installed. Keep one for you and the other in a safe place.
- If you are using a notebook, make a copy and place the original in a safety box or safe. Keep a copy with you.
Step 4. Update your asset information
Even if a list is created, it doesn't mean your assets won't change. You will be buying items and changing ownership of assets, so this list needs to be updated. Review your list periodically. Add new assets and delete assets that are no longer owned. If you acquire an asset of significant value, it is recommended that the list be updated immediately. Provide details of the acquisition or disposal transaction, including the date, parties involved, and the reason for the acquisition or disposal of the asset.
