It is always important for people to know what assets they have, but there are specific reasons why they might need a list of their personal assets as well. For instance, having a list of personal assets can prove useful in creating wills or for insurance purposes. Lists of personal assets are especially advantageous in insurance claims in the instance that houses burn down and possessions are lost. Insurance companies will more likely reimburse policy holders for certain items if they have proof that they had them.
Compiling the List
Compile a list of all common personal assets. Cars, computers, real estate property, jewelry and other such notably valuable items all immediately come to mind. Be as thorough as possible when making the list, providing as many details as are available. For instance, include the ages of cars, their mileages, their book values and their conditions. Don’t forget to write down any stocks or bonds in possession as well.
Pictures of valuable items can prove invaluable, especially when making insurance claims because pictures of the items prove that they were actually owned by the claimant. Additionally, pictures can prove useful in wills because they make it perfectly clear who is allotted exactly what item. Computers, furniture, jewelry, cars, houses and other types of assets should have image documentation.
Any collectibles should also be included in lists of personal assets since they can be of extreme value. For instance, baseball cards, fine art, figurines, antiques and other such collectible items might have proven to be quite valuable to the owner one day. Additionally, taking pictures of collectibles could prove useful in the event that they are ever stolen because then individuals have pictures that they can present to the police to assist them in locating the items.
Storing Lists of Personal Assets
Store lists of personal assets in safe places, such as in fireproof safes or in safety deposit boxes. It is also a good idea for individuals to have their lawyers have copies of their lists of personal assets on file as well. Place any pictures of personal assets in safe places along with the lists as well to ensure that they are protected.
Having lists of personal assets can prove beneficial in a variety of situations. Not only might they be needed for legal purposes, but they could prove useful for insurance purposes as well. Plus, making them is relatively simple.