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Sep 7, 2023 · A personal asset inventory (PAI) is a record of your physical possessions. Having an inventory can help after emergencies, such as a burglary or fire. The best way to create a personal asset inventory is by using a website or app. Think about your home and imagine that every item inside vanishes.
Sep 17, 2024 · A personal asset inventory is a detailed list of everything you own that holds value, including real estate, vehicles, personal belongings, financial accounts, and intangible assets like intellectual property. Its primary purpose is to track and manage your possessions for estate planning, insurance claims, and financial clarity.
- Overview
- Writing Your List
- Protecting Your List
- Sample Lists
Listing your personal assets can be tedious and time-consuming. Despite the hassle, the effort will pay off when you need to make an insurance claim if your home is broken into or destroyed by fire or flood. You can also use it to determine asset distribution as part of an estate plan. There are a few simple steps you can follow in order to make a ...
There are two main ways you can document your list. You can do it by hand in a notebook. This has the benefit of being accessible at any time when the notebook is in hand and can be kept in a safe place. The other option is to use an electronic spreadsheet to keep records, which is convenient and can be easily changed. An electronic list can also be printed, downloaded into the Cloud, or stored on a thumb drive.
You can create tables in Microsoft Word or use Microsoft Excel to create your electronic list. You can make headings for each category and subcategory.You can also easily add things to your list in either program by adding rows and columns to the tables.
Either option is legitimate. It depends on your personal preference for record keeping. The electronic version is more easily shared, changed, and added to, so many people choose this option.
There are two main types of assets. The first is physical assets. These are the tangible properties you own such as your home, furnishings, automobiles, artwork, clothes, and other items that you can see and feel. The evidence of your ownership of physical assets is documented in legal documents including deeds and titles.
Attach a list of legal representatives or authorized agents.
You should list the individuals that can help with your affairs if you are unable to. In the event of an emergency or in a time where you are unable to conduct your own affairs, you need to document the names, addresses, and contact information of your advisers or family members who have authority to act on your behalf.
You should notify these individuals that you have completed a personal asset inventory, where it is located, and any instructions regarding when and how to access the information.
Scan or photocopy all of your receipts.
After retiring from State employment, is life insurance coverage an asset? Is the state retirement an asset?
If the life insurance has a cash value, it should be considered a financial asset as should the State retirement fund if it is legally your right to receive.
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Can I get a list of assets to consider?
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May 18, 2022 · Assets are items that you own and are of current or future value to you. Personal assets can include money, guaranteed investment certificates, property, or even unique things, like a piece of art ...
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Apr 5, 2024 · Update your inventory of personal assets regularly to protect your wealth. When creating a portfolio of your personal wealth, identifying your personal assets is a pivotal step in this important ...
Next Steps. Once you have completed your asset inventory, you should consult an experienced estate planning lawyer who can guide you on the next steps in estate planning 101, including: • naming your beneficiaries. • choosing an executor of your estate. • creating the legal documents to convey your assets such as a will or trust.
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Asset Inventory Use this section of the Workbook to create an inventory of the estate assets. You will need to determine the market value of each estate asset at date of death. Review all records, including financial statements, insurance policies and tax returns to obtain market values. You may also need to get an appraisal of personal items.
