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.
Some items may be difficult to classify since they have elements of both categories. For example, fine jewelry may be family heirlooms passed down from generation to generation. It is still worn on special occasions and listed in the physical category. At the same time, this same jewelry may be valuable enough that it requires insurance and special safe-keeping, which are elements typically required for financial assets.
Financial assets also include home, car, and personal loans, retirement and investment accounts, and credit cards. Don’t worry about making a strict distinction between the two categories. Just put the items in the categories that you feel best represent them. It is more important that all items are listed than where they appear on your list.
You can also include the names of the executors of your will, safety deposit box location and number, email accounts, and online passwords for bills, accounts, and profiles. [3] X Research source
For example, a description of a television should include the name and size of the equipment, necessary accessories for operation such as a remote, its general condition, and how much it costs. You should value your collections, such as coins, stamps, or collectibles, as a unit instead of item by item. [5] X Research source Include photographs with dates they were taken to avoid later misunderstandings or confusion about the items you own. If appraisals of value have been completed in the past, note the appraiser’s name, contact information, and relevant details of the appraisal.
You should also include the names of the owners, the insured, and beneficiaries of any insurance policies.
You should describe how you came to possess the item, such as a purchase, a gift, an inheritance, or a foreclosure. For extremely high cost items, keep purchase receipts and warranty information if possible.
Write down the name of the contact person responsible for accessing each of your accounts, the date the account was opened, and its current status. The location of stock certificates, deeds, mortgages, certificate of deposits, and other evidence of an intangible asset should be clearly noted. You should also list any person authorized to access the account and details required to have entry such as passwords, combinations of safes, or safety deposit keys.
This will help avoid confusion if your list is amended at a later time. A list without a date can be more confusing than not having the list.
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.
You should scan or photocopy any other important documents that show your ownership of items, such as deeds of gifts or transfer of ownership forms. You should store the electronic copies of your receipts on the same USB drive as your list. This way all of your documents stay together. Keep the original receipts, even if you scan them. You may lose the files or need an original to prove the legitimacy of a purchase. Store them with other important documents.
You should also provide one copy to your attorney or the executor of your estate with instructions about when to access such information. If your list is in electronic form, make two copies on separate flash drives that are secured by a password. Keep one of these flash drives and store the other safely. If you used a notebook, you should make a copy of it and place the original in the safe or box. The other copy should be kept for you to easily access.
Destroy previous lists to avoid confusion, replacing the older list with the amended copy.
