Some people are exceptionally organized and some are not. If you fall into the latter category then your assets, whether they be business or personal could be scattered to the three winds. Thing is how can you make sure assets are exactly where they should be and protect them?
Wills
If you don’t make an appraisal of your personal assets then it could be seriously difficult for those you leave behind to claim what’s been left to them in your will. They can challenge it by all means, they could argue that the will wasn’t signed or that he/she was unduly coerced into signing it, that’s one of many ways to challenge a will, and there are others too, but frankly why put your family through it?
Instead here are 5 ways you can protect your personal assets and make sure they are taken care of.
- Don’t put all your personal assets in one place whether they be physical assets e.g. jewellery, paintings, or money. Keep them separate and in a secure place. If you’re house burns down or you’re burgled, don’t give it to them on a plate.
- Keep track of any income that comes from property, it could be taxable, always keep that in mind, the penalties are high if you don’t pay your taxes remember that. Manage your finances well and they’ll serve you well in return.
- Here’s the bit you’re not going to like, making a list. Some people love making lists, some people don’t. However, this could be the most important list you ever make. Make sure you list EVERYTHING. Any relevant phone numbers or financial institutions, addresses, phone numbers, keep them safe and the same with mortgages or vehicles.
- Save receipts for large items of worth, whether they be art, jewellery or antique.
- Take pictures, if you do get burgled or your house burns down you’ll be thankful you did. It will really help with an insurance claim. Make a copy of the list and your pictures and put them on to a CD or a DVD and then place it in a safe.
If you find yourself in the unfortunate position of having to challenge a will then make sure you seek advice.
My in-laws are big on hunting, well my FIL is anyway. They own a cabin and property that they use specifically for hunting. They keep their guns locked up at their house though, and recently someone broke in and stole the entire safe with the guns in it. The insurance co. took them to court (they’d never made a claim for anything before) saying they didn’t believe they had those guns????? They should have taken pictures and made a list. Great advice!
thanks for the great tips. i will probably try some of them out and see how they work for me.