Budget Hater

Are Your Assets Organized?

Posted by Aaron Coleman
May 15, 2013

As most followers of Winning With Money know, I am a big advocate of knowing your net worth.  Whether it is positive or negative, it is important to know what it is.  You can’t change your situation until you know what you need to change.

Once you’ve taken the time to understand your net worth, it is also a good idea to get your assets and debts organized.  When I say organized, I mean all the information in one place that is accessible to you, your family and loved ones.  If something were to happen to you, those close to you need to know: 

a) What your plan is, i.e. a will 

b) What your financial situation looks like

c) How to access your assets and debts  

I recently did this on a simple spreadsheet.  I listed out the assets in our family.  I also included where those assets are held, important contact information and anything else relevant to the asset or debt.  I don’t recommend leaving online access passwords, but rather account numbers and phone numbers of companies and financial experts you work with.  Putting your online access information on that same sheet can cause major issues if it falls into the wrong hands.

Information and documents I recommend including:

1)   Will

2)   Home information (title, mortgage, etc.)

3)   Retirement Accounts

4)   Educational Savings Accounts

5)   Investment Accounts

6)   Private Equity holdings information

7)   Checking and Savings Accounts

8)   Vehicle Titles

9)   Life Insurance Policies

10)   Real Estate holdings information

11)   Other things of value that someone should know of

12)  Credit Card Accounts

13)   Student Loan information

14)   Other Debts

Where is the best place to keep this information?  

Some prefer a safe deposit box at a bank or credit union.  Some prefer a fireproof safe within their home.  It’s really up to you.  I do recommend keeping it safe from fire, natural disasters and thieves.  How you go about that is up to you.   Wherever you keep your information, make sure those you trust most know how to access it in case something happens.   I also recommend reviewing this information package at least yearly and updating as applicable.

Downloading the Net Worth Calculator from www.winningwithmoney.com is a great place to start this process.  Once you identify your net worth, you can start to ensure those around you are informed and protected should something tragic happen.   You will provide a great peace for those you love by leaving them with a clear and organized direction for them to follow.

Learn more financial wisdom at www.WinningWithMoney.com and take our class at www.udemy.com/budget-save-win


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