Yesterday I told you about my personal finance operating manual and one of the things in that manual is an annual review of our assets so to that end, I’m sharing a high level overview of my financial asset inventory.
You will eventually need to compile a list like this for insurance and will & testimony purposes so if you don’t have a new year’s resolution yet, I’d add it to the list and start now because compiling all of this in a nice neat summary will take time. For some items you will need to provide detail such as address, square footage, location of title(s), property tax information, insurance information, etc.
1. Real Estate
- Primary residence
- Vacation homes
- Rental properties
- Land parcels
- Timeshares
2. Financial Accounts
- Checking and savings accounts
- Investment accounts (stocks, bonds, mutual funds)
- Retirement accounts (IRAs, 401(k)s, pensions) *Note that these often pass outside of a will, through designated beneficiary forms.
- Health Savings Accounts (HSAs) Educational savings accounts (529 plans)
- Treasury Direct Accounts
3. Personal Property
- Vehicles (cars, boats, motorcycles)
- Furniture and home furnishings
- Jewelry Artwork and collectibles Clothing and personal items
4. Business Interests
- Shares in privately held companies
- Partnership interests
- Membership interests in Limited Liability Companies (LLCs)
5. Life Insurance Policies
- Term life insurance
- Whole life insurance
- Universal life insurance
6. Other Insurance Policies
- Annuities
- Disability insurance
7. Intellectual Property
- Copyrights
- Patents
- Trademarks
8. Digital Assets
- Social media accounts
- Digital music, movies, ebooks
- Domain names
- Cryptocurrencies
- Online business accounts
9. Loans and Notes Receivable
- Money owed to you by others
- Business loans
- Personal loans
10. Collectibles and Memorabilia
- Art work
- Sculptures
- Photo Albums
11. Precious Metals and Commodities
- Precious Metals – Gold, silver, platinum
- Other commodity investments
12. Legal Claims and Rights
- Pending lawsuits
- Inheritances due to you
- Any other legal or financial claims
13. Government Accounts
- Social Security
- Medicare
- CBP
- Other
14. Miscellaneous Assets
– Club memberships – Frequent flyer miles – Gift cards and certificates – Charitable contributions or gifts