What is a personal property inventory?
It’s a listing of your household possessions and important information or documentation about them.
What is financial property inventory?
A listing of the financial vehicles you have and what they are worth. This includes all of your bank accounts, brokerage accounts and other investments.
Why should you take the time to do a personal property and a financial property inventory?
- For insurance purposes:
- to be sure you are carrying enough homeowner’s or renter’s insurance
- in case of disaster (ex. fire, burglary, tornado) your settlement will be more favorable
- To provide ownership of property in case of loss or theft
- For income tax purposes – for example, in case of loss
- For the preparation of your next net worth statement
- For replacement cost planning – to estimate how much will be needed to replace items, such as a refrigerator or furnishings.
Remember, preparing a thorough personal property/assets and financial property inventory will take time. Organize, set-up, store and update.
To complete both a personal property inventory and a financial property inventory, we have included forms for you to use. You can download those here: