Personal assets include all sorts of things. Assets can include collectibles, antique furniture, stocks and securities, computers and jewelry. Many people have not learned the value of all their assets, which is not good. It is important to know what you own.
Property insurance requirements
Emergencies such as fires and floods occur. The same applies to theft. A proper inventory of your assets allows you to identify what needs to be replaced. Additionally, the inventory allows you to place a detailed list of what should be covered on your renter’s or homeowner’s policy. Sure, the coverage may not be as much as the value, but you’ll still have the money to replace the item with something comparable.
Also, if you see the value of your assets, you may decide to protect them again. We are talking about collectibles, computers and other material objects. Some of these, including jewelry and coins, belong in a safe instead of a cabinet drawer.
The need for liquidity
Unexpected expenses can be a significant shock to your financial well-being. Some bills need to be paid immediately, and you need to be able to liquidate some of the assets you own. A detailed inventory allows you to determine what can be sold.
We’re talking less about collectibles at this point. Instead, paper assets such as stocks, bonds and whole life insurance policies can be quickly sold and produce the cash needed. A good asset inventory includes account numbers and what financial institutions hold securities or cash.
Of course, only some expenses are an emergency. For example, the down payment on a new house or that well-deserved vacation are desirable, and people must be able to afford them. Here, the personal asset inventory shows what can be quickly sold.
A final reason for a personal asset inventory is to create a last will and testament. You should specify what goes to each recipient; knowledge makes it an easy task. When you look at it, the clarity of the inventory is enhanced and allows peace of mind.
We have a benefit that helps
Financial health issues are on everyone’s mind. Money worries create worries and anxieties. Employers can help their employees with financial problems with a little advice and support. This should come from professionals who have experience with financial health issues. Nationwide Prepaid Legal Services has a staff benefit that anyone in an organization can use.
We have a nationwide network of certified advisors to help develop a person’s financial well-being. Our experts can help a plan member create a personal asset inventory that provides the information needed for emergency expenses or to meet a cherished goal.
In addition, our counselors will provide tips and guidance on establishing a workable personal budget, managing college debt, managing health care costs, and other issues that can affect financial well-being. It’s a type of employee benefit that staff will appreciate.
Customers are part of the design
Countrywide will develop a plan that is unique to the customer. Workforce demographics are considered when choosing which financial wellness options will be offered. The prospective customer’s decision maker is consulted.
We will explain all of our options and point out the benefits of each. It is up to management to decide what to give to employees. They choose the services and we will include them in the planning document. Countrywide provides administration and membership services.
An asset inventory allows people to understand what they own and set short and long-term financial goals. Creating one can be a tedious task, but it is necessary. Our advisers can help. Countrywide’s other benefit options provide answers to urgent problems. If you want to know more about what we can do for your employees, please contact us as soon as possible.