Types of asset lists
An asset list template as it is a clever and practical tool in saving time and reducing stress regarding financial matters. There isn’t a tinge of intimidation when using an asset inventory template because it’s easy to and modify in case you make a mistake or you need to make a change in asset information.
Here is a list of the most common asset list template that you can create:
- Business asset list
Used this asset management template to organize intangible assets, tangible assets, and your intellectual properties. Some of the business assets may include equipment, business reputation, patents, and brand value. Using this list in business can give a better understanding of the value of your asset items which can then become a basis in making smarter financial decisions.
- Company or office asset list
This asset list format is a template for item categorization and is typically used to monitor office expenses and inventory. You can use the list for computers, desks, printers, apartment units, and anything that’s required to run a business.
- Personal asset list
As the name implies, this list is an easy to use a chart that classifies items which have personal value. You can use this for financial assistance or when applying for loans. Items to include in this list are cars, banks accounts, life insurance, and so on.
- Asset list example
This list is a document which exemplifies the process of itemization. The contents of this list can vary depending on the type of asset you’re recording. But this type of list is more helpful as a learning tool to demonstrate how to properly construct a list for prospective clients.
- Fixed asset list
This is an accounting tool that’s used to document the fixed assets if a company. You can easily create the register using an Excel template, then use it to compare assets by loss or growth potential, valuation, purchase date, and other asset qualities. Items commonly included in a fixed asset list are land, factories, and offices.
Tips for using the asset list
Making a list of your assets can be a time-consuming and tedious endeavor but the efforts you invest will be extremely worth it. For instance, the asset list template can provide just the right information when making insurance claims should your home get destroyed by natural calamities or even broken into.
You can even use the asset or equipment inventory template to determine the distribution of assets when creating an estate plan. Here are some pointers to consider when making your asset inventory template:
- Decide on a system for record keeping
There are two ways that you can create your asset list template. The first one is doing it manually using a notebook. One advantage of this is its accessibility at any given time. You can carry the notebook anywhere and keep it in a secure location. The second option is using a spreadsheet and this has more advantages.
Spreadsheets give you the ability to make tables when creating your own electronic list. With the application of your choice, you can format the spreadsheet to create headings for the categories and subcategories. You may also expand the spreadsheet for more entries by adding columns and rows.
All these features and more depend upon your own needs and preferences on how to keep your records. Because you can easily share, modify, and print the digital template, many people today prefer this option.
- Make a separate list of your physical assets
Physical assets are your tangible properties that you own including your home, cars, furnishings, clothes, artworks, and more. Document the proof of ownership of tangible properties through legal documents like deeds, titles, and asset or equipment inventory templates.
- Create a list of your financial assets
Financial assets are the intangible properties and they represent your ownership of insurance policies, bank accounts, stocks and bonds, securities, and other evidence of value that have an effect on your wealth or income.
Financial assets can also include your home, car, investment, and retirement accounts, personal loans, and credit cards. If unsure about what category an item should qualify, just put it in the category that you feel represents it best.
- Document your personal information
Don’t forget to include in your asset management template your own personal information. Doing this step helps to attach your identity to all of your assets using documentation. Important information includes your name, income tax number, passport number, where your will is, and your signature.
If applicable, you may even include the name of your will’s executors, the location of your safety deposit box and its number, passwords for profiles, accounts, bills, and email accounts.
- Include a description of the items
Your asset list template should include as many details and information as possible regarding each of your physical assets, meaning a complete description of every item. If needed, you can create separate categories under your physical assets just to keep your assets organized.
- Attach proof of ownership
Aside from the list of your intangible properties, you should also provide proof of ownership. This usually comes in the form of titles, certificates, deeds, financial accounts, and insurance policies. Identify these documents with owner information details and account numbers.
If as an owner, you have designated a person to have the legal authority to dispose of, sell or manage your financial assets, make sure you include the name of this person.
- Provide details of acquisition
For some tangible items, especially those that are of great value, you have to provide acquisition information. If you can still recall where you acquired these items of value, list all of the information about your acquisition like the name, phone number, and address of the seller along with how much you paid for the assets. Acquisition can be through purchase, an inheritance, a foreclosure or as a gift.
- Include relevant location information
If you’ve hidden important documents or assets, you should include their location in your asset inventory template. There should be a note stating the location of each of these physical items. For the intangible assets, identify these with the name, phone number, and address of either the broker, bank or custodian where you keep these assets.
- Include any special conditions for some of the items
Certain assets in your list may require special attention or certain actions for their maintenance. Like all the other assets of value in your list, you should fully describe these special items in addition to their estimated value.
Moreover, if you intend to give these special assets as gifts, include the names of the beneficiaries, their contact details, and all of the transfer conditions.
- Finalize your template
After listings all of your financial and physical assets, including your personal information along with the copies of any related documentation, it’s time to do the final step.
Including any additional assets that didn’t specifically fall into any category but which you still want to be part of your list. Next, you will need to date the list. This is the final step for your asset management template.
Keeping your asset list template protected
You should keep a list of persons who can help you manage your affairs in case you’re unable to. This especially applies in emergency situations where you’re incapacitated and you can’t make decisions. Here are other ways you may consider to keep your asset list template protected:
- Photocopy or scan all receipts and asset-related documents
Having receipts is always the best way to maintain the safety of your properties so keep them all, especially the ones for the high-priced assets. If you use a digital list, scan the receipts so that you have digital copies available.
If you use a printed list, have all your receipts photocopied and keep them with the list. Remember that the more copies you have of each receipt or document, the safer your asset will be in case anything happens to any of the copies.
- Make several copies of your asset list template and store the copies separately
After completing your list, make several copies and store one in a truly safe place. If you created your list electronically, print a hard copy and store this in a safe place together with your other important documents. Have another copy for yourself which you can access easily in case you want to make some modifications.
- Always update the information in your template
Remember that the information on your asset or equipment inventory template may change, especially if you keep on purchasing or changing assets. This means that you have to keep your template updated. You should regularly review the list and make updates when necessary. You could either add new assets or delete those that you no longer own.
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