Published By Countrywide Pre-Paid Legal Services, Inc.
Personal assets cover all sorts of things. The assets may 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 critical to know what you own.
Property Insurance Requirements
Emergencies such as fires and floods happen. The same is true for theft. An accurate inventory of your assets lets you identify what needs to be replaced. In addition, the inventory permits you to place a detailed list of what should be covered by the insurance policy on your renter’s or homeowner’s insurance policy. Granted, the coverage may not be as much as the value, but you will still have money to replace the item with something comparable.
Furthermore, if you see the value of your assets, you can decide to protect them again. We are talking about collectibles, computers, and other tangible items. Some of these, including jewelry and coins, belong in a safe deposit box instead of a cabinet drawer.
The Need for Liquidity
Unexpected expenses can be a significant shock to your financial wellness. Some bills need to be paid immediately, and you need to be able to liquidate some of the assets you own. A detailed inventory permits you to decide what can be sold.
We are 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 need to afford them. Here, the personal asset inventory shows what can be quickly sold.
A final reason for a personal asset inventory is creating the last will and testament. You should itemize what goes to each beneficiary; knowledge makes that a simple task. When you look at it, clarity is enhanced by the inventory and permits peace of mind.
We Have a Benefit That Helps
Financial wellness issues are on everyone’s minds. Money concerns create anxiety and worry. Employers can help their associates with economic problems with some advice and support. This should come from professionals who are experienced with financial wellness problems. Countrywide Pre-Paid Legal Services has an employee benefit that everyone in an organization can use.
We have a nationwide network of certified counselors who assist for developing a person’s financial wellness. Our experts can help a plan member create a personal asset inventory that will provide the information needed for emergency expenses or fulfilling a cherished goal.
Additionally, our counselors will provide tips and guidance on establishing a workable personal budget, dealing with college debt, managing medical expenses, and other issues that can affect financial wellness. It is a type of employee benefit that the staff will appreciate.
Clients Are Part of the Design
Countrywide will draft a plan that is unique to the client. The workforce demographics are considered when choosing what financial wellness options will be offered. The decision-makers of the prospective client are consulted.
We will explain all our options and point out the benefits of each one. It is up to management to decide what is provided for employees. They select the services, and we will include them in the plan document. Countrywide provides administration and member 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 chore, but it is a necessary one. Our counselors can help. Countrywide’s other benefit options provide answers to pressing problems. If you would like to know more about what we can do for your employees, please feel free to contact us at your earliest convenience.