By Marcia Keppy
Through more than 15 years of experience identifying, protecting and reclaiming Unclaimed Property, I've discovered 5 essential steps individuals should follow to evaluate their personal assets and protect them from being unclaimed, and ultimately lost, over their lifetime.
The Asset Tracker™ Program, and the CD Included with every program, provide you with the tools needed to inventory, discover and document personal and financial information affecting your assets. To aid you in fact-finding, there are five different types of History Forms and a Resource Guide, that includes information sources for State's Unclaimed Property sites as well as other sites to check for money or property, i.e., savings bonds or pensions.
Certainly not all individual circumstances are the same, but these five steps allow for discovering and identifying what you know about your assets. More importantly, the Inventory and Investigate Steps aid you in identifying assets you are possibly unsure about and need to verify to prevent the loss of any assets as unclaimed property because they might have been misplaced or forgotten.
STEP1 Inventory
Create a history of what is known in each of these key areas: Family, Work & Military Service, Banking, Insurance, and Investments.
The Asset Tracker™ CD provides "fill-in" FORMS to guide you in taking inventory, compiling a history of the personal and asset information you DO KNOW and need to list and record.
STEP2 Investigate
The Asset Tracker Forms also create a roadmap for reviewing past financial or work experiences and identifying what is unknown.
Examples are savings accounts, pensions or employment benefits that are missing documentation or are uncertain and without clear records. Or, there could be unclaimed property because of previous financial relationship, former employment or living in a different state or location.
STEP 3 Records
The Asset Tracker Program allows you to create a complete, documented record of the personal or financial information you have compiled. Once recorded*, using the Asset Tracker forms, it's important to save and safe keep a copy of your asset inventory and all gathered information.
You should print and store a printed version in a 3-ring Asset Tracker binder. (Requires Adobe Reader* - a free version of the software is available from adobe.com)
*Adobe Reader documents do not allow saving or future modifications, so reentry of all data is required.
You can also save and store the information entered in the forms on your computer as an editable**file document (Requires Adobe Acrobat 8 Standard - available from adobe.com).
A backup copy of your complete forms should also be kept in a secure, safe place as well, such as in a safe deposit box or with a close relative, lawyer or accountant.
STEP 4 Communicate
First, involve key family members (spouse or children) in the process to be sure you haven't overlooked an asset that should be recorded or investigated.
When the Asset Tracker Program has been completed, inform family members and key professional advisors (lawyer, accountant, etc.) about the records you have compiled and where they are retained for safe keeping or for future access.
STEP 5 Update
Annually, preferably at a recurring date or time of year, or if a significant asset changing situation happens, review and update your Asset Tracker records to keep your information accurate.
By taking these five steps to asset awareness and tracking, you will protect your assets and reduce the financial stress that you and your loved ones will have to go through in the event that something happens to you unexpectedly.
Taking the time now to incorporate this process into your life and planning is critical, because protecting your assets is far easier than reclaiming them.
Want to reprint this article on your web site or distribute it to your email list? You are free to do so provided you include the following signature line at the end of the article:
Marcia Keppy is the creator of the Asset Tracker™ Program and is an asset protection expert. Her mission is to help prevent people's money, items and investments from appearing in the unclaimed property list with the potential of even being lost or even sold. She accomplishes this through her Asset Tracker™ Program and as a speaker at workshops, seminars and tele-conferences.
