INVENTORY
OF YOUR
POSSESSIONS |
A home inventory can come
to your aid in a number of circumstances.
It can be crucial for filing insurance claims after a
fire, theft or natural disaster.
It can help you determine whether you need additional
insurance coverage for valuables
such as jewelry, antiques or collectibles.
In an emergency, the inventory can direct your spouse or
designated agent to important
documents.
Last, but not least, it can help maintain good family
relationships by telling survivors how
you want household furnishings and personal belongings
not specifically bequeathed by
your will to be allocated.
So why don't more people do it? "Because it takes
time," says Norman Zalfa, a retired ITT director of
security, who runs a small business in Arlington, VA.,
helping corporate
executives and other individuals organize estate
information and documents, and also
does home inventories. "And for most people, just
the thought of doing it is overwhelming.
So they don't."
HOW TO GET THE
JOB STARTED
Zalfa suggests you start small and tackle the important
things first. Ask your son, daughter,
spouse, another relative or a friend to work with you.
It's not easy to do alone, advises
Jeanne Smith, a Palo Alto organizer, because emotional
memories are associated with
many things we own.
Break the job into manageable pieces. Make a list of
important documents and where
you keep them. Put the list and documents your spouse or
agent would need in a fire-resistant safe that carries an Underwriters Laboratories
rating indicating its ability to
protect contents during a fire.
Make copies and store them away from home, say at your
lawyer's office, in a safe
deposit box or with your children. Next, list the things
that mean most to you and your
family. Begin with jewelry or silverware - whatever has
great sentimental or monetary
value. Photograph each item, noting on the back or in a
notebook the location, estimated
or appraised value and the name of the person you want to
have it after you're gone.
Proceed one room at a time. Take a few pictures of the
room. Then narrow your focus to
photographing specific items such as wall hangings, rugs
and furniture. Finish up with
pictures of the contents of closets and drawers.
Consider hiring a professional organizer. Look in the
yellow pages under organizers or
business consultants, or contact the National Association
of Professional Organizers for names of
members in your area.
While NAPO has members in most states, they tend to be
concentrated in major
metropolitan areas. Fees run from $25 to $100 an hour [or more];
some organizers have
packaged services. Ask for and check all references
before you hire.
HELPFUL
RESOURCES
Write for a safe-deposit-box-sized Personal
Assets Inventory Workbook (McMillan
& Company Professional Organizing, 12021 Wilshire
Blvd., Suite 670, West Los
Angeles, CA 90025).
The Workbook provides space for lists and locations of
documents and records,
household possessions and key people to contact in an
emergency.
A number of companies sell computer software to help you
record inventory information
and make updating easy ... AssetCommander ... comes with
the workbook described
earlier.
This article was published in Kiplinger's
Retirement Report -- February 1996
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