A personal asset list template is a professional list that describes the total possessed value of the individual or the total family of a household. It is very important for every person to know about his/her personal assets. The personal asset list holds both the tangible and intangible property. It also includes the market value of current, long term assets, land and property. This list gives information about the total amount held, the cash correspondents, the certificate of deposit, total savings accounts, the bank bills or treasury notes, and total amount of investment. For example, bonds, cash worth of insurance policies, stocks, owned property and land, and other personal assets like jewelry, vehicles, artworks, collectibles and household appliances. You can easily prepare your personal asset list by calculating its total owned balance and the things that belong to you. If you are running your own business, then its worth will also be included in your personal asset list.
How Significant is Personal Asset List?
A personal asset list template is very significant as it helps people to calculate their total worth. The personal asset list holds the market worth of all possessed properties. It is very easy to make a personal asset list because it holds everything you already know about yourself. Everything that belongs to you should be presented on your personal asset list. It helps you to estimate your savings and liabilities. The main purpose of making the personal asset list is to officially know about your own value. Sometimes, people do not calculate their personal assets correctly. It can be made manually by hand or electronically by using different programs, such as spreadsheets, MS Word and asset management software programs. The digitally made personal asset list is easy and very beneficial because it helps you to make the changes in a minute. The best way to know about your net worth is to make a list of your personal assets on spreadsheets and then deduct all the accountabilities from it.
Advantages of a Personal Asset List
A personal asset list template has many advantages which are as follows;
1- A personal asset list helps you to know about your total owned value.
2- This list is very beneficial because it does not only tell you about the cash amount, but it also describes you about the tangible assets like land and other properties like vehicles and jewelry, that are in your possession.
3- With the help of this list, you can easily estimate your total worth at market value.
4- Moving further, you can also make changes to your personal asset list according to your possession.
5- It helps you to claim your property or insurance.
6- You can also protect your personal assets by enlisting close family members and friends and giving them the power to authorize it.
Drawbacks of a Personal Asset List
A personal asset list template has many disadvantages which are given as below;
1- A personal asset list is very difficult to make a list of personal assets.
2- It is a very time-taking process.
3- This list demands a lot of time and effort to calculate the total owned value and the other property into cash equivalents and then fairly make the list of personal assets.
