4 Simple Steps to Keep Track of Your Assets and Avoid Future Problems!

January 5, 2019, by Ron Ben-Ari – Managing Director Tessa International Asset Recovery Inc.

Typically, assets are unclaimed because families drift apart or, more commonly, because individuals do not keep records of assets they have acquired. Poor estate planning is

another cause of lost money. If you, or your heirs, don’t know the whereabouts of the assets,

neither will anyone know whom to contact in order to regain access to those assets. 

It is wise to keep all important documents, such as the Tessa Asset Estate Record, Last Will, Insurance policies, Stocks and Bonds, Deeds all concentrated in one place; preferably in a water-proof Ziploc bag and in a fireproof safety deposit box! Remember to always have someone with access to the combination. You might also consider storing photocopies in a secondary storage location.

In this age of technology, it would be wise and easy to set yearly reminders on your smartphone, apps or calendars, such as Google Calendar, to help you conduct the required updates to your assets.

In addition to staying in touch and completing estate plans, you can keep track of assets through simple habits like writing down the names of all accounts and account numbers, conducting at least one transaction or interaction with each account per year and providing the Post Office with your new forwarding address when you move. We urge you to download and complete the Tessa Asset Tracker to help you keep everything organized and under control.

4-Step Summary:

1. Keep documents safely stored

2. Store copies of documents in a secondary location

3. Set periodic calendar reminders to update asset summaries (at a minimum on a yearly basis) e.g. Tessa Asset Tracker

4. Regularly touch base with the institutions managing your assets and advise of any contact changes.