New Year's Resolutions Should Include Review of Personal Assets
HERNDON, VA. - Given the current economic situation, it is clear that maximizing personal assets is important. The American Society of Appraisers suggests that people take the opportunity at the beginning of the new year to resolve to document and assess personal assets.
"The contents of most peoples' homes are worth tens of thousands of dollars and they don't even realize it," said Sharon Ring Rollins, chair of the personal property committee of the American Society of Appraisers.
When people count up their assets, they normally include the value of their home and other real estate, cars, bank accounts, retirement accounts, stocks and bonds, etc. What many people forget, however, is that their personal assets include the contents of their home including artwork, antiques, jewelry, collectibles, etc. The value of those items needs to be considered for estate planning purposes, to ensure that they are properly covered by their homeowners or renters insurance policies in case of a loss, and for sale or charitable donation purposes.
The American Society of Appraisers offers tips for homeowners or renters to get started reviewing their personal assets.
"Appraisals are important documents like wills. They provide proof of the worth of a piece of property," said Rollins. "An appraisal performed by an accredited appraiser will stand up in court, with the IRS, or the insurance company if need be."
(ASA is an international organization of appraisal professionals and others dedicated to the education, development and growth of the appraisal profession. ASA is the oldest and only major organization representing all disciplines of appraisal specialists, originating in 1936 and incorporating in 1952. ASA's headquarters is in the metropolitan Washington, D.C., area.)
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