Time Marches On
How often do you need an inventory of your belongings? As various life events take place, this document can serve as a great referral source. How many occasions require you to know what you own? I thought of the lyrics in the Tracy Lawrence song, titled “Time Marches On” and realized that this really states how often.
The story takes you through the many years of one’s life, and how things and people change. Lawrence sings, “The only thing that stays the same is everything changes, everything changes … time marches on.”
Many reasons for an inventory
Over the years, as things change, the need for a home inventory continues to appear. Most think only of disaster preparedness and the need to prove what you own(ed) after a loss to help file an insurance claim. However, there are many other occasions when an inventory is helpful or necessary:
- Prenuptial agreement
- Separation of assets/divorce
- Placing items in storage
- Financial planning
- Estate planning
- Estate settlement
- Tracking business assets
- Documenting items in rental property
- Buying/selling/merging a business
Obviously, an inventory is not a document that is created and stored away to be forgotten. Keeping it up to date is essential to make these transitional times a little easier and less stressful. Having the information recorded now, and kept current, will speed the process of whatever event requires you to refer to this information.
I wish I had …
When speaking to an executor after the loss of a parent, a victim of a fire, someone who placed items in storage, or a person who just finalized a divorce, and many other situations, we are frequently told that they wish they had created an inventory of their belongings prior to when they needed it.
If you choose not to tackle this task yourself, contact a certified inventory professional near you to have this information recorded. Many offer an additional service to hold your information, and even keep it up to date for you!