Teders - Be Prepared

Are Your Records in Order?

Fires, Thefts, and Natural Disasters don't always happen to other people!

If your home or office were to burn down, be burglarized, or destroyed in an earthquake, would you have accessible records to reconstruct your assets for tax and insurance purposes? Here are some tips to prepare yourself in case of a major disaster, casualty, or theft.

Items you will need:

video camera
or camera and notebook
file box

Make a copy of important papers, and keep the copy in an "evacuation box" at home. Suggestions of things to include:

Home:

escrow papers
your title and deed
list of improvements, and contractors who did the work
location of architectural plans

Auto/Boat/RV:

purchase papers
your title and registration
driver's licenses

Personal:

birth certificates
passports
insurance coverage
your will and any trust documents
list of credit cards numbers and issuers

Securities/Banking:

list of stocks, bonds
list of investments
numbers of bank and savings accounts, and CDs
safe deposit box

Tax Returns:

copies of entire tax returns for last three years
copies of firs two pages for prior two years

Appraisals:

expensive jewelry
art
antiques

Home Inventory:

The easiest way to make a Home Inventory is to use a video camera. Walk through your home and take pictures of everything. Talk about it as you tape it. When did you acquire it? How much did it cost? Was it a gift or inheritance? If there are serial numbers on items, read them or make a list.

Don't forget things like jewelry, artwork, toys, furniture, antiques, tools, electronics, sports equipment, clothing, contents of closets, dresser drawers, and linen cupboards.

Videotape every room in your home, including any storage sheds. Also videotape the exterior. Describe any improvements you've made, like landscaping, patio and furniture, fencing, concrete work, sprinkler system, and other renovations.

Also videotape your vehicles, boats, RVs, motorcycles, and trailers. Be sure to describe it, when you got it, and how much it cost.

If you don't have a video camera, use a regular camera and make notes describing the photographs.

Photo Negatives:

the loss of irreplaceable personal photographs can be devastating
you can use a plastic negatives holder in a 3-ring binder

Business Records:

keep these at a location outside your office
Year end general ledger and profit and loss statements for 5 years
copy of any computer backups
copy of client lists
copy of most recent periodic inventory
list of normal inventory items and suppliers
photos or video tape of your office, with description of furniture, fixtures, and other assets, with serial numbers, if applicable
copy of depreciation schedule

The evacuation box should be stored where it can be easily retrieved, and should be among the first things you take in case you have to leave your home.