When it comes to assets, you need to list absolutely everything that you own. We mean it! Do you have a tractor? A new combine harvester? Whatever it is, just list it and estimate its worth. At this point you do not have to worry if you have borrowed money to buy the asset.
Most people find it easier to list business assets first, as these are readily available from the financial statements prepared by your accountant at year-end. Once you have listed these, give each item a realistic market value. Don’t be tempted to over-inflate or under-inflate the value.
Next you need to list what you own personally. This is often easier than you think. Look around you; furniture, antiques, jewellery, vehicles, boat, and caravan are all assets.
Household chattels are often under-valued by clients, but again you need a true reflection of what they are worth, not what you could get for them at a garage sale. The fact is, you may have more assets than you’ve previously thought! Many people have already listed their assets when applying for or updating house and content insurance. This is a great list to start with.
Assets  
  
Land and buildings         $5,000,000.00
  
Fonterra shares              $   550,000.00
  
Livestock                         $   650,000.00
  
Plant                                $   150,000.00
  
Investments                     $   250,000.00
  
Vehicles                           $   125,000.00
  
Contents                          $    130,000.00 
  
                                         $6,855,000.00

At CMK, we’ve found that people often forget the personal assets they have accumulated. One client forgot to tell us that he had inherited some artwork from his grandparents some years ago. Although he had no intention of selling the artwork, it was still worth over $200,000. That’s a significant asset to be unaccounted!