Do you have assets stuffed into the various corners of your life that you’d forgotten all about? Those assets are part of your net worth, but if no one in your family knows about them, they may as well not exist!
It happens all the time — we change jobs, for example, and then ten years later we happen to get a tax form reminding us of that old 401(k) still sitting around gathering dust. But maybe that asset can be put to better use. And you really ought to make sure somebody else knows about that asset, so it doesn’t become lost forever.
Here’s a quick checklist of possible hidden assets:
- 401(k) or other benefits from an old job
- Scattered IRAs
- Savings accounts or CDs from when you lived in a different city
- Inherited stock or other valuable assets
- Unused bank accounts
- Gifted savings bonds
- Safe deposit boxes
Once you’ve uncovered your hidden assets, create a list of information on each one and share it with a family member or another relevant person.
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