The detailed documentation of non-financial assets offers significant value to high-net-worth families. Engaging Archival Property Solutions to create a digital catalog and store it securely online for reference, enjoyment, or real-time collaboration is not only practical, it protects the most valuable asset of all: the owner’s peace of mind.
Archival Property Solutions’ accurate, accessible documentation can be helpful with:
• ownership and valuation issues when dealing with insurance providers in the wake of substantial loss;
• property management tasks and applications including wealth management, tax and estate planning, and Family Office service support;
• personal and business legal matters ranging from prenuptial agreement planning to property division in divorce settlements to supplying support details to a legal defense team;
• establishing that insurance coverage is suitable.
Please note that Archival Property Solutions does not provide any service regarding money. We do not store or manage any original assets or documents, or advise clients on any topic. All descriptions and formal appraisals are supplied by the property owner.
THE LOGISTICS OF DOCUMENTATION
The more valuable an asset is, the greater the value in documenting it. Prime candidates for documentation include, but are not limited to, fine art, valuable collections, jewelry, gems, antiques, memorabilia, and luxury items such as airplanes and boats. Archival Property Solutions also thoroughly documents business and investment properties as well as residential structures, their landscapes, and their daily use contents, including amenities, furniture, décor, fixtures, finishes, and other architectural details.
Value, however, is a relative term. In times of family crisis, digital assets such as scans of important documents and records may prove to be more valuable than the material items listed above. These digital assets can include confidential data such as provider contacts and account location with access details as well as the storage location of original documents and materials. It may become critical for family members, advisors or caregivers to be aware of such information in the event of the owner’s incapacitation or death. As a matter of course, these digital assets should also be cataloged for the owner’s protection and for remote collaboration with family members or professional advisors.
Archival Property Solutions will also document other items that the owner holds dear and would want recovered, repaired, replaced or reimbursement for in the event they are lost, stolen, damaged or destroyed. These assets might include an extensive library of books, a wine cellar, musical instruments, electronics, digital media and images, hobby equipment, items of sentimental value and items pertaining to family history.
An archival property record offers the most value and functionality when it is kept current and complete. For optimal results, the documenting and cataloging of non-financial assets—and any subsequent editing or amending of the resulting digital catalog—is best left to experts. Archival Property Solutions has broad experience with property categories and asset classes, and the network reach to refer owners to experienced appraisers and other uniquely qualified professionals when appropriate.
APPLICATIONS FOR DOCUMENTATION
Documenting tangible assets results in a catalog of valuable information that can serve as a useful and time-saving resource for a wide range of services, including:
Thorough estate planning calls for a comprehensive inventory of assets in all categories, replete with details of ownership, valuation, and ultimate distribution intention. Producing a complete catalog of tangible assets can add clarity and efficiency to the estate planning process and cultivate harmony among family members.
Detailed documentation of tangible assets can play a crucial role in personal and business legal matters ranging from prenuptial agreement planning to property division in divorce settlements to general business planning. A digital catalog securely stored online with client-controlled access should include photo images, detailed descriptions, scans of appraisals, and other supporting documents.
The quality of any tax planning service is dependent on the quality of information provided to the tax planner. If key pieces are missing from the total picture, important calculations and strategies will suffer. Tangible assets can be the easiest to overlook and the most difficult to value accurately. Documenting and cataloging these assets thoroughly and accurately may provide immediate tax advantages and/or prevent serious tax issues from surfacing in the future.
A thorough and accurate catalog of tangible personal and business assets allows high-net-worth owners to face the future in full command of important details associated with their wealth. Armed with this critical data, family offices and their teams of advisors will be better positioned to provide the best possible service.
Documenting valuable assets—through photo images, digital copies of purchase receipts, current appraisals, and descriptions of condition, location, provenance, and other details—ensures that owners are provided with the right type and amount of insurance coverage. Even if owners never file a claim, there is great value in knowing they’re protected from significant financial loss. Claim time is the wrong time to discover that coverage is unsuitable.
Insurance Claim Filing Efficiency
Producing adequate proof of ownership and value when insured assets are lost, stolen, damaged or destroyed is the insured’s responsibility. Furnishing the insurance provider with a detailed list of affected property as promptly as possible can increase the efficiency and reduce the stress of the claim filing process. In contrast, the lack of accurate documentation may cause some lost items to be underinsured or overlooked altogether, adding unnecessary stress to an already distraught owner and substantially reducing the resulting financial recovery.
A digital catalog should contain the information an owner needs for ready use in disaster recovery. Any number of unforeseen calamities—house fire, mudslide, wildfire, earthquake, hurricane, tornado, flood, utility failure, water damage—can damage or ruin treasured possessions. Detailed pre-loss documentation greatly improves the odds that each item can be accurately claimed, each structure rebuilt, each setting restored, and each bit of family history preserved.
Given their constant exposure to the elements, real estate structures require regular maintenance to preserve their value. When the features and associated facts of each property are captured, recorded, and hosted on an encrypted, secure website, an owner can maximize property values by remotely and efficiently managing all the details involved with real estate ownership.
Fine Art and Collectibles
Fine art and valuable collections such as classic cars, wine, coins, and stamps, are often a reflection of the passions and priorities of the owner, even when the items are acquired for investment diversification or potential financial appreciation. That personal connection is reason enough to document these treasured assets to make certain that they are suitably insured to support replacement or adequate compensation in the event of an insurable loss. Digital documentation also provides the owner with the pleasure of remotely viewing any item in a prized collection at any time, from anywhere. If items are lost to burglary, their recovery, as well as the perpetrator’s prosecution, may directly depend on the images and special markings that the victim can provide to law enforcement.
All philanthropic planning and donation-related communications require accurate facts and valuations. Cataloging special collections and other items that are earmarked for donation is an efficient and cost-effective way to correspond with prospective donation recipients.
Valuable Documents and Data
Important documents and confidential data—including legal agreements concerning specific items, intentions and values—should be backed up in case originals are lost, damaged, or destroyed. This digital library can also serve as a virtual living will by providing family members with critical data in the event of a loved one’s serious illness, disabling accident, memory decline, or death. Urgent situations are stressful enough without having to worry if essential files are still intact and how they can be quickly located and accessed.
Virtual Tour Enjoyment
Documenting and cataloging tangible assets is an emotionally rewarding way to record and preserve a family’s history. Family gatherings, celebrations and traditions can be revisited by scrolling through visual reminders of past and present family treasures, homes and special collections prized more for their sentimental value than financial worth. At a moment’s notice, all this and more can be recalled and enjoyed visually and verbally through connected devices alone or with family members in distant locations.
Museum and Government Support
This documentation process can be used by museums and governments to gather and organize information about valuable collections and other items of important cultural and national historic value. Then, if a natural disaster, fire, theft, riot or act of war results in damage or loss, at least the digital records of those tangible assets will remain intact to support recovery, restoration and reimbursement efforts.
Retaining Archival Property Solutions to document their tangible assets and organize the resulting photo images, appraisals, and other supporting documents into an online digital catalog equips high-net-worth owners to better manage the complexities associated with great wealth.
Failing to document and catalog these assets can leave a family vulnerable to significant losses of property and wealth in the event of a fire, natural disaster, or burglary. In the aftermath of such traumatic events, the family must then contend with the difficult and stressful details of their losses while in a state of shock. In contrast, having their affairs in order can maximize post-loss financial recovery while minimizing emotional duress.
Documenting non-financial assets provides peace of mind not only for the owner but for the owner’s family as well. When the owner dies or becomes physically or mentally incapacitated, the existence of a well-organized digital library of important assets, complete with scans of confidential data such as account numbers and passwords, helps the family avoid unnecessary headaches while dealing with their grief and heartache.
Ultimately, the thorough documentation of tangible assets—knowing what they own, where it is, and what it’s worth—enables the ultra-affluent and their trusted advisors to cope with, plan for, protect against, and recover from life’s unexpected events.
About Archival Property Solutions, LLC
Archival Property Solutions documents and catalogs the tangible assets of high-net-worth owners for their personal viewing pleasure and support of crucial Family Office and wealth management activities. Clients who have substantial and complex holdings in multiple locations can now keep their catalog of non-financial assets stored securely for private, confidential access via computer, tablet or phone. When maintained with current information, this confidential digital catalog can keep owners and their trusted advisors better informed, enabling them to stay current with professional service objectives and to plan for, protect against, cope with and recover from life’s unexpected events.
Contact Archival Property Solutions at:
(866) 843-2100 or
When we receive your inquiry, we will determine the best way to match our services to your unique needs and circumstances. We look forward to hearing from you and will respond promptly and confidentially.