Good record keeping may turn a situation in your favour

Accurate record keeping may someday make a big difference if assets are ever questioned.

07:43 15 June 2013

Property was at the center of a divorce dispute between Michael Prest and Mrs. Prest. This may be just one high-profile case, but it is something to consider when figuring out your own banking.

You will want to keep clear records about properties and all types of assets. Being properly forthcoming about assets is important for tax purposes, and in the event of a divorce. Here are a few tips to help you keep records on track.

• Paperwork — while this may be old fashioned, and not as “green” as electronic notifications, keeping banking paperwork as an added trail for properties and other assets is a good idea. Keep them in a safe place like a fireproof, waterproof box or safe.

 

• Digital files — when it comes to your investments there are a number of reasons you will want to ensure that you have things well-documented. You typically get paperwork, but it is also advisable to make digital copies and keep them on a USB device in addition to your computer. The more places you have banking records stored of your investments, the easier it will be if data ever needs to be submitted, or there is any question related to those investments.

 

• File data quickly — the more time your sensitive data sits around, the greater your chances become of misplacing certain paperwork or other important documents. Develop a system that works for you and set a time goal such as a week or month for filing papers in their appropriate spots. That includes digital as well as paper copies of banking information.

 

• Future — do not forget about the future while you are keeping great track of your banking investments, purchases, and any other financial assets. You will need to plan for a will and whether or not there will be special stipulations involved on any properties you currently own.