Let’s start today’s post by asking two questions . . .
First, a pleasant question. You own precious metals, and that is good. But do you know exactly what you own, how much they weigh, and where they are located?
Second, an unpleasant question. If you were to die today (unpleasant!) or contract some illness that would incapacitate you for a period of time, would your heirs know exactly where to find the precious metals you own, or would they be at a loss? Or could they fail to find some of the precious metals you own?
Two questions – one pleasant, one not. But your answers to them could tell you that now is a good time to inventory the precious metals you own. The good news is, creating an inventory is not an unpleasant thing to do. And the process is easy if you follow these steps.
Create a Preliminary List of What You Own
This list can be a rough draft that you create “top of mind.” You will fill in the details later. But starting with a down-and-dirty list will get you going.
Fill in More Details
List the metals you own in the categories of Gold, Silver, Platinum, Palladium, and any others. Under each category, just jot down a description of what those materials are. If you own gold-plated jewelry, for example, write that down. The same goes for platinum thermocouple wire, platinum laboratory vessels and testing supplies, catalytic converters – whatever you have, itemize everything.
Enter Weights and Amounts
You are now going to fill in more details. This step can require a bit more work, because you might not know the weights of what you own. But it is a good exercise to take a look at your holdings, weigh them, and note the details of what you have and their current status. If you have 500 catalytic converters but don’t know what they are worth, note that, for example.
At this stage, it can also be a good idea to approximate the value of your holdings. If you have platinum machine-shop scrap, for example, weigh it and make a rough estimate of what it is worth, using the daily trading prices that you can find on Specialty Metals Smelters and Refiners’ site. You could be in for a pleasant surprise. Maybe the value of your precious metal scrap is a lot more than you imagined?
Note the Exact Locations of All Your Precious Metals
If you were to become incapacitated or pass away, would your heirs know exactly where to find all your holdings? Note every location – safety deposit boxes, storage bins in your garage, a jewelry box in your dresser drawer, etc. Note that as you perform this step, you might decide to move your holdings to safer locations. And that is a good thing.
If you have precious metals stored in safety deposit boxes, record information about the banks where they are located, as well as the location of the keys and combinations that are needed to access them.
Create a List of Any Precious Metals that Need to Be Tested and Evaluated
Then call Specialty Metals Smelters and Refiners at 800-426-2344 so we can explain how easy it is to get your precious metal scrap tested. After we do the testing for you, you will know the value of what you have. And that figure can be important as you revise your will, create an estate plan, and engage in other financial planning. Are you putting off doing it?
Consider Inventorying the Precious Metals that Your Relatives Own
If your parents or family elders have gold, silver, platinum or other items, talk to them about including those items in your inventory, or about creating separate inventories for them. Doing so can help you know exactly what they own. And if they agree to let you help them inventory what they have, they will be better prepared for their own estate planning.
Call Specialty Metals Smelters and Refiners
If your inventory shows you that you have precious metal items that need to be tested, remember that Specialty Metals Smelters and Refiners makes that process simple and quick. Plus, the valuations we do can play an important role in your estate and financial planning. Be sure to call us at 800-426-2344 to start the process.
How to Inventory Your Precious Metals
Why You Should Never Hide Precious Metals in Your Home
The False Bottom Guide . . . Where to find hidden gold and other valuables under fake bottoms
What Are the Safest Places to Store Precious Metals?
Unusual Places where Platinum Scrap Could Be Hiding