I do a complete inventory on all my tools each year. The major items I also include pictures of. I do this for my shop insurance coverage. I also take that same list and put what I think the current value of each tool is. The first time I d this it took be a week of hard work. Now it only takes a few hours as I only have to deal with the additions and subtractions mostly.
This tool list and I also do an equipment list too are in the safety deposit box with our wills and policies.
This is just good business and family responsibility to have this information for whom every is going to have to deal with your estate when you die.
Does not have to be fancy. A legal pad with a list with what you feel is a current tool value.
This post was edited by JD Seller at 19:15:21 07/27/13.
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