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How to Create Assets

This article explains how to create assets and allocate ownership to entities so that you can accurately record what your client's entities own.

Before You Start

Make sure you have an active Group with at least one entity to assign ownership to.

Steps

  1. In the left-hand navigation, go to Asset Allocations.
  2. In the Create Asset Ownership section, click the Select entity dropdown and choose the entity that will own the asset.
  3. Click the Select asset dropdown and select Create new asset.
  4. Complete the form. The following fields are required (indicated by a red asterisk):
    • Asset Type — the category of asset (e.g. Residential Property)
    • Asset Name — the name of the asset
    • Method of Ownership — determines how ownership of the asset is allocated (see below)
    • Gross Value — the total value of the asset
  5. Add any optional fields to record additional information.
  6. Click Create Asset.

Method of Ownership

The Method of Ownership you select determines how the asset is allocated to the entity:

  • Sole ownership — 100% of the asset is allocated to the entity.
  • Joint-tenants — ownership is equally split among the number of owners you specify when creating the asset.
  • Tenants-in-common — you can set a custom ownership percentage for each entity.

See Asset Ownership Methods for the rules that govern each method.

Allocating an Existing Asset to Additional Entities

If an asset has already been created but has not been fully allocated, you can allocate the remaining portion to one or more additional entities.

  1. In the Create Asset Ownership section, select the entity you want to allocate to.
  2. Click the Select asset dropdown — the partially allocated asset will appear as an option alongside Create new asset. Select it.
  3. If the asset uses Joint-tenants, the percentage is fixed based on the number of owners. If it uses Tenants-in-common, you can set a custom percentage up to the amount remaining (e.g. if 60% has already been allocated, you can allocate up to 40%).
  4. Click Create Asset.

Repeat these steps for each additional entity you want to allocate the asset to.

Editing an Asset

To edit asset details, go to the All Asset Ownerships section and find the relevant asset ownership.

  • To edit the asset details or method of ownership, click the pen and paper icon under Actions.
  • To change the ownership percentage for a Tenants-in-common asset, click the pen icon under Actions.

For full editing details, see Editing Assets on Asset Allocations.

What You'll See

Once created, the asset and its allocation appear in the All Asset Ownerships section. Here you can see the entity, the asset, the percentage of the asset they own, and how much of the asset has been allocated in total.

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