Financial planning is not only about investments. It is also about making sure important information is available when the family needs it. A clear record can reduce confusion and delays.
Create a basic inventory
List bank accounts, investments, insurance policies, loans, credit cards, and important contacts. The record should not expose passwords, but it should tell the family where to begin.
Check nominees and ownership
Nominee details, joint holdings, and updated contact information can make administration easier. These details should be reviewed after major life changes.
Keep emergency information separate
Emergency contacts, medical insurance details, and key financial contacts should be easy to locate. A family member should know where the latest version is stored.
- Maintain a list of accounts and folios.
- Review nominees and contact details.
- Keep insurance and loan details accessible.
- Update the record at least once a year.