Five Steps to Help Your Family Access Your Financial Information

Do your loved ones have access to your essential financial details in a crisis or if you pass away? Many families find themselves unprepared, faced with stress and complications.  According to Caring’s 2025 Will Survey, only 24% of Americans have a will, down from 33% in 2022.  Effectively organized, communicated, and documented financial information can prevent loved ones from scrambling under emotional strain. Here’s a comprehensive guide with steps to help ensure your loved ones are prepared when they need to obtain your financial details.

Step 1: Compile a Financial Inventory

To get started, create a detailed list of all financial assets and obligations. This includes the following:

• Bank Accounts: Checking, savings, and certificates of deposit
• Investment Accounts: Retirement accounts such as 401(k) plans, Roth and traditional individual retirement accounts (IRAs), and brokerage accounts
• Insurance Policies: Life, health, auto, and homeowner’s insurance
• Real Estate Holdings: Primary residence, rental properties, land
• Debts: Mortgages, car loans, credit card balances
• Other Assets: Vehicles, valuable personal property, and business interests

This list should also include account numbers and contact information for financial institutions. For security reasons, keep online login credentials separate, but trusted parties should be able to access the information as necessary.

Step 2: Organize and Categorize Financial Documents

Reduce confusion by organizing financial documents according to a system, for example, into categories such as current bills, tax records, and long-term and estate planning. Creating a physical binder or using digital tools can help keep vital documents organized and accessible. Essential documents include:

• Expenses: Keep a record of monthly bills and outstanding balances.
• Tax Returns: Hold three to seven years of tax records.
• Pay Stubs and Employment Records: Retain earnings information for at least a year.
• Insurance Policies: Store current policies and related correspondence.
• Bank and Investment Statements: Maintain records for at least a year or as needed for tax purposes.
• Estate Planning Documents: Keep wills, trusts, powers of attorney, and advance directives together in a secure location.

Step 3: Regularly Update Information

Being organized is one thing; remaining that way is another, and is central to ensuring that your family has reliable, accurate information. Update your details when financial matters change, a debt is settled, or after a major life event such as marriage, divorce, or the birth of a child. Besides financial information, you should confirm your beneficiary designations have not changed. You can schedule a regular personal review of your materials or meet with your financial advisor to get up to date.

Step 4: Store Documents Securely and Share Access

Proper storage of financial documents is imperative.  Consider a fireproof safe or a safe deposit box for physical copies.  Encrypted cloud storage services like OneDrive or iCloud can securely store digital information.  Additionally, some financial planning companies offer their clients safe and secure resources for sharing and storing documents, such as the SHP Vault from SHP Financial.

Step 5: Communication with Family

Open communication with family and trusted beneficiaries about financial and estate planning matters can minimize stress and confusion, prevent conflict, and help enact your wishes after your passing. Having regular family meetings can keep everyone up to date, reiterate your priorities, and smooth the process. Consider involving financial professionals in these discussions, such as financial advisors, estate attorneys, or accountants, who can provide clarity and answer questions. Professional guidance can also assist heirs and beneficiaries in navigating the complexities of estate settlement after a passing.

These five steps will help you and your family prepare for a death or emergency. To assist with the process, here is a checklist you can use and share with your beneficiaries.

1. Create a financial inventory: List all assets and liabilities and include account numbers, names of financial institutions, and contact information.
2. Organize documents: Sort documents (taxes, insurance, investments, etc.) into categories and use physical binders or storage solutions.
3. Store items securely: Store physical documents in a fireproof safe or safe deposit box, or use encrypted cloud storage for digital copies.
4. Share access information: Inform trusted individuals about the location of your information and provide necessary passwords or access credentials.
5. Communicate plans: Hold family meetings and involve professionals as needed to discuss financial matters and your estate plan.
6. Regular updates: Review and update documents regularly, and ensure information is current.

Taking proactive steps to organize and communicate your financial information is a gift to your loved ones. It will support them during a difficult time by reducing stress, providing clarity and confidence, and avoiding conflict and complications.  At SHP Financial, we can help you organize your finances, answer questions, help with estate planning, and assist your beneficiaries upon your passing. Contact us today for a complimentary review of your finances.