Does your family know where your money is? Here's why they should.

You probably know which banks hold your savings, where your investments are and which insurance policies you've purchased.

But does your spouse or family know?

Your family doesn't need to manage every financial decision you make. But the right people should know where essential financial information can be found when it's needed.

What should your family know?

Start with the basics.

Your financial accounts

Which banks, investment platforms and institutions hold your money.

Your assets and liabilities

A broad picture of the property, savings, investments and outstanding loans you have.

Your insurance policies

Where your policy documents are stored and how to contact the insurer when necessary.

Your nominations and beneficiaries

Whether relevant nomination details are updated and where those records can be found.

Your important documents

Where to locate property records, investment statements, retirement account information and other essential paperwork.

Keep it organised, but secure

You don't need to create a document containing every financial detail, password or PIN.

Instead, maintain a secure record of important accounts, institutions and document locations.

Make sure the appropriate family members know how to find that information if necessary.

Review it whenever your financial circumstances change.

Why does this matter?

Imagine your family knows you have investments but has no idea which platforms or institutions hold them.

Even identifying those accounts could become a difficult process.

A little organisation today can make financial responsibilities much easier to manage during an already stressful time.

The takeaway: Financial planning isn't only about growing your wealth. It's also about ensuring that important information doesn't become inaccessible when your family needs it most.