Prepare a clearer financial handover

Build a map another person can follow

A financial handover should help someone locate the important information and understand who to contact. Start with a short introduction explaining whose records are included, when they were last reviewed and which items still need checking. Keep the language familiar to the person who may use it.

Prioritise records that would be difficult to reconstruct without you: the location of original documents, the adviser who handles an entity, the provider behind an unfamiliar payment, or the connection between a property and its loan. You can add the finer detail after the map is usable.

Create an index of records and contacts

Organise the handover into a few predictable groups: assets and debts, policies and commitments, people and entities, documents and professional contacts. Each entry should explain what it is, whose record it is and where to find current information.

For each professional, record their role as well as their name. “Accountant for the family company” is more useful than an unexplained phone number. Note the relevant office or business contact details and any reference that helps identify the matter.

1. List the principal accounts, assets, loans and policies.
2. Identify the person or entity connected to each entry.
3. Record the location of current documents and any important originals.
4. Add the appropriate professional or provider contact.
5. Mark gaps and agree who will help confirm them.

Explain immediate practical needs

Include a simple list of recurring household commitments, their frequency and the usual contact or payment arrangement. The purpose is to explain the current setup, not to instruct someone to operate an account without authority. Keep provider information separate from passwords or authentication codes.

Imagine another person trying to identify the home insurer or the mortgage provider. Can they find the current policy or loan reference and a reliable contact without opening every file? If not, improve the index before adding more documents.

Keep access separate from legal authority

Sharing information does not appoint an attorney, transfer ownership or authorise someone to deal with a bank. ASIC Moneysmart explains that powers of attorney provide legal authority and that the rules vary between states and territories. Discuss the appropriate arrangements with a qualified legal professional; a portfolio entry does not create them.

A will addresses the distribution of an estate after death, while arrangements for acting during life serve a different purpose. Keep the location and date of relevant documents in the handover and make clear which professional holds the originals. See Moneysmart’s estate-planning overview.

Check super and formal nominations separately

Do not assume a beneficiary name in your personal records determines how super will be paid. Services Australia recommends asking your super fund what happens on death and who receives the benefit. Confirm the fund’s nomination requirements directly rather than relying on an informal note.

Record when you last checked an arrangement and where the provider’s confirmation is stored. Keep unresolved questions on a review list. Services Australia’s preparation guide covers broader matters you may wish to discuss with your family and advisers.

Share deliberately and test the result

Financial Portfolio’s viewer role provides read-only access, with section permissions and additional restrictions on visible records. Documents also require explicit sharing. Giving someone access to a section does not automatically reveal every file. Available sharing features depend on the plan.

The documented viewer-grant workflow does not send an automatic invitation. Tell the intended recipient how to sign in with their own account and check together that the correct portfolio, records and documents are visible. Never assume a saved email address means the person has received or tested access.

Use the family and professional sharing page and security overview to understand the access model. Review permissions when a person’s role changes and avoid sharing unrelated information merely because it is in the same portfolio.

Rehearse and maintain the handover

Ask the recipient to find three things: an important policy, the relevant professional contact and the location of an original document. Let them explain the structure back to you. Any point where they hesitate is a useful prompt to simplify a name, add context or fix an access setting.

Revisit the handover after a major purchase, refinance, relationship change or change of adviser, and choose a regular review date. This is a practical organisation guide. Decisions about legal authority, estate arrangements and personal financial needs should be confirmed with the appropriate professionals.