Family organisation
What happens to your financial information when you’re gone?
A financial record can help your family find the information they need, when finding it matters most.
At a glance
What to know first
Think about the information you carry in your head: which institution holds your super, which folder contains the insurance schedule, which adviser understands the family trust.
Start by listing assets, liabilities and important policies.
A policy schedule is easier to find beside its insurance record than in a folder called ‘Miscellaneous’.
In this article
Would someone know where to begin?
Think about the information you carry in your head: which institution holds your super, which folder contains the insurance schedule, which adviser understands the family trust. Someone close to you may know that these things exist without knowing how to find them.
The first challenge is often discovery. A useful financial record gives a trusted person somewhere to start, with clear names, relationships, supporting documents and contact details.
Create a map of the information
Start by listing assets, liabilities and important policies. Record which person or entity each item belongs to and where its supporting information is held. Make names understandable to someone who did not set the system up.
Add the relevant professional contacts. Knowing who can explain a structure or locate a document can be as useful as the document itself.
Connect the paperwork to the record
A policy schedule is easier to find beside its insurance record than in a folder called ‘Miscellaneous’. An ownership document is easier to interpret alongside the people or entities it describes.
Keep a review routine so an old statement or closed account is not mistaken for a current one. The purpose is to make the information understandable, not simply to collect more files.
Information access and legal authority are different
Sharing records can help someone understand your affairs, but it does not give them authority to act for you. Recording a beneficiary in an app does not replace a formal nomination or legal document.
Questions about wills, estates, powers of attorney or an institution’s process should be discussed with the appropriate professional or institution. Financial Portfolio organises records; it does not provide those legal arrangements.
Have the conversation while you can
Choose someone you trust and explain the structure of your records. Where you grant viewer access, check together that they can find what you intended to share. Review both the information and permissions after significant changes.
You do not need to organise everything in a day. Start with the records that would be hardest for someone else to locate, then build a clearer picture over time.
A little more detail
Frequently asked questions
How can I make financial information easier for my family to find?
Create a current list of assets, debts, policies, documents and professional contacts. Tell a trusted person where it is and review the information after major changes. Services Australia offers further preparation guidance. Read Services Australia's preparation guide.
Does a financial portfolio replace a will or power of attorney?
No. It organises information. Legal authority and entitlements require the relevant formal arrangements.
Which documents should be easy to locate?
Consider current statements, policy schedules, ownership documents and the details of the professionals your family may need to contact.
