One Simple Document that can make a Huge Difference
Planning for the unexpected isn’t something most of us enjoy thinking about. However, taking a little time now to organise key information can make an enormous difference for the people you care about later.
One of the most helpful tools we encourage clients to complete is a simple document called “What I own and where I keep it”. The document we have referenced here has been produced by Octopus Investments, but you could use any document, or draft your own. It acts as a clear checklist of your financial and personal affairs, designed to support your family or trusted representatives if you were to lose mental capacity or die.
Why this document matters
When someone loses mental capacity suddenly, or dies unexpectedly, families are often left dealing with grief while also trying to piece together complex financial and administrative matters.
It’s very common for loved ones to be unsure about:
What accounts exist
Where important documents are stored
Which advisers or providers to contact
What bills still need paying
This document removes a huge amount of uncertainty at a very difficult time by clearly setting everything out in one place.
What does “What I own and where I keep it” include?
The document is not about giving instructions or replacing a Will or Power of Attorney. Instead, it works alongside them by providing practical, day-to-day information, such as:
Bank accounts and savings – where they are held and how to identify them
Investments, pensions and ISAs
Insurance policies – including life cover, critical illness and income protection
Property details and mortgage information
Debts and regular commitments
Contact details for key advisers (financial adviser, solicitor, accountant)
Location of important documents such as Wills, Powers of Attorney and policy paperwork
Digital information, for example how to locate online accounts or digital records
This clarity can save months of stress, delays and unnecessary costs.
Supporting loss of mental capacity
If you were to lose mental capacity due to illness or injury, your attorneys (under a Lasting Power of Attorney) need fast access to accurate information to act in your best interests.
Without a document like this, even well-meaning family members can struggle to work out what exists and what actions are required. Having everything clearly recorded allows your attorneys to step in confidently and responsibly.
Helping your loved ones when you’re gone
In the event of death, this checklist can be invaluable for executors and family members. It ensures nothing important is overlooked and helps professionals deal with your estate more efficiently.
From our experience, families who have access to clear, organised information experience:
Fewer delays
Lower administrative costs
Far less emotional and financial stress
Keeping it simple and up to date
This document should be:
Easy to understand
Stored somewhere safe but accessible
Reviewed occasionally, particularly after major life events (moving home, changing jobs, taking out new policies)
It doesn’t need to be perfect — it just needs to exist.
This article is for general information and does not constitute personal financial advice. If you’re unsure what’s best for you, seek independent financial advice.
