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Ensuring your loved ones know about your financial affairs is one of the kindest and most practical things you can do for them. Life is unpredictable, and if you were to pass away or become ill unexpectedly, having your financial information organised and accessible could spare your family unnecessary stress and confusion.
A survey by My Pension Expert revealed that over a quarter (27%) of Britons in long-term relationships have savings or investments their partners aren’t aware of. Additionally, 23% suspect their partners have undisclosed financial assets. While these gaps in communication are often unintentional, they can lead to significant difficulties. Imagine trying to piece together accounts, policies, or debts without guidance—especially during an already emotional time.
It’s a common issue among couples aged 35 to 54, with research showing that 26% in this group have unshared financial details. On average, the value of these undisclosed savings is around £22,500. That’s a substantial amount that could make a real difference in a crisis, yet it’s often hidden due to a lack of communication.
In my 40 years as a financial planner, I’ve seen too many instances where a lack of financial transparency has left families struggling. Widows unable to pay school fees because they couldn’t access funds. Families forced to sell their homes due to hidden debts. A deceased gentleman’s beloved second wife left without income because he neglected to make a will, and his children chose not to support her. These situations are heartbreaking and, more often than not, avoidable with better planning and open communication.
To prevent such scenarios, we recommend creating a “Life Pack” (also known as the In Case of Death folder, or the Dead File – but really you don’t need to die to leave your loved ones in a difficult position, and the morbid title can be off-putting). A file containing all your important financial information. This proactive step can provide your loved ones with peace of mind and clarity when they need it most. Here’s a list of what you need to include:
Key Documents:
Life Insurance & Pensions:
Bank & Finances:
Debts & Liabilities:
Income & Expenses:
Contact Details:
This is, by no means, an exhaustive list, but it’s a good starting point. And if you’re not sure how to structure your file, Age UK’s resource, The Life Book, can be a helpful guide. It provides a straightforward way to record all the details your family might need.
Taking the time to create and share your Life Pack may not feel urgent, but it’s one of the most valuable gifts you can give your loved ones. It’s about more than finances—it’s about ensuring they’re supported and informed when it matters most.
If you’d like help creating your Life Pack, we’re here to assist. Get in touch and take the first step towards peace of mind for you and your family.
ABOUT YELLOWTAIL
Founded by Dennis Hall, Yellowtail are the trusted financial planners who advise affluent individuals & families in the South West and across the UK. Yellowtail’s experts provide the clarity, control and confidence to guide you through financial planning, estate planning, pension transfers and investment management directing your journey towards a prosperous retirement and financial peace of mind.
