Why organising your financial affairs is important
Alongside the peace of mind it brings, keeping an accurate and organised record of your financial affairs is important to know where you currently stand. It also makes things much easier for your loved ones to administer your estate, should the worst happen. In this blog, Castlefield adviser Helen Tandy introduces a way to organise your financial affairs and explains the benefits of keeping things up to date.
We often choose to avoid talking about what will happen when a loved one passes away or loses capacity, yet more of us should discuss these with our families and loved ones, about how they might affect each of us.
As a financial adviser, I encourage clients to consider simplifying how many savings and investment accounts they hold as time ticks on. Do you really need multiple current accounts with payments going in and out of each one to keep them balanced? Do you have a record of them all? How easy would it be for someone else to fathom (an executor or attorney), and would they know where to find everything?
As the saying goes, "Nothing is certain except death and taxes" - Benjamin Franklin, 1789
At Castlefield, we often say that true financial planning goes far beyond investments and pensions. It’s about peace of mind, for you and your loved ones. One of the most meaningful, lasting acts of care you can offer is to organise your financial and legal affairs, ensuring your wishes are clear and accessible.
That's why we provide our "Organising Your Financial Affairs" document - to help you bring everything together in one place and guide your family, executors, and professional advisers when it matters most.
Why this matters
1. Reduces stress for loved ones
Losing a loved one is difficult enough without the added burden of trying to locate important documents, account numbers, or contact details. By compiling all the key information in one place, such as solicitor and accountant details, utility providers, bank accounts, and funeral arrangements you lift a huge administrative weight off their shoulders.
2. Helps ensure your wishes are followed
A valid, up-to-date will is essential to make sure your assets are distributed according to your wishes. Including where your will is stored and who your executors are in the document helps speed up the process and avoids unnecessary confusion or delays. Read More about Wills
3. Powers of Attorney are crucial if you lose capacity
If illness or an accident means you can’t make decisions for yourself, a registered Power of Attorney ensures that someone you trust can step in. Recording who that is, and whether the power has been officially registered, gives clarity to professionals and family members. Read More about Powers of Attorney
4. Avoids missed or forgotten assets
Listing your savings, investments, pensions, and details of less frequent payments for things like memberships or subscriptions, makes it far less likely that something will be missed or forgotten over time. Your Castlefield adviser can also help identify assets that may be exempt from inheritance tax or gifts you have made, maximising the value you pass on.
5. Helps professional advisers support your family quickly
By sharing a copy of the completed document with your Castlefield adviser and your solicitor, you ensure they can act swiftly and effectively when needed, whether it’s administering your estate, accessing financial accounts, or advising your executors.
What to do next
- Complete the Castlefield “Organising Your Financial Affairs” document - this structured form includes sections for everything from your accountant’s contact details to credit cards, funeral wishes, and utility providers.
- Keep it updated - life continually changes, so make sure to review the document regularly, especially after any major event such as moving house, getting married, or changes in your financial circumstances.
- Share it wisely- give a copy to your executors, your Power of Attorney, and your Castlefield adviser. Let your loved ones know where it is stored. NB: obviously it goes without saying that personal details like this need to be kept in a secure place.
A final thought
Organising your financial affairs isn’t just about preparing for the future; it’s about taking control today. It’s a practical, loving act that brings peace of mind to both you and those who care for you.
Written by Helen Tandy
This article is intended for information purposes only and it does not constitute a personal recommendation or inducement to invest. The contents of this article are not intended to be construed as legal, accounting, tax or investment advice. With any investment your capital is at risk. You should seek independent financial advice if you are unsure whether an investment product is suitable for your personal financial circumstances and appetite for risk. Unless otherwise stated this information is accurate as at 03/10/2025.