Why You Need a One-Page Financial Summary for Your Family
Let’s get serious for a moment.. This might be the most vital document that you create for your loved ones.
Let me level with you- it’s incredibly easy to put off thinking about estate planning.
I see it all the time with people that I come across, old or young.
None of us likes imagining difficult situations, and it can feel heavy to even bring it up. But avoiding it doesn’t make the responsibility go away; it only leaves the people we care about with more uncertainty down the road.
Taking the time now to organize what matters most is an act of love, as it gives your family clarity when they need it most.
If you become incapacitated or pass away, your spouse or heirs will suddenly need to step in and make sense of numerous items regarding your financial affairs.
Even if you think you’re organized, most families find that information is spread across file folders, online accounts, and forgotten drawers.
The result?
Stress, confusion, and sometimes costly mistakes occur when important accounts, insurance policies, or even entire assets are not able to be located or are overlooked altogether.
Why a One-Page Summary Matters
People focus on the big estate planning documents — the will, maybe a trust, powers of attorney, healthcare directives, and so on — and for good reason. They’re absolutely essential in ensuring your wishes are carried out, your assets are distributed properly, and that someone you trust can make decisions on your behalf if you’re unable to.
But this, lesser-known piece of planning is just as critical for your family: a one- or two-page financial summary.
Instead of a scavenger hunt, this brief financial overview provides your family with a clear, consolidated guide they can follow during one of life’s most difficult times.
This simple document should highlight:
Key contacts: your attorney, CPA, financial advisor, insurance agent, etc.
Essential documents: where to find your will, trust, powers of attorney, healthcare directives, etc.
Accounts & assets: banks, investments, retirement accounts, insurance policies, and property.
Income sources & bills: pensions, Social Security, recurring subscriptions, utilities.
Practical household notes: passwords, keys, pets, or anything else someone stepping in would need to know.
Note: THIS DOES NOT REPLACE A WILL OR A TRUST.
It merely complements them by making sure your family can actually find and use what you’ve worked so hard to put in place.
The reality is that a will or trust doesn’t provide much practical help in the days and weeks immediately following a loss. This document will help to guide your spouse and/or children as they work through this difficult and emotional process.
Making Life Easier for the People You Love
When someone is grieving, the last thing they need is to spend hours digging through papers and trying to guess where things are.
A one-page financial summary removes that burden.
For your spouse, it means they can focus on healing and adjusting, with the reassurance that the practical side of life is still being cared for
For your children or heirs, it means they have a clear guide to help them navigate day-to-day responsibilities without feeling lost or overwhelmed.
It’s one of the simplest but most powerful ways to show your family you care.
What It Looks Like
Here’s an example of what this one to two-page financial summary might include:
Every family’s details will look a little different, but this framework ensures nothing important is overlooked.
Who Should Have It
Once your one-page financial summary is complete, don’t tuck it away and forget about it. It only works if the right people know it exists.
At a minimum, you should:
Keep a copy in a secure location at home (like a fireproof safe).
Share it with your spouse or partner.
Provide a copy to your executor or trustee.
Consider giving a copy to your financial advisor or attorney so a professional also has it on hand.
Choose people you trust, and make sure they know where to find it if it’s ever needed.
Keep It Current
Life changes, and so should this summary. Accounts get consolidated, advisors change, new bills pop up, and addresses shift.
A good rule of thumb is to:
Review it once a year, perhaps every fall or at tax time.
Update it after major life events, such as marriage, divorce, a move, the purchase or sale of property, or opening/closing significant accounts.
Keeping it current ensures your loved ones aren’t left with outdated information when it matters most.
Start Your Summary Today!
Don’t think of this as a replacement for your will, trust, or powers of attorney. Those are non-negotiable and form the foundation of your estate plan. Instead, think of this one-page summary as the bridge that connects your legal plan with the practical, day-to-day needs your loved ones will face right away.
It takes less time than you think, and the payoff for your family is immeasurable.
Think of it as a gift: clarity, comfort, and confidence at the exact moment your loved ones will need it most.
Have any questions about what you’ve read? Let’s talk about them!
Read My Other Work!
