Introducing our asset register – take more control over your finances
Only four in ten couples share joint responsibility for long-term financial planning, with men much more likely to assume only this role *. Taking full responsibility for the finances can be tempting, especially if one of you is more financially minded, more interested, or has more to invest. But it could create stress later, especially if one of you suddenly passes away or even if you have to go your separate ways.
Dealing with all directors after separation or bereavement can be long and difficult. Juggling all the emotions and the need to find key documents and information (like will details, bank accounts, life insurance policies, pensions, and investments) can be especially difficult.
To help make the process of managing your family’s financial affairs as easy as possible, we have created an asset register.
* HL survey, April 8, 1461 respondents.
What is an “asset register”?
Our asset register gives you a place to record and manage all your key financial information with whom your will is held and details of powers of attorney, where you invest your money.
It’s a place where you can document all of your important financial information so that your spouse, kids, or significant other can get on with things when they need to.
Using our asset register will help you:
- Prepare for the unexpected
- Save time by keeping an up-to-date register of your assets
- Be comfortable knowing that you and your family are well prepared for the future
- Ensure the well-being of your family’s future finances
How to use our asset register
- Complete all the sections that apply to you. Save it to your computer or, if you are using a printed version, keep it with your other important documents. But don’t forget to tell someone where to find them.
- Sit down with your significant other and talk it out, outlining each section so that both of you are clear about how your family’s finances work.
- Make sure that your asset ledger is only shared with your loved ones, as you will be documenting personal information.
- If you’re working with a financial advisor, set up a meeting with your partner and advisor so that when the time comes, they feel confident about who to contact for help.
Download your asset register
Case study – how financial advice can help too
An asset register is a great tool for keeping track of all of your financial information. He’s there to support you and your family when you need it most. But sometimes you might also need a little more help.
When Kathleen’s husband Colin was diagnosed with cancer, he was determined to make sure Kathleen had everything she needed to manage the couple’s finances. Colin started creating a spreadsheet with all the important information about their finances, pensions, wills and more.
The couple shared their asset ledger with their son, who has been supporting Kathleen and attending HL meetings since Colin’s death.
Colin had been a client of HL since 2010 and took the lead in the family’s financial decisions. Even though Kathleen was aware of what was going on, she never took an active role in the key decisions.
Colin used to joke “If you went first I would starve because I can’t cook and if I go first you will starve because you wouldn’t know where the money is “.
After creating his own asset register, Colin set up a meeting with Lee, his financial advisor at HL. He asked Lee how they could “simplify” everything to make it as easy as possible for Kathleen when the time came. Putting himself in the customer’s shoes, he put Colin and Kathleen completely at ease by saying “Call me when you need it”.
Lee never makes me feel like I asked a silly question, he talks to me in a way that I understand and makes things manageable. Knowing that I can call her for help gives me immense peace of mind.
Without HL’s help I would have really struggled and things could have been extremely different.
See if we can help you
If, like Kathleen, you think you might benefit from financial advice, start the conversation with our advice support. While they don’t provide advice, they can walk you through the process and help you decide if financial advice might be right for you.
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