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Written by Cameron Morgan. Read more about her here.
How should I organize my financial documents and accounts?
Ahh, Daylight Saving Time. Thanks to our cellphones and computers, we don’t have to manually advance the hands of physical clocks as frequently – many of our clocks adjust automatically at 2 a.m. on the second Sunday of March. We may wake up less refreshed, having ‘missed’ an hour of sleep overnight. But we’ll enjoy the extra light in the evenings for months to come, right?
Once you’ve recovered from being shortchanged on your slumber, consider a project you might take on during the hours and hours of daylight you’re gaining. Daylight Saving Time provides a terrific window and an annual reminder to spring clean your Wealth & Wellbeing Album.
You’ll recall that your Wealth & Wellbeing Album comprises the edited highlights of your financial and legal life – a concise list of your most important assets and documents. This project isn’t a daunting home-ownership task like “clean out the garage,” “empty the attic,” or “go through boxes in the basement.” Nope, this binder is all about you!
During a dozen sunny evenings, you could reaffirm that your retirement, estate, and other vital documents are up to date. Use this checklist to log your progress as you go.
Wealth & Wellbeing Album Spring Checklist
1. Estate Planning
Since last year, have you made a new will(s), established powers of attorney, set up a trust, or intended to adjust your beneficiary designations?
If not, then just check this task off. It’s complete for 2026!
If you have made changes – or need to finally contact that estate planning attorney to get your will and powers of attorney in place – then create a To Do list or set an alarm on your phone. It’s time!
2. Home Ownership
If you own a home and/or rental property, locate your deed(s), your mortgage(s), if any, and your closing disclosures.
What about your escrow account and homeowners’ insurance? Is it time to do some rightsizing or comparison shopping?
3. Insurance
Spring is a perfect time to get fresh quotes on your home, life, auto, umbrella, and/or renters’ insurance.
Depending on open enrollment windows, you may have to wait until the clocks change again in November to comparison shop your health, Medicare/Medigap, and/or disability coverage.
For your sake and your loved ones’ sake, simply jot down your policy numbers and your monthly or annual premiums for these insurance policies. It’s a low effort “win!”
4. Banking & Investments
Without noting your account balances, create a log of your banking and financial relationships.
- What institutions hold your money?
- What kinds of accounts do you have?
- How many of each?
Don’t forget your employer-sponsored plan, if you’re still employed.
Bonus points: If you have – or are getting – your Payable on Death, Transfer on Death, and Beneficiary information on each of your accounts!
5. Taxes and Cost Basis
You can include your 2024 tax return from last year, but you get a gold shiny star for including your 2025 tax return for this year.
Don’t forget to hang on to receipts for home improvements (just the biggies!).
6. Digital and Access
The Wealth & Wellbeing Album is the right place to store information about which password manager (“vault”) you use.
Two-Factor Authorization, or 2FA, also goes here.
7. Keys and Physical Access
You may not have thought about this lately, but do you know what each of the keys in that one bowl are for?
Spring clean it!
Label each key with guidance to the lock it accesses. Not sure what a key goes to? Save yourself and your heirs a headache: recycle it!
8. Loans and Liabilities
This section lists your car, student and personal loan documents, if any.
This could be essential information to grab in case of an emergency. Make a note!
9. Identity and Vital Records
While these can be replaced, the headache and expense of doing so is best avoided.
You’ll want to keep your birth certificates, social security cards, and passports in a fire-proof box, placing a copy of each in your Wealth & Wellbeing Album.
10. Vehicles
You may have a change or two here this year.
Do you have any new titles, new registrations, and/or new insurance on your personal fleet?
This category is another quick one to update and check off for the win!
11. Funeral and Final Wishes
Please don’t leave it to your loved ones to guess what your preferences are when it comes to funeral directives.
Burial options in Colorado range from traditional in-ground burial and mausoleums, to eco-friendly choices like natural green burials, water cremation (aquamation), and human composting.
Many cemeteries offer, or specialize in, green burial, which prohibits embalming and vaults. Popular options include:
- Scattering
- In-ground burial
- Columbarium niche interment
Which are you drawn to? Write it down. You’re the only one who knows!
And that’s it! Just 11 tasks for 11 of your upcoming longer, lighter evenings.
Once this “homework” is complete, then you’re free to go play outside with your friends until the streetlights come on!
MINI FAQ
What is a Wealth & Wellbeing Album?
A Wealth & Wellbeing Album is a concise collection of your most important financial, legal, and personal documents. Instead of scattered files and accounts, it creates a simple record of key information such as estate planning documents, insurance policies, banking relationships, and access instructions.
Why is it important to organize financial documents annually?
An annual review helps ensure that your documents reflect current life circumstances. Changes such as new accounts, insurance policies, home purchases, or beneficiary updates can quickly make old records outdated.
What documents should be included in a financial organization system?
Core items typically include wills, powers of attorney, insurance policies, tax returns, property deeds, loan documents, account lists, password manager details, and copies of vital records like passports and birth certificates.
How does organizing finances help family members during emergencies?
When financial records are centralized and easy to access, trusted family members or executors can quickly locate essential information during medical events, estate settlement, or other emergencies. This reduces stress and prevents delays.
When is the best time to review financial and estate documents?
Many people find it helpful to review documents once a year, often during tax season or in the spring. Regular reviews also help ensure beneficiary designations, insurance coverage, and estate plans remain aligned with your goals.
Should I include digital access information in my financial records?
Yes. Recording the password manager you use, along with instructions for accessing accounts, is increasingly important. Digital access details help trusted individuals locate financial accounts and essential records if needed.
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as financial or legal advice. Please consult with a qualified professional for advice regarding your specific situation.
DISCLOSURE: Client stories included in this blog reflect hypothetical client situations that represent those commonly encountered by AIWM representatives.
