Your passport is your key to the world — it’s an important document that will help you identify yourself, get you back home, and also tell you where you’ve been. Wouldn’t it be great if you had something for your finances that could help you see all your pertinent information at-a-glance?
This does not constitute advice and advice should be sought in all instances before acting on it.
What is a financial passport?
The concept of a financial passport might be new to you, but creating one might actually be one of the useful projects you can tackle when it comes to personal finance. Similar to a regular passport, a financial passport will show you all the information related to your finances in one place. Instead of searching through various accounts, apps, and paperwork, all your essential information is right at your fingertips.
What’s included in a financial passport
Of course, your financial passport will include basic information such as your name, address, date of birth, National Insurance number, bank or building society accounts, etc. Here are more accounts and documents you might add to your own passport:
- Information about your will including location, executor, and attorney
- Lasting Power of Attorney for Health & Welfare as well as Property & Financial Assets, as well as someone you’ve named to act in legal capacity
- Relevant details for personal or professional advisers or important medical doctors such as your GP, accountant, solicitor, financial adviser, etc.
- A list of assets including property or vehicles
- A list of investments, including your investment manager’s details and any other private companies you might be a shareholder with
- Any liabilities or contracts
- Utilities and bills
- The location of valuables and documents like your property deed, insurance policies, passports, birth certificates, etc.
- Details for people or businesses that are involved in your life and may require notification if something were to happen such as employer, and standing orders or direct debits, credit cards, social media accounts, etc.
Safeguarding your information
If you build your financial passport, it will become an invaluable resource for you, but as it contains personal details that should remain confidential, you will need to ensure you keep it safe and secure. And while it won’t replace the need to have financial and legal documents, it will be crucial for your loved ones to have a place to find everything they need after you pass.
Assistance with your finances
If you need to set up any aspect of your financial plan or if you have any questions about creating a financial passport, contact the experts at Dental & Medical Financial Services.
We’ll help you set up any financial-related elements that we can and guide you through the process of ensuring your financial plan and passport are up to date and reflect your individual needs and circumstances. Contact us to get started today.