The standard is practical confidence
A spouse does not need to manage every investment or remember every policy. They do need a reliable view of the family’s assets, liabilities, income, protection, documents, and professional team.
What a spouse should be able to find
- A current balance-sheet view of accounts, pensions, properties, businesses, and debts.
- Wills, powers of attorney, insurance policies, deeds, and ownership records.
- The names and contact details of advisers, lawyers, accountants, banks, and insurers.
- A secure explanation of access arrangements.
- A Letter of Instructions that says what to do first.
Plan for immediate cash flow
Even wealthy families can face short-term difficulty when accounts are frozen, authority is unclear, or one person handled all payments. Record recurring expenses, available cash, income sources, and the accounts a spouse can lawfully access.
Hold a walkthrough, not a lecture
Use one short meeting to explain the map, introduce key contacts, and practise finding the most important documents. Repeat yearly. The goal is familiarity and confidence, not technical mastery.
Questions worth asking together
- Would both of us know where to begin tomorrow?
- Can either of us cover the next three months?
- Do we agree on who should help the family?
- Are our wishes written in language the family understands?
- Have we told adult children only what they genuinely need to know?