The Black Box – your personal ‘flight recorder’
15 September 2026Some believe that financial planning is all about products, the sales of, the funding of, and the outcome of. To a lesser extent it is; however, good financial planning is about a holistic approach to all things money-related. And you may be aware that asset values are not just those that appear on a pension, deposit account or investment statement; this can include other holdings such as property, land or possessions as examples.
Keeping track of these whilst you’re around and have capacity should usually not prove difficult. Most individuals know what’s going on in their world of wealth, but that can be where the problems start. The accumulation of assets over a lifetime is usually a unique journey that is travelled, and this can often be alone. We are all ageing and time may take its toll on your recall of the details of your arrangements.
A spouse or partner may not be interested in the household budget because they’ve got you for that, and children and other relatives may well not be aware of what you have because they were not there to share the journey.
Good financial housekeeping could include making a will, which we invariably advocate, along with Power of Attorney arrangements for those over the age of 60. It would be sensible for the family / family members to know which legal advisers you use.
But where do you keep these documents? And importantly apart from you, who knows where they are kept? And is this safe and fire / waterproof in case of mishap? And does someone trustworthy other than your spouse know, such as a mature child or other relative?
In the event of death or incapacity, someone will need to act for you in dealing with your affairs, either to meet long term care costs as an example or to apply for probate. And leaving an up-to-date record for someone you trust to have a clear vision of your financial world is well worthwhile. It will probably save time, trouble and possibly even further heartache at a difficult time.
Think carefully about this and perhaps consider a small safe secured firmly to the wall/floor and out of the way, or a metal box (any colour is fine!) or the like tucked away to hold your documents safely and located in a position where your loved ones know to visit if circumstances need. I sometimes call this my ‘flight recorder’ to detail everything about my own journey. Some banks now offer safety deposit boxes which might be an idea, usually at a cost.
I am sure you can decide how to achieve this and get some help from a trusted person. However, ensure someone knows where the code/key is…they will be able to help when the time comes. You may also have your own solution…as long as it is secure.
We are all individuals and no individual advice is provided during the course of this blog. Talk to the team at Chapters Financial to see how we can help with your financial planning and details of the plans and arrangements you hold.
Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.
