Introduction

"I found our life insurance policy in the glove compartment of our car," shares Rebecca. "The mortgage statement was tucked in an old cookbook, and my husband's pension information was in an email folder I almost deleted. I wish I'd had a system for tracking everything I discovered during those first few months."

When you lose a spouse or partner, it can feel like pieces of your life are scattered everywhere. Many widowed people tell us they find paperwork in unexpected places - statements in the car's glove compartment, policies in old email folders, or documents tucked away in rarely-used desk drawers. This is completely normal. Today, we'll start gathering these pieces together, one by one.

📝 WORKSHEET TIP The Financial Snapshot isn't a one-time exercise - it's a living document that will grow and change as you discover new information. Keep it accessible and update it regularly.

Why Create a Financial Snapshot?

"When I finally met with a financial advisor," explains Michael, "having this snapshot meant I didn't have to remember everything off the top of my head. I just handed her the worksheet and said, 'This is what I know so far.' It made that first meeting so much easier."

Think of this snapshot as creating a simple map of your financial world. Just like you wouldn't try to navigate a new city without a map, this snapshot will help you:

• See where you are financially right now
• Identify what information you still need to find
• Have a clear document to share with financial professionals when you're ready
• Feel more in control of your situation

💡 PROFESSIONAL TIP Before meeting with any financial advisor, attorney, or CPA, review and update your snapshot. It will help them help you more effectively.

How to Use the Financial Snapshot Worksheet

1. Start Small

Sarah began with just three pieces of information: "I knew our checking account balance, the car payment, and that we had life insurance - though I wasn't sure how much. I wrote down what I knew and kept the worksheet handy. Every time I found a new document or remembered something, I added it."

Begin with what you know. Maybe that's just your checking account balance or the car payment amount. That's perfect - write those down. Each piece of information you add is progress.

2. Work at Your Own Pace

There's no rush to complete this snapshot. Some people fill it out over days or weeks as they locate documents and gather information. Others prefer to tackle it all at once. Choose what works for you.

3. Mark What's Missing

When you come across something you're not sure about:

• Circle the blank space
• Make a note about where you might find this information
• Keep going with the parts you do know

4. Get Support

If you're working with a financial advisor, attorney, or accountant, they can help fill in some blanks. Family members might know where certain documents are kept. You don't have to do this alone.

Understanding the Sections

Tom found breaking down the snapshot into smaller pieces helped make it less overwhelming. "I tackled one section each week. By the end of two months, I had a pretty complete picture of our finances."

Cash Reserve

Carol was surprised by what she discovered: "We had more accounts than I realized - a forgotten savings account, a Christmas club account. The worksheet helped me track them all."

• List all checking accounts with current balances
• Include savings accounts and their purposes
• Note any other cash reserves or emergency funds
• Include details like account numbers (in a secure location)

Real Estate

Maria discovered the importance of this section when refinancing: "Having all the property information in one place made the application process so much easier."

• Primary residence value and mortgage details
• Rental properties if applicable
• Home Equity Line of Credit (HELOC) information
• Interest rates and payment terms

Investments

"I didn't even know what an annuity was at first," shares David. "But listing everything helped me know what questions to ask our financial advisor."

• Investment accounts and their types
• Current balances
• Annuity information
• Other long-term investments

Credit Cards

Steven was relieved to find this section: "Seeing all our credit cards listed with their limits and balances helped me create a plan for paying them down."

• List all credit cards, even store cards
• Note credit limits
• Current balances
• Interest rates

Retirement Accounts

A crucial section that Lisa found particularly helpful: "Seeing both 'Yours' and 'His' columns made me realize I needed to understand how to access his 401(k)."

• 401(k)/403(b) accounts for both partners
• Pension information
• Traditional and Roth IRAs
• Other retirement savings

Estate Planning

"This section prompted important conversations," notes Jennifer. "I realized we had documents I didn't fully understand."

• Trust documents
• Wills
• Powers of Attorney (both Durable and Healthcare)
• Healthcare Directives
• Guardianship arrangements

Insurance

Beth found surprises here: "I discovered policies I didn't know about, including a group term life insurance through his employer."

• Life insurance policies (individual and group)
• Disability coverage
• Long-term care insurance
• Face amounts and premiums
• Beneficiary information

Home/Auto/Umbrella Coverage

"Don't skip this section," advises Mike. "These policies often need updating after loss."

• Home insurance carrier and details
• Auto insurance information
• Umbrella policy coverage
• Premium amounts

Working with Your Snapshot

Janet developed a system that worked for her: "I kept the worksheet in a bright red folder on my desk. Whenever I found a relevant document or piece of information, I'd immediately add it to the snapshot. It became second nature."

Remember to:

1. Date each version of your snapshot
2. Keep it somewhere easily accessible
3. Update it as you discover new information
4. Make copies for important meetings
5. Review it monthly during your first year

⚠️ SECURITY NOTE While keeping your snapshot accessible is important, ensure it's stored securely since it contains sensitive financial information.

Action Steps

1. Initial Setup:

• • Get your Financial Snapshot worksheet
  • Fill in what you know right now
  • Date the worksheet
  • Create a safe storage system

1. Information Gathering:

• • List known locations of documents
  • Note which family members might have information
  • Identify professional contacts who can help
  • Start collecting statements and policies

1. Regular Maintenance:

• • Schedule monthly review times
  • Update as you find new information
  • Make notes of questions for professionals
  • Keep track of changes and updates

1. Professional Preparation:

• • Review before professional meetings
  • Make copies for advisors
  • Note questions as they arise
  • Update with new information learned

Looking Ahead

Remember, every piece of information you add to this snapshot is progress. You're taking important steps to understand and manage your financial future, and that's something to be proud of.

In our next lesson, we'll look at how to organize the documents you discover while creating your snapshot. We'll create a simple system that works for you, making it easier to find what you need when you need it.

"This snapshot became my financial lifeline," shares Rebecca from our opening story. "A year later, I'm still using it. Every time I learn something new about our finances, I add it to the worksheet. It's become a record of not just our financial life, but my journey in understanding and managing it."