Who To Include In your Financial Plan: The Family Snapshot in your Financial Plan Organizer
The Most Important Section of Your Financial Plan Is Also the Most Overlooked
Most people think financial planning starts with numbers. Investments, insurance, balance sheets, legal documents.
But the best financial plans, the ones that actually work when they’re needed, start with people.
If something happened to you tomorrow, would your executor know that your sister is the one who handles your elderly father’s care? That your youngest child struggles to make financial decisions? Or that your best friend is the one who feeds your dog when you're out of town?
This is what the Family Snapshot section of your financial plan is designed to capture. And done right, it’s not just a list of names and numbers. It’s the foundation for preserving your legacy which can spare your loved ones from confusion, mistakes, or unnecessary pain later.
What Is the Family Snapshot?
Think of the Family Snapshot as your plan’s human roadmap. It's the first section of the free Financial Plan Organizer, and it sets the tone for everything that follows. It’s where we list the people who matter most along with the context that only you can provide.
Anyone can leave behind a binder of paperwork. But your executor or trustee needs more than just paperwork. They need insight. They need to know who plays what role in your life, who they can trust, and what they need to be careful of.
It’s the difference between dropping someone into a job without training and handing them a detailed set of instructions that anticipate problems before they arise.
Who Should You Include?
Yes, you’ll want to list your spouse, your children, and anyone directly tied to your financial world. But go further.
Include:
Extended family: Parents, siblings, grandchildren.
Even if they aren’t financially dependent right now.
Trusted allies: Friends who would step in during a crisis, caregivers, or guardians named in your estate documents.
Support network: People who care for pets, have keys to your home, or help with aging relatives.
Future decision-makers: Adult children, siblings, or friends who could one day serve as executor, power of attorney, or trustee.
Too often, people only list those who depend on them financially today. But financial roles shift. Your son might not depend on you now but he may one day need to make critical decisions on your behalf.
What Details Should You Include?
This is where most people stop short. A name, a phone number, maybe a role.
But that’s not enough.
Add context. If your brother John is the backup executor, say so. Note that he handles your dad’s finances but tends to overthink things and prefers email over phone calls.
Include:
Legal or financial roles (e.g., “has power of attorney for Mom”)
Personal dynamics (e.g., “currently estranged but named in the will”)
Character traits (e.g., “very organized but slow to act”)
This document is private. Be honest. A few well-placed insights can prevent future misunderstandings and smooth over family dynamics when emotions run high.
Use It As a Cross-Reference Tool
The Family Snapshot isn’t meant to live in a silo. Link it to other sections of your financial plan:
Note that your cash flow includes $2,000/month for Mom’s assisted living. This adds context to the line item in your cash flow section.
Mention that your wife and kids are fully dependent on your income to justify your insurance strategy.
When naming someone in your estate plan, explain why: “Tom is executor because he’s reliable and organized.”
This interconnected approach makes your entire plan more coherent. Your decisions feel more intentional, and they’ll make more sense to those following in your footsteps.
A Simple Emotional Trick That Works
Here’s a tip that adds heart to your planning: insert a few meaningful photos into your Family Snapshot. A picture of your grandkids at the beach. A family Christmas photo where everyone smiled. Something that reminds you why you’re doing all this in the first place.
It’s not just sentimental. Research shows we’re more likely to follow through on our goals when we stay emotionally connected to them.
You can even sketch or draw what you want your legacy to look like such as your family camping together or your grandchildren graduating debt-free. These visual cues turn a spreadsheet into something living and real.
Avoid These Common Mistakes
Leaving out estranged family members: If they’re named in the will, include them.
Being vague: “Friend” doesn’t say much. “College roommate who handles our real estate deals” does.
Treating this as a one-time exercise: People change. Set an annual reminder to review it.
Not explaining decisions: A short note about why you picked your daughter over your son as executor can prevent long-term resentment.
Better yet, make it a tradition. Pick a date that matters like your birthday, New Year’s week and spend 30 minutes each year updating your Family Snapshot. That’s not asking much for a dramatic benefit to your family.
Planning Is About People
The Family Snapshot reminds us what financial planning is really about. Not just money or documents but the people who make our lives meaningful.
Take your time with this section. Be honest. Be detailed. The small effort you make now will save your loved ones time, money, and heartache later.
Download the Financial Plan Organizer for free and get started on the most human part of your financial plan.
Because the numbers are important but it’s the people who truly matter.
Questions or need help?
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The information contained herein is intended to be used for educational purposes only and is not exhaustive. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax or financial advice. Please consult a legal, tax or financial professional for information specific to your individual situation.
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