Record the owner as well as the value

Start with property, business interests, investments, cash and debts. For each item, note its legal owner, approximate value, income and any borrowing. Identify the supporting document and who holds it. An estimate can get the conversation started, but a transaction may require a formal valuation.

Avoid counting the same wealth twice. A company’s property and the family’s shares in that company may represent the same underlying value. Also distinguish personal access to money from control over an entity that holds it.

Find the decisions that depend on someone else

Ask who can authorise payments, sign for a company or act for a trust. Record where the relevant deeds and appointments are kept. A will does not automatically direct how family trust assets or super are paid after death, so those arrangements need their own review.

A useful first meeting might uncover an old loan between family entities, an expired appointment or investment records held by only one person. Give each gap an owner and a date to follow up.

Turn the information into a regular conversation

Agree who receives reports and what decisions need discussion. Review the picture after a property purchase, business sale, marriage or death, as well as at an agreed regular interval. Store sensitive documents securely and give access only to people who need it.

Use the completed picture with your accountant, solicitor and appropriately licensed financial adviser. Shared facts make it easier to connect tax, investment and estate decisions.