New Delhi, July 30 -- A single record of accounts, investments, insurance, and key documents can spare families confusion during emergencies.

The financial life of a family is often spread across multiple bank accounts, systematic investment plans ((SIPs), mutual funds, provident funds, insurance policies, credit card statements, digital wallets, trading accounts, property papers, cloud storage, password-protected apps, etc. In many households, only one person knows where everything is kept and how it is managed.

That arrangement works until illness, incapacity, or death leaves family members trying to trace assets and important documents on their own, said Rohit Jain and Keshav Singhania, partners at Singhania & Co.

A financial master...