Should You Involve Your Family in Tracking Investments? 

Stories of lost family properties continue to dominate headlines, revealing the urgent need for families to be actively involved in tracking investments. Too often, families are left stranded when the breadwinner passes away without leaving a will or documentation to guide them to their assets.

Take the case of Dorcas, as reported in the Daily Nation. A stay-at-home mom who faced immense difficulty accessing benefits from her late husband's insurance policy simply because they had never discussed it. Without any documentation or prior knowledge, what should have been a smooth claims process turned into a stressful ordeal.

Then there’s Joe Ngige’s story—one that highlights both the problem and a solution. His family only discovered his late father’s death benefits by chance when his brother stumbled upon a debit note instructing the bank to pay premiums to an insurance policy. That discovery prompted them to contact the insurer, ultimately securing the payout. But Ngige was left wondering: What about the families who never find such clues? How much wealth goes unclaimed simply because families have no idea it exists?

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Determined to find answers, Ngige embarked on a deep dive into the world of unclaimed assets. His research uncovered shocking truths; millions in inheritance locked away because families never knew about their loved ones' investments. One of his most remarkable discoveries was that of a deceased man whose former employer had transferred shares worth Ksh12 million to him. His family, living in poverty, had no idea about this hidden wealth. 

As of December 2023, unclaimed financial assets in Kenya had soared to Ksh62 billion. 70% of these assets are in denominations Ksh5,000 or below, often abandoned as "low-value" investments. In just 2024 alone, the Unclaimed Financial Assets Authority (UFAA) received Ksh3.8 billion and 407 million shares—figures that continue to rise each year, highlighting the staggering scale of unclaimed wealth. These numbers, combined with real-life stories of families struggling while their rightful inheritances remain locked away, serve as a wake-up call. 

How many Kenyan families are unknowingly sitting on unclaimed fortunes simply because financial transparency was never prioritized? Involving your family in tracking your investments isn’t just a smart financial move— can be a necessity.

Why You Should Involve Your Family in Tracking Investments

Money and financial decisions are often approached as a personal matter. However, involving your family in this process can lead to significant benefits. It fosters financial awareness among children and promotes financial independence within the family even in the event of your untimely death.

Here are some benefits of involving your family in tracking investments:

Help with financial planning

Everyone has a different money personality—some see money as security, while others view it as a symbol of freedom. These perspectives shape how people earn, spend, and invest. Bringing your family into the investment process creates a sense of shared responsibility. Your spouse or family members can offer valuable insights on how to allocate resources wisely, ensuring long-term financial security. This open approach also reduces financial stress and strengthens family bonds, making money matters less of a burden and more of a team effort.

Creating awareness among children

Money management is an essential life skill, one that is never too early to start teaching your children. We’ve all heard stories of children who squandered millions in inheritance—wealth that could have been multiplied and passed down for generations to come. Involving children in investment decisions equips them with the knowledge and discipline to manage money wisely. It teaches them financial responsibility, smart spending habits, and how to grow family wealth, ensuring its sustainability even in your absence.

Read Also: How I Missed Out on Generational Wealth - The Story of Money & My Grandfather

Proper Wealth Transfer and Inheritance Planning

Keeping your family informed about your assets and investments ensures a seamless transition in case of an untimely death. When loved ones know what exists and how to access it, estate management becomes easier, avoiding unnecessary legal battles and financial distress. Proper planning not only secures your family’s future but also prevents wealth from being lost or tied up in unclaimed assets.

How to Get Started with Family Investment Tracking

In most cultures, money isn’t something people openly talk about. Conversations about wealth or the lack of it are often frowned upon. Some fear the so-called black tax, worrying that relatives might take advantage of their financial success. But keeping quiet about money, especially within your own household, can do more harm than good.

Starting regular money discussions in your family could be the first step toward financial freedom. Having open and honest discussions reveals your family members' belief about money. It reveals how they view money; either as a tool for growth or a safety symbol that needs to be protected. These perspectives can shape how they approach investments—and with the right exposure, they could either improve or hinder financial growth.

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Educating your family about investments fosters unity and helps everyone understand their role in growing the family’s finances. Being open about your investments and explaining how to access them in case of an emergency is crucial. Nominate beneficiaries for all accounts and policies you have, and create a will that clearly allocates assets according to your wishes. Set clear boundaries and roles to ensure effective management.

Wrapping up

The process may not be easy, especially if you face resistance from your spouse or children who may be hesitant to share financial information. Acknowledge their fears, maintain open communication, and gradually involve them in the process to overcome these challenges. While it may take time, building financial transparency within the family will ultimately lead to greater security, and wealth for future generations.