The Value The Financial Advisor Brings In The Estate Planning Process

Our estate planning ALWAYS starts with sending the client the Estate Planning process. The Estate Planning Process is a simple document we use that explains to the clients the importance of having an estate plan and discusses the documents we will review during the process. We briefly explain what each of the following is and why the clients should have it:

  • Advanced Healthcare Directives,
  • Durable Powers of Attorney,
  • Last Will and Testaments,
  • Trusts and,
  • Beneficiary Designations

The next document we review once we are with the clients is the Beneficiary Report. The beneficiary report allows us to review all the assets the clients have, and it is very helpful and important for all of us to put it on a one-page document and discuss the dollar amount. 

Something that often happens is once the clients see the report, they always remember in case they have assets somewhere else as well, so we get to have all of the information about their investments. And that allows us to properly update their Estate Plan.

Networth Report is number 3. And actually, we send these reports, the Beneficiary and the Networth reports, as a value ad every second year, which allows us both, us and the clients, to be up to date with all of the information.

Our estate planning meetings are usually in the following order; the first meeting we have only with the clients, but on the second one, we always invite the estate planning attorney and facilitate the meeting in order to include the attorney get all the information needed and prepare all of the documents as agreed.

Once the Estate Planning draft is ready, we go through the estate planning process checklist, and we review the documents alongside the estate planning flow chart to make sure everything is done as agreed. We double-check with the attorney, and we confirm with the clients.

Action Item:

  1. Pick one Value Ad from this chapter to start using with your clients. Start with the Beneficiary Report and notice the positive changes you will experience. 

Estate Planning Process