Prepare your clients for estate planning - image

Prepare your clients
for estate planning in
5 steps

A well-designed estate plan can play an important role to help your clients secure long-term income, and determine who inherits those assets and how they receive them.

Without proper planning, your clients’ estate may not be distributed as they’ve envisioned. An effective estate plan uses specific strategies to complement individual goals. Here are five tips to start the conversation:

  1. Establish goals
    Help your clients identify special considerations and determine their objectives. Understand who they want to receive their assets, how and when.
  2. Prepare the groundwork
    Individual and joint assets your clients own will be used to calculate the wealth they can pass to heirs. Those assets also determine potential tax liability. Assess the current value of your clients’ assets and help them identify any estate-related documents.
  3. Talk about liquidity 
    Communicate the importance of setting aside cash reserves to provide immediate liquidity for beneficiaries, business needs and estate settlement costs.
  4. Tax preparedness 
    Estate taxes may be significant, especially for wealthier clients. If they’re subject to an estate tax, introduce tools such as trusts to protect their assets.
  5. Legacy planning 
    Consider potential tax-saving strategies, such as gifting and charitable donations, to help increase the amount of estate that will be transferred to heirs.

Educate and engage! Download the estate planning questionnaire and share it with clients to help them organize their estate information.