Estate planning essentials: a short guide
It’s no secret that estate planning is one of the most crucial aspects of financial planning and wealth management. In fact, it is so crucial that there are entire RIA firms devoted to it. Many clients don’t realize why estate planning is important, as many of them believe that preparing for their end-of-life wishes is simply about writing a will – a dangerous misconception.
Estate planning is extremely important to clients, since they must entrust important decisions to family members or trusted associates in case they die or become incapacitated. And while it’s true that the importance of estate planning cannot be overstated, it’s also true that most clients wouldn’t know where to start when it comes to this part of financial planning. This is where financial advisors and RIAs come in.
InvestmentNews goRIA section covers some of the basics here, such as:
In this guide, you will also get an estate planning checklist to help clients get started. We’ll also share answers to more complex questions on this topic.
As part of the financial planning process, estate planning can provide your clients with a major oft-overlooked benefit: peace of mind. With your help and expertise, clients can expect some peace of mind, knowing their financial affairs are in order when they die or if they become mentally impaired.
You can help your clients by checking that:
Proper estate planning is about detailing your client’s wishes and decisions on:
How can you help your clients with their estate planning decisions? A good way to start is to create a checklist to organize the requirements and tasks. Here’s what it can look like:
While this is a sample of an estate planning checklist might look like; your client might have more
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