ESTATE PLANNING INTERVIEW CHECKLIST UPDATE
ESTATE PLANNING INTERVIEW CHECKLIST SOFTWARE

Often people will set up their accounts through their employment, but they won't finish the setup process. These accounts have their own beneficiary designations. Some assets do not go through the probate process such as your client's 401k or life insurance policy. Are Your Beneficiary Designations up to Date? This way if their spouse is set to take over, but your client and spouse pass away at the same time, there is someone else already set up to take over.ħ. For an even better safety net, they should pick a few people and put them in order. The client needs to know who they trust to take over. Find out what sort of business structure is in place and discuss the best way to transfer ownership. Your client's business will require a complete transition plan after your client passes away. This will save the heirs a lot of headaches later on. So before your client starts planning their estate confirm that they hold proper and legal title of all of their real estate.

In 2015 title fraud resulted in losses totaling over $5 billion. Do You Have Proper Title for the New Property? Common familial changes include marriage, divorce, birth, and death.ĭiscuss potential complication or consequences of making the client's requested changes.ĥ.

ESTATE PLANNING INTERVIEW CHECKLIST UPDATE

If your client has previously done estate planning, they may be meeting with you to update their plan to include or exclude certain family members. Many clients will want to change how their estate gets distributed when their estate value experiences a major change. It also changes how the estate will get processed through probate. This could be acquiring or selling a property.ĭoing this would drastically change the amount of cash assets the client has. Are There Changes in the Size of Your Estate?Īsk if there are any major changes in the client's estate between the last estate plan creation and now. You also want to check that their plan still accomplishes their goal and is the best plan for their situation.ģ. You need to follow the law to ensure that the new documents properly supersede the previous set.Įven if your client doesn't want to make any changes, you still need to review their estate plan to ensure it complies with the latest laws. You need to make sure that the client has given you all of these documents. If a client has previous estate documents in place, you need to start with these documents. Have You Previously Done Estate Planning?

How can you combine the right ingredients if you don't know what kind of cake you want to end up with? What's more, not all client's want the same type of cake.Ģ. Think of creating your client's estate plan like you are baking a cake. Some clients want to minimize their tax liabilities. Other clients are looking to protect their children's inheritance during and after a divorce. Some clients are hoping to take care of loved ones with special needs. Think your process works just fine as it is? Are you asking your clients these ten questions as a part of your estate planning consultation?īefore you get started preparing any plan or documents you need to know what the client's goals are.

ESTATE PLANNING INTERVIEW CHECKLIST SOFTWARE

To do this, you need software that helps you prepare documents, manage workflow, and provide continued training. The best thing you can do for your clients and your firm is to streamline and standardize the process. If you aren't having your clients answer a comprehensive questionnaire of estate planning questions, then you might be part of the problem. More than half of Americans are missing vital estate planning documents.

Estate planning interview checklist