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Client and prospect meetings need to include a review of the estate plan: Does it still work as expected? Is the trust funded? Have beneficiary designations been completed? Did any laws change? Have family or finances changed? How old are the documents? Was there a move to a new state? Recognizing when an estate plan needs to be updated will lead to meaningful discussions about what keeps clients and prospects up at night. When you can help alleviate their concerns, you’re a hero to your clients.

An out-of-date estate plan can cause a multitude of problems. Your business will benefit from identifying out-of-date plans because:

Your clients will gain peace of mind knowing that you are watching out for them and proactive in seeking solutions.

If an estate plan doesn’t work as expected, assets may likely leave your management.

You may gain new assets under management as new investments and trusts are created for grandchildren or other beneficiaries.

You will make new connections and gain new referral sources when you work with your client’s attorney, accountant, and banker to bring things up to date.

10 Reasons for Updating an Estate Plan and a Financial Advisor’s Opportunities:

Source: How Advisors Can Benefit From Spotting Out-of-Date Estate Plans

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Protective Law Corporation 1-888-WAY-WILL

David R. Duringer, JD, LL.M, is a concealed firearm instructor and tax lawyer specializing in business and estate planning; licensed to practice law in the states of California and Washington. He is managing shareholder at Protective Law Corporation, serving Southern California from its Laguna Hills (Orange County) headquarters and satellite offices in San Diego County (Coronado and Carlsbad).

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