Estate Planning – a no parking zone?
March 29, 2022 10:23 am
Despite greater understanding of the need for estate planning it can often be the element of advice that clients prefer not to tackle. Jon Dodson Redmill Advance, provides some practical tips on addressing their reticence.
I was watching an interview with a Hollywood A-lister last week and they were talking about their family and specifically their children. When the conversation moved to sharing their wealth with their children, the interviewee was adamant that they would leave them nothing on ethical grounds.
Whilst we may say this approach is not completely unheard of, it did get me thinking about the changing trends in the way we gift to our families.
We only need to step back 20 or so years (when I first started working with advisers and planners) to recall a time when gifting was almost exclusively done on death.
Now we see far more lifetime gifts transferred to children as individuals and couples look to share their wealth earlier. There’s a number of probable motivators for this including:
Yet after all of that, I think the area of advice I have seen ‘parked’ most often in recent years is estate planning. It can be a difficult subject to approach with a client in early meetings so the framing is all important but, despite increased longevity, it is underpinned by a certainty – as such, you can never know how urgent the need is.
One may argue that once they have acquired assets, estate planning moves up the accepted priority of needs significantly for almost all clients. It’s critical then that we can open these conversations with clients as soon as possible.
The outline of an approach we could take with a client may be…
For me, the trigger point for getting this right is in the first three bullets above. Being able to have a timely and emotional conversation of the required depth with a client promotes better understanding.
And better understanding always lead to better planning.
By Jon Dodson
This article was written for Professional Paraplanner: https://bit.ly/3NsvxHL