People do not often like to think about death, and as a consequence put off necessary end of life planning. Helping a client plan ahead can have many benefits for both the client’s peace of mind and for their loved ones. There are a few important things that a financial advisor needs to consider when helping a client. Make sure the basic estate needs are in order, things like “the wills, trusts, advanced directives, [and] powers of attorney.” Look at the life insurance policies that the client set up to make sure the proceeds will go to the correct beneficiaries. Consider the federal and state taxes that the client’s estate will be liable for. Finally, make plans for both funeral arrangements and how personal sentimental belongings will be distributed.
See Dan Moisand, Why End-Of-Life Planning Has Great Value, Financial Advisor, June 2, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
