Five Questions Estate Planners Should Ask Their Clients On An Annual Basis

Estate planning is an ongoing process and estate planners should always be kept informed about their client’s situation.  Here are five questions estate planners should ask their clients each year:

1. Has any new real property been acquired?  It is important to know if a client has obtained any new real property since the last meeting. 
2. Has client created or purchased any accounts requiring beneficiary designations? Primary and contingent beneficiaries should be kept up to date.
3. Has the client’s family dynamic changed? Has the client experienced any major family changes like a divorce? 
4. Are client’s current wishes accurately reflected by estate planning documents? A good advisor should make sure that the estate planning documents reflect the current wishes of the client.
5. Have there been changes to survivorship or the way the property is titled? A joint tenancy with the right of survivorship might be a way to help the client avoid the probate process.

See Bruce E. Fraser, 5 Estate Planning Questions To Ask Client Annually, Financial Planning, August 3, 2015.