‘Softer’ Side of Planning More Important to Clients Than Documents

A recent survey by Age Wave Consulting asked Americans aged 45 years and older, “What’s most important to pass on to the next generation?” The lowest ranked answer was “financial assets or real estate,” while the top answer – from 74% of respondents – was “values and life lessons.” Knowing the emotional reasons for a client’s transfer wishes can enhance an estate planner’s ability to create the right plan.

Traditionally, legacy planning has focused on the legal documents and financial techniques needed to transfer tangible assets. But now place just as much value on the relationships within their family and the “softer” side of a person’s legacy. A client may want the next generation to fully understand the reasons for a particular transfer, and a family meeting may be able to accomplish this goal. Given the possible sensitive topics that may come up, it’s a good idea to have the meeting at a location that is not loaded with emotion.

As an advisor and facilitator, one can encourage effective communication and provide the clients the opportunity to share their wishes with their loved ones. Discussing their intangible legacy can have a lasting impact and strengthen the relationship not just with the clients but their heirs as well, ensuring that you maintain your role at the center of your client’s wealth discussions.

See Kara Duckworth, ‘Softer’ Side of Planning More Important to Clients Than Documents, Think Advisor, May 24, 2019.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.