Do your clients’ estate planning documents match their wealth transfer wishes?
• Detailed outline of wealth transfer objectives
• The actual terms of wills and other documents match those objectives
Are your clients’ assets titled correctly and have they set up the appropriate beneficiary designation forms?
• Ensure all non-probate assets have the right beneficiary
• Evaluate types of non-probate accounts, retirement accounts, charity, etc.
• Review ownership/trusteeship of assets
Have they established and funded all necessary trusts?
• Explore the use of trusts as a financial planning tool
Hopefully, your clients will not need any of this in the near future. But if they do, having these documents and procedures in place is invaluable.
Matthew Erskine is managing partner at The Erskine Company LLC, which provides legal and fiduciary services for unique assets.