Estate planning is complex and time consuming.
So it’s not surprising that many people put it off. Also, clients are often unwilling to think about their deaths or the fact they might become incapacitated as they age (Check out the recent Toronto Star piece, called “Lessons from Life and Death”, on how we’re part of a death-denying culture).
Complete planning is an essential part of wealth management, however, and every one of your customers should start with a checklist of all assets they need to consider.
This will protect their wealth and legacy, and will also help them avoid making critical mistakes. Financial Planning says these missteps can include:
Not planning for divorce
Place restrictions on both funds and assets like businesses to ensure they stay in the family.
Not including pets
Make arrangements for family pets and set up trusts that will cover all care costs.
Forgetting about digital assets
Do you have any private passwords or online assets? Make sure a list of them will be available to family members upon your death.
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