Find The Will Power

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Time to Review Quite simply, a financial plan should encompass a review of the will, and related documents such as a power of attorney. Doing so --- and developing an associated asset inventory to support directions in the will --- can be the basis for developing a net worth statement. Plus, you can learn a lot about a prospect or the client and his plans through looking at the will. You’ll learn about financial plans for the spouse and children that may have insurance implications; you’ll learn something about the complexity of the estate and the sophistication of the client; you’ll also develop an understanding of client priorities. All of this can be vital to conducting thorough needs’ analysis. Here’s a frightening fact from the Canadian Life and Health Insurance Association (CLHIA): In a survey conducted within the last three years, 75% of those surveyed said they look to their advisor for financial advice and, on average, it had been five years since they were approached about their needs and coverages. o Because this finding is an average, that meant half the people surveyed had not been approached for more than five years. What changes have you experienced in the last five years? Don’t you think the same may be true for clients with whom you haven’t met regularly and often? <strong>The</strong> heavy lifting you had to do to get the business and acquire the client’s initial trust may go to waste if you don’t sustain the effort. 4
Offer a will review with a view to ensuring that the will corresponds with stated estate and financial plans. Ensure that ownership of assets is correctly stated --- you learn later important points of differentiation between joint tenancy and tenants-in- common. Give your prospects and clients your learned opinions and the facts you know --- but do not overstep your bounds and stray into providing legal advice. Your review may show legal input is needed but make sure your suggestions stop short of legal directives. Recognize when it’s time to call in the lawyer. 5
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