We regularly review critical financial planning areas with our clients. Our stats on will and estate planning completion reveal an urgent need for more people to take action.
Recent data shows that only 27% of clients have fully completed wills, despite consistent encouragement at reviews. Just 21% have held family meetings to communicate inheritance plans and prevent potential conflicts. There is still progress needed on beneficiary designations and long-term care planning, though we are better positioned than most of the industry.
Why Will and Estate Plans Matter
A properly constructed will ensures your assets transfer smoothly to heirs and avoids legal issues. Estate planning structures like trusts provide control beyond the grave. Without them, the state decides who inherits your wealth.
For business owners, a succession plan is critical. It provides continuity when you’re gone and gives children equal treatment. Family meetings ensure everyone understands the rationale.
Guiding Clients Through the Will and Estate Process
While we don’t draft legal documents, our financial advisors guide clients through the process. We develop an inventory of needs, identify priorities, and encourage action on proper attorney referrals. It’s an ongoing partnership, not just a one-time checklist.
Please reach out to start the conversation on shoring up your will and estate plan. We’re here to help you protect what matters most.
