Tip of the Week

Guiding Your Loved Ones Through Tough Times: Estate Planning Consideration

Wills and powers of attorney are two components of effective estate planning. Financial professionals are in a privileged position to identify roadblocks that prevent clients from establishing these critical components of an estate plan. When a client or loved ones are ill, incapacitated, or pass, these documents help guide individuals and families through tough times.

To address the lack of estate planning preparation, financial professionals should encourage clients to plan for the unknown and normalize conversations pertaining to the well-being of clients’ estates during an incapacitation or after death. Furthermore, financial professionals should consider enhancing their educational outreach. As financial education takes center stage in the kindergarten through high school (K-12) systems across the United States, seeking opportunities to take part in such a curriculum may provide an avenue to new clients.

It is vital that financial professionals help potential clients understand that when establishing a will or power of attorney, they are choosing a trustworthy financial affairs manager who can also make decisions about health care and other personal matters.