Estate Planning is the process of anticipating and arranging for the sensible management and ultimate disposal of an individual's assets (often coordinated with a spouse's plan or other entities, such as trusts). The goal of estate planning is to eliminate uncertainties over the administration and distribution of assets, maximize the value of the estate by reducing taxes, expenses and protecting assets from creditors. Beneficiaries are designated for all assets and "control people" are selected to distribute assets to beneficiaries or manage assets in the event your client is unable or unwilling to manage their own assets. Guardians are also designated for minor children.
Best-in-Class Criteria
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- 10+ years advising individuals and families that meet your Ideal Client Profile
- 10+ years demonstrated experience creating estate plans (along with all documents ready for client execution—typically wills, trusts and Powers of Attorney) for clients meeting your Ideal Client Profile
- Highly skilled at sophisticated estate planning, i.e. recommending and creating the simplest structure possible which accomplishes the best result (not unwisely simple nor unnecessarily complicated, as deemed by qualified peers)
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Common credentials or certifications
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- Licensed attorney; state board certification in Estate Planning is preferred
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Routine Activities
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- Fully review each client's estate plan annually and create one-page report documenting estate plan
- Immediately implement all recommendations or action items from this initial review
- Review estate plan annually with each client to determine:
- If client circumstances have materially changed, or
- If any of the named beneficiaries have changed, or
- If any of the "control people" (Successor Trustees, Executors, Powers of Attorney) have changed, or
- If Estate Planning laws have significantly changed
- If so, then the Estate Planning Subject Matter Expert will fully review the estate plan to address the change of circumstances
- If no change, the Estate Planning Subject Matter Expert will, nevertheless, conduct a full review of the estate plan
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Other Periodic Activities
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- Make recommendations regarding significant gifting to individuals, charities, or institutions desired by Ideal Clients
- Provide advice and guidance regarding significant philanthropic giving desired by Ideal Clients
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It is recommended that your Estate Planning Subject Matter Expert, along with your Tax Subject Matter Expert, be local. Due to the nature of the relationships it has been found to be sub-optimal, but not impossible, for these two experts to provide "virtual service."
