Trusted Advisors See Indicators That Estate Plans May Need Review

Although some consider estate planning to be a solely legal discipline, proper planning involves collaboration with many professionals such as financial advisors, insurance professionals, accountants or CPAs, and spiritual advisors. To implement a comprehensive solution for our clients, it is crucial that the entire team works together when designing the perfect financial and estate plan.

Trusted advisors may be one of the first people a client contacts when there is a birth or death in the family, a job change, or other significant life event. As you meet with your clients, keep an eye out for the following indicators that a financial and estate planning review may be in order:

  • an old will or trust
  • an unfunded trust
  • a minor child
  • a child with special needs
  • a child who is bad at handling money or susceptible to other legal claims
  • a remarriage resulting in a blended family
  • a divorce or the death of a spouse
  • a committed relationship without marriage
  • a large retirement account
  • charitable inclinations
  • business ownership
  • a pet

This is not an exhaustive list, but it reveals that everyone should have a proper financial and estate plan that is reviewed periodically to make sure the plan still meets the client’s goals. By identifying clients who would benefit from a review, you will cement yourself as a trusted advisor and a person who truly cares about their overall well-being. This level of care can prompt your clients to recommend you to their friends and family. When someone gets great service, they cannot help but tell everyone they know.

We are excited to work our colleagues to provide clients with the best comprehensive planning possible. Please feel free to give us a call to discuss future opportunities to collaborate in service to your clients. We are available for in-person and virtual meetings.

As always, reach out to us at Triplett & Carothers if we can help. Call our offices: 502.425.5562 in Kentucky, 812.282.2772 in Indiana.