5 Questions Wealth Advisors Should Ask Clients to Generate Interest in Revisiting Their Estate Plan:
1. Have you, your spouse, your beneficiaries, or your executor experienced any significant life changes since you last updated your estate plan?
Life events, such as a change in financial circumstances, a move, a marriage, a divorce, a birth, or the death of a beneficiary, can significantly impact your estate plan. People often overlook how changes in your heirs’ situation can affect your plan.
2. Have you reviewed your beneficiary designations recently?
Beneficiary designations on insurance policies, retirement accounts, and other financial assets may override the provisions in your will. It is essential to review these designations to ensure they are consistent with your overall estate plan.
3. Are there any changes in tax laws that may affect your estate plan?
Tax laws change frequently, and these changes can impact the effectiveness of your estate plan. It is crucial to stay informed about any changes in tax laws and consult with a professional to make necessary updates to your plan.
4. Have you considered the potential impact of long-term care on your estate plan?
Long-term care expenses can significantly deplete your assets and affect your estate plan. It is essential to discuss long-term care insurance and other planning options with your wealth advisor to ensure your estate plan is prepared for this possibility.
5. Have you established a plan for digital assets?
Digital assets, such as online bank accounts, social media profiles, and cryptocurrency, are becoming increasingly important. It is essential to include these assets in your estate plan and ensure that your loved ones have access to them after your death.