There is usually many things on the agenda during a meeting between financial advisors and their clients. With investments, budgets, retirement and so much more to talk about, estate planning can often fall to the wayside. However, Ontario financial advisors can and should make time to mention estate planning to their clients in order to save their families from an estate administration headache down the road.
Financial advisors do not need to know everything about estate planning to support their clients in considering this aspect of their finances. Indeed, many Ontario advisors refer clients to a trusted lawyer to complete the important legal pieces of this process. However, it is a good idea to at least mention it as clients consider the future of their wealth.
Clients with sizable savings and assets can benefit from knowing about how things like trusts and clear-cut wills can help ease expenses. So, too, can conversations with family about a person’s wishes once they pass away. This can help people avoid litigation by making all plans and wishes are clear to everyone involved.
Any professional involved in discussing estate plans should be non-judgemental, objective, and well-informed. They should be able to clarify the consequences and necessary actions for any estate administration decision that is made by the client. This may be easy for most financial advisors, but others may find it more challenging if estate planning is far from their speciality. In either case, connecting with an Ontario estate lawyer can help to set a client on the path to informed, legally sound decisions about the future of their wealth.