Does providing Estate planning expose advisers to a legal advice risk?

When the topic of Estate planning comes up, most advisers consider this within the lawyer's exclusive domain. A mistaken belief is that: estate planning = legal advice.

However, estate planning is more aligned to the financial planning process than the legal process. Fundamentally, it involves a discussion of the client's wishes and how their affairs are to be managed during a certain future event. The discussion around who is to be appointed as the client's executor(s), how their Estate and non estate assets are managed and who receives what and when need not involve legal advice.

Financial advisers and accountants are best positioned to drive estate planning discussions with their clients. They typically have long-standing relationships with their clients and know their affairs and their families. Estate planning also represents a natural transition from financial planning. You helped accumulate and protect the wealth that will ultimately need to be transferred to the next generation.

When we designed the Inherit Australia estate planning bot, we prioritised taking financial advisers through the process without providing legal advice. Our systems and processes will refer you to a legal professional from our marketplace when legal advice is required. Taking this risk out of the process allows you to work on delicate matters of wishes and testamentary with your client.

Inherit Australia custom estate planning issues report identifies and summarises the issues you should discuss with your client and any issues that require legal advice. We offer 3 free estate planning reports valued at $1,600 for new practices signing before the 1st of July 2022. Our PAYG license is free. However, our legal panel members charge for documents separately.