The End of the Year Is a Great Time to Start Talking About Estate Planning with Your Clients

As the holiday season approaches, it’s an ideal time for advisers to engage clients in meaningful conversations about their future. Estate planning is a topic that’s often postponed, but the next couple of weeks are perfect for addressing it while clients wind down for the year.

How to Start

Estate planning is frequently considered an afterthought in financial planning engagements, often reduced to a footnote in a Statement of Advice (SOA). However, it’s far more effective to approach it positively—framing it as planning for the future rather than focusing on potential loss.

A good starting point is to discuss the hard work and years your client has spent building their wealth and how this wealth can support their family for generations to come.

Break Down the Process

Like any client engagement, estate planning is a journey you take with your clients. The key stages include:

1️⃣ Discovery – Understand your client’s current position and values.

2️⃣ Analysis – Identify shortfalls in their existing estate plan.

3️⃣ Solutions – Propose tailored strategies to meet their needs.

4️⃣ Implementation – Guide them through the steps to completion.

A practical first step is conducting an estate planning health check. This involves assessing your client’s current position and identifying any gaps or areas for improvement.

Matching Clients with the Right Lawyer

Selecting the right estate lawyer is crucial. Estate law is a specialised field, and your clients may require expertise in areas like SMSFs, farming estates, overseas assets, or specific regional knowledge. Whether they need a lawyer in the city or a suburban office, your guidance in finding the right professional can make all the difference.

Supporting Clients to the Finish Line

Helping clients select a lawyer isn’t the final step. Some clients will need additional support to navigate the process, especially those with urgent needs for a holistic estate plan. Being there to guide them through to completion strengthens your role as a trusted adviser.

Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that clients reach the finish line of their estate planning journey.