Legacy Planning Checklist for Advisors & Insurance Agents

Legacy planning checklist

We recently discussed how COVID -19 has shifted focus toward legacy planning ventures for many individuals. From business owners to families, people have started taking estate planning much more seriously. We made a checklist for individuals [h1] that included the number of actionable tips to enact as soon as possible, and we are going to do the same here for insurance agents.

So, without further delays, here is a checklist that you should keep with you when helping any client with their legacy and financial planning ventures.

A Checklist for Insurance Advisors for Legacy Planning

Step 1.              Explain the Difference Between Estate & Legacy Planning

Address the needs of your clients by discussing both options with them before you embark on the long journey ahead. This is where you start building trust.

Step 2.              Consider Client’s Vision for Their Family’s Future

Discuss the following to get a better understanding of what exactly they are looking to accomplish.

  1. What do they want to pass down to their children/grandchildren
  2. Any short, medium and long term goals
  3. Whether the current financial position of the client is sufficient to meet said goals
  4. Consider any unique circumstances such as disabilities, multiple marriages, liabilities and more
  5. Whether the heirs are of sound mind and of age

Step 3.              Gather Client’s Documents

Once the vision is clear, it is time to start implementing it. Start collecting documents necessary for smooth transition after the client’s death. This can include numerous documents, some of which include:

  1. Wills,
  2. Trusts,
  3. List of beneficiaries,
  4. Certificates (including birth certificate),
  5. Retirement plan information,
  6. Deeds,
  7. Tax information, and more.

Step 4.              Discuss Who Gets the Power of Attorney

Ask your client who they trust with your legacy as a whole and would be responsible for making decisions about your legacy. This will include:

  1. Assigning financial power of attorney
  2. Creating a living will
  3. Long-term care insurance and beneficiaries
  4. Healthcare power of attorney and more

Step 5.              Create a Succession Plan for the Client

Next, discuss who will take over the client’s business and ask for any specific instructions to be followed. Two main considerations here include:

  1. Who will take your place in the business
  2. Who will take your place in the business
  3. Who will take your place in the business

Step 6.              Take Inventory

In this step, you will have to create a list of all the assets your client has – not just physical, but digital as well. Create a schedule to update the collected documents, inventory and legacy plan as a whole.

Step 7.              Store Documents & the “Legacy Plan” Safely

Once you have all the necessary documents collected, it is time to store them safely for the client and their family to find. There are digital vaults that you can store such information in and give access only to the clients themselves, and their family after the client has passed.

Legacy Armour can help you here with our secure vaults designed specifically to protect legacies until the time comes. If you would like to learn more about how we can help you create bullet-proof legacies, get in touch with us at 844-875-3422 or email us at info@legacyarmour.com.

Why Should You Embrace Insurtech for Estate Planning?

Estate planning

You are the sole breadwinner of your family and running your household with your regular income. You are working hard to keep your family happy and satisfied. Have you ever considered what would happen to your happy family in case of your unexpected death or your life-long disability? Have you thought about legacy planning at all?

This is a question that haunts almost all heads of the families. If you are concerned about what would happen to your family after you’re gone, your focus should be on after-death planning. With the help of the digital expertise of insurtechs, estate planning or legacy planning has become quite easy. LegacyArmour is one of the most renowned legacy planning platforms that makes sure that your beneficiaries receive wills, your bank account information, etc., after you have passed away. Here’s how LegacyArmour, which uses this new technology of fintech for legacy planning, can help you with your financial planning:

1.   Secured Information

LegacyArmour uses the same end-to-end encryption standards used by the US government to secure top-secret documents. This means that only intended recipient(s) can viewed the data you entered on the site. Once you have made your account on the portal, you can safely upload important files and wills on the site and enter the information of the designated recipient(s).

2. Increased Scalability

Life is unpredictable and complex. Every other day, you have to face new challenges. These challenges are what often make you bring changes to your insurance plans. It could be a new policy that you are considering buying or any other related stuff. With the help of the LegacyArmour platform, you can make the changes quickly. The platform will convey any changes you make to existing vaults to your account manager in a timely manner.

3. Strategic Data Usage

Through the use of this platform, you can determine the time and date when your beneficiaries will be able to have access to your valuable assets. When creating vaults on the portal, you need to fill in the information regarding when the vault should be delivered and to whom.

When it comes to the time of delivery, you have two options. You can either set a date of delivery (for example, you can set that the vault is delivered to your child on their 18th birthday, etc.) or specify the delivery of your vaults upon your death/incapacitation. For the latter, you will have to define a contact method and contact frequency. For example, you can ask for weekly text notifications. In case of no response, your vault will be delivered to your designated recipient(s).       

The Final Word

Every year, millions of dollars in insurance benefits, dormant accounts, social security, etc., go unclaimed because their beneficiaries have no idea that they existed. Even though lawful beneficiaries can claim these assets, they will have to pay hefty attorney fees to file a claim and prove that they are the designated owner of the assets left behind. It is, therefore, advisable to pay attention to after-death planning as early as possible.

Safely Store Your Estate Planning Documents

estate planning

Have you started your estate planning? Whether or not you’ve already started, you’ve probably wondered about your document safety. When starting the estate planning process, most people wonder whether or not their documents will stay safely away from those who shouldn’t have that information. How can you be sure? With Legacy Armour, it’s easy. In fact, you can have total peace of mind over your estate planning documents for the rest of your life.

We Provide Documents

The first step to safely securing your estate planning documents? Obtaining those documents in the first place. Legacy Armour can help you with that step. In fact, we make it easy. If you decide to open an account with Legacy Armour, we provide the necessary documents for you to inform your loved ones of your wishes.

You Choose Your Recipients

Next, you choose who should have access to your documents and when they should have that access. You’ll also designate the trigger that will release your documents. For instance, if you choose your death as the trigger, your estate planning documents will not leave your vault for any other reason as long as you live. When the trigger does take place, Legacy Armour will release your documents only to the people whom you choose.

Encryption and Authentication

How can you be sure that your information only goes to your recipients? Our encryption process makes sure of that. We have a multi-layer encryption protocol, and it starts as you upload your information, not after you upload it. Some other services only encrypt after the upload process, which leaves your documents vulnerable to security breaches. We, on the other hand, want to protect your estate planning documents at every step, not just the last several steps. You hold the encryption keys, and you set the passcodes and authentication protocol. If you want two-step authentication, Legacy Armour can support it. In fact, not even the team at Legacy Armour can access your information. Until the trigger takes place, only you have total access.

Estate Planning With Legacy Armour

Are you ready to begin your estate planning? Why not plan your estate as securely as possible with Legacy Armour? Our unbreakable security measures and our dedication to our clients have helped many people safely manage their estates. Our clients maintain peace of mind thanks to our safety measures. If you’re ready to get started, contact Legacy Armour to learn more.

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