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.