Imagine being a financial advisor but not having your own estate plan. Surprising? You're not alone—25% of advisors fall into this category, according to a recent Trust & Will survey. This highlights that there are barriers to completing these plans – whether real or perceived – for not just everyday people, but also professionals such as financial advisors.
Some of these barriers include not having enough time, procrastination, education, and for financial advisors—concerns that they will be crossing a line. They aren’t licensed to practice law, so advising on practices such as estate planning can feel like a risk and liability.
Among the reasons that people don’t make the time to create an estate plan is that it can seem morbid to talk about plans for after your passing.
Here's a proposed solution: reframe the discussion to focus on caring for your loved ones. Emphasize that planning spares them from difficult and lengthy processes like probate. This makes the conversation an act of love, not a morbid task.
Additionally, estate planning isn’t just about the money. Even those with no assets need this critical plan because it incorporates a healthcare proxy to make decisions about their care to address end-of-life or serious changes in health. Guardianship of children can also be determined.
“The estate plan report makes it easy to review a client’s estate plan,” Charles Thomas III, CFP, founder of Intrepid Eagle Finance. “I work with lots of families and protecting children is a big priority. Part of our periodic reviews include checking on key individuals that are part of a couple’s plan, such as the guardian section… The visual summary makes it easy to pull up and confirm designated guardian and backups. That gives the client peace of mind or a reminder to make an update due to a life change.”
Trust & Will is on a mission to democratize estate planning access and provides seamless features that address these barriers to entry.
A Collaborative, Easy-to-Use Platform
Advisors appreciate Trust & Will’s seamless platform that gives them the ability to work effectively with their clients on these critical planning documents.
“My favorite feature is the ability to collaborate with clients by seeing their progress and being able to view the documents,” said Al Faber, CFP, of Woodson Wealth Management. “The fact that printed documents are shipped to the client is very helpful in the process by removing a potential friction point in the process.”
For Garrett Harper, founder of Harper Financial Strategies, he likes “the feature that allows clients to work on their own or with the aid of an advisor. Some clients know exactly what they want to do and others need more help to get the planning done.”
Chitra Patel, founder of WealthWorth, agrees.
“[Trust & Will] lets clients easily share access with me when they need guidance, making collaboration seamless,” she said.
For Ken Behm of Behm Financial, it’s beneficial to have “the ability for clients to check a box for me to see their documents so we can prepare a Legal Estate Documents folder for them so when they come into my office I can notarize it for them.”
Attorney Support When You Need It
Trust & Will provides attorney support to the tune of $300 for clients who want or need that extra level of support.
“My favorite feature is the fact that you can add attorney support for such a low cost,” said Vinee Mehta, founder of Truly Unbiased. “It makes sending people to Trust & Will that much easier knowing that they can start and finish the process on their own but if they get stuck or need guidance, they can get help from an attorney licensed in their state.”
An additional reassurance for advisors and clients alike is that all of Trust & Will’s documents have been created and approved by estate planning attorneys. Trust & Will documents are state-specific and meet the most rigorous legal requirements.
Educational Resources Available For Assistance
There is a dedicated section on the Trust & Will website called the Learn Center with articles and information about various pertinent estate planning topics.
“I appreciate the platform’s comprehensive resources page, which breaks down key estate planning concepts, helping clients understand the process and make informed decisions,” Patel said.
Trust & Will was thoughtfully engineered to take much of the hassle out of estate planning so people can go about enjoying their lives.
Alan Gorlick, chief executive officer of Gorlick Financial Strategies, appreciates Trust & Will’’s “lower cost, easy to implement solutions. It’s multidimensional, so the client doesn’t have to preselect the focus.”
Estate planning doesn’t have to be intimidating. With tools like Trust & Will, financial advisors and clients alike can take meaningful steps toward securing their futures. Start today—because peace of mind is priceless and the process is easier than you think.
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