A Will is only the beginning of the estate-planning conversation

A valid Will is an essential part of any client’s financial affairs. But for advisers, it can also be the starting point for a much broader and more valuable conversation.

A Will can reveal far more than how a client wants their assets distributed. It can provide insight into family dynamics, financial dependencies and the people, assets and legacies that matter most to them. For advisers, this raises an important question: are you simply reviewing what your clients own, or are you uncovering what they are trying to protect?

A client may want the family home to remain in the family, ensure a dependent child is provided for, or protect a business for the next generation. These are intentions – and ensuring they can be achieved requires more than simply recording them in a will.

It also means considering whether the estate will have sufficient liquidity when the time comes, whether the right structures are in place and whether there are potential gaps that could create complications for beneficiaries and executors.

What can a Will tell you about your clients?

A Will can act as a valuable diagnostic tool, opening the door to conversations that may not emerge during a conventional fact-finding or portfolio review. But what happens when those wishes are tested in practice?

And what might an executor discover that could have been identified and addressed while the client was still able to make decisions? These are some of the questions advisers should be asking as they look beyond the Will itself and consider the broader estate-planning picture.

Watch the video below to explore five questions advisers should be asking their clients about Wills, estate planning, liquidity and legacy.