Your Mid-Year Client Review Checklist for 2022

8. Do an estate planning review.

Depending on your client’s situation, this part of the meeting can be quite brief or a bit more complex.

It can be as simple as making sure all beneficiary designations on retirement accounts and life insurance policies are up to date. This is especially important if there has been a change in your client’s life, such as getting married, divorced, or the birth or adoption of a child. The death of a beneficiary may also justify an adjustment. This is important because, as you know, beneficiary designations govern asset allocation for retirement accounts, life insurance policies, and annuities.

Do they have adequate life insurance coverage based on their family situation? Are assets such as real estate properly titled to ensure an orderly transition in the event of death or disability?

If your client has a detailed description estate plan in place, make sure nothing has changed in their lives to warrant a review. If they haven’t and you feel a more detailed estate plan is warranted, be sure to share your thoughts with them and encourage them to seek professional estate planning assistance. They will usually look to you for a recommendation here.

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