Advisor Connections Newsletter™
March 29, 2016
Reviewing an Existing Estate Plan
REVIEWING AN EXISTING ESTATE PLAN
Very often, colleagues will ask us if we are able to review the current estate planning documents of a client. We extend this service to advisors or other professionals for their clients as a professional courtesy, and at no cost to the advisor or the client.
The review of an estate plan involves an examination of two separate but important issues. The first level of analysis is called the "Technical-Legal Review." During the Technical-Legal Review we are specifically checking for outdated, incorrect, or missing provisions that may result in an additional tax liability or unintended legal consequences. Generally, our Estate Planning Reviews are limited to a "Technical-Legal Review."
At the conclusion of our Estate Planning Review, we draft a Review Letter summarizing the documents and including a professional observation. The approximate time to complete an Estate Planning Review is 7 to 10 days.
The second level of analysis is called a "Personal Counseling Review." Whether a particular planning strategy is appropriate for an individual or family can only be determined after conducting a Personal Counseling Review. Generally, we can only offer a "Personal Counseling Review" if the client has initiated the estate planning process with our office by attending a New Client Orientation Meeting, Preparatory Meeting, and Initial Interview. Clients are able attend the first three meetings in our process free of charge and without having to commit to our services. We refer to these first three meetings as the "Exploratory Phase."
If you are interested in having us review the estate planning documents of a client or have any questions regarding our Estate Planning Review process, do not hesitate to reach out to us at (216) 236-6480 or by emailing Scott Williams or Joseph Ferraro.