6 Reasons to Check In With Estate Planning Clients Before Year-End

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While it may be uncomfortable for clients to think about their own mortality, estate planning is an essential process that helps to bring clarity and comfort to people at all financial levels — and it is the advisor’s job to answer clients’ questions and put them at ease.

In the experience of Courtney Fell, a wealth and estate planning strategist at Morgan Stanley, the second half of 2023 represents a time of significant challenges and opportunities for clients with big legacy planning goals.

In fact, as Fell told ThinkAdvisor in a recent interview, major changes in the estate planning tax framework are on the horizon, and clients with substantial wealth that will be passed to charities and the next generation have a lot at stake.

“Given the importance of advanced planning, it is surprising how many clients haven’t engaged in adequate estate planning,” Fell says. “Another common trend is when clients have done some basic estate planning and gotten some of the important documents in place many years ago, but they haven’t thought about it since.”

Echoing the sentiments of other estate planning experts, Fell says the legacy planning effort must be an ongoing exercise. Just like the effort to steward a complex investment portfolio, legacy planning should be regularly revisited, she says, especially when tax laws are in flux.

Even if big changes to trust and estate documents aren’t required, Fell explains, it is still a useful exercise to revisit and review the legacy plan regularly, as this ensures clients and their families have a clear understanding of exactly where they stand.

See the slide deck for six big estate planning considerations raised by Fell. While some are evergreen matters, others are time sensitive and may require immediate action by advisors and their clients.

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