Here's Your Midyear Client Review Checklist for 2022

8. Do an estate planning review.

Depending upon your client’s situation, this portion of the meeting might be fairly brief or a bit more complex.

This might be as simple as ensuring that all beneficiary designations on retirement accounts and life insurance policies are up to date. This is especially critical if there has been any sort of life change for your client such as getting married, getting divorced, or the birth or adoption of a child. The death of a beneficiary may warrant an adjustment as well. This is important because as you are aware, beneficiary designations govern the distribution of assets for retirement accounts, life insurance policies and annuities.

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

If your client has a detailed estate plan in place, be sure that nothing has changed in their lives to warrant a revision. If they haven’t done this and you feel that a more detailed estate plan is warranted, be sure to share your thoughts with them and encourage them to seek the help of an estate planning professional. They will generally look to you for a recommendation here.

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