Our Estate Planning Cost Calculator offers a comprehensive workflow to assess finances, calculate net worth, estimate taxes, and draft a personalized estate plan.
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Collect client's financial information
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Collect information about client's assets
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Collect information about client's liabilities
4
Calculate net worth
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Determine potential estate taxes
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Discuss with client potential ways to minimize estate taxes
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Collect details of client's potential beneficiaries
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Discuss with client possible scenarios for asset distribution
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Approval: Asset Distribution Scenario
10
Create estate plan draft
11
Present estate plan draft to client
12
Approval: Client's estate plan
13
Prepare final estate plan
14
Get client's agreement for final estate plan
15
Approval: Client's agreement
16
Prepare documents for asset transfer
17
Provide client with a clear plan on how to proceed
18
Follow up with the client for any changes or updates
Collect client's financial information
Gather all the necessary financial information from the client. This includes their income, expenses, savings, investments, and any other relevant financial details. Understand the client's financial situation to accurately assess their estate planning needs and goals.
Collect information about client's assets
Identify and gather information about the client's assets. This includes properties, bank accounts, vehicles, stocks, bonds, and any other valuable possessions. Ensure to request relevant documents or statements to verify ownership and value.
Collect information about client's liabilities
Collect information about the client's liabilities or debts. This may include mortgages, loans, credit card debt, and any other financial obligations. Understand the terms, interest rates, and outstanding balances of each liability.
Calculate net worth
Calculate the client's net worth by subtracting their liabilities from their assets. This will give you an understanding of the client's overall financial position.
Determine potential estate taxes
Analyze the client's net worth to determine if there may be any potential estate taxes. Familiarize yourself with the current estate tax laws and thresholds to provide an accurate assessment.
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US
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Canada
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UK
4
Australia
5
Other
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Same as Citizenship
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Different
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Permanent Resident
2
Temporary Resident
Discuss with client potential ways to minimize estate taxes
Engage in a conversation with the client to discuss potential strategies for minimizing estate taxes. Educate the client about options such as trusts, gifting, and charitable donations. Understand the client's goals and preferences to tailor the advice accordingly.
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Trusts
2
Gifting
3
Charitable Donations
4
Other
Collect details of client's potential beneficiaries
Collect information about the potential beneficiaries of the client's estate. This includes their names, relationships to the client, and any specific bequests or instructions they may have.
Discuss with client possible scenarios for asset distribution
Discuss with the client various scenarios for asset distribution. Explore different options such as equal distribution among beneficiaries, prioritizing certain beneficiaries, or setting up trusts for specific purposes. Consider the client's preferences, family dynamics, and tax implications.
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Equal Distribution among Beneficiaries
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Prioritized Distribution
3
Trusts for Specific Purposes
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Other
Approval: Asset Distribution Scenario
Will be submitted for approval:
Discuss with client possible scenarios for asset distribution
Will be submitted
Create estate plan draft
Prepare a draft of the client's estate plan based on the gathered information, discussions, and considerations. Ensure the plan reflects the client's goals, minimizes estate taxes, and provides clear instructions for asset distribution.
Present estate plan draft to client
Schedule a meeting with the client to present and review the estate plan draft. Explain the contents, rationale behind decisions, and address any questions or concerns the client may have. Encourage an open and collaborative discussion.
Approval: Client's estate plan
Will be submitted for approval:
Present estate plan draft to client
Will be submitted
Prepare final estate plan
Incorporate any feedback or changes from the client into the final estate plan. Ensure all details are accurate, consistent, and aligned with the client's goals and preferences. Seek legal or tax advice if necessary.
Get client's agreement for final estate plan
Obtain the client's agreement and approval for the final estate plan. Clearly explain the implications and legal validity of the document. Address any remaining concerns or questions the client may have.
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Agree
2
Disagree
Approval: Client's agreement
Will be submitted for approval:
Prepare final estate plan
Will be submitted
Prepare documents for asset transfer
Prepare the necessary documents for transferring the client's assets according to the estate plan. This may involve drafting wills, trusts, beneficiary designations, and other legal documents. Ensure the documents comply with relevant laws and are properly executed.
Provide client with a clear plan on how to proceed
Create a comprehensive plan outlining the steps the client needs to take to implement the estate plan. Include details on contacting legal professionals, updating beneficiary designations, and any other required actions. Provide clear instructions and resources to facilitate the process.
Follow up with the client for any changes or updates
Stay in touch with the client to address any future changes or updates to their estate plan. Maintain an open line of communication and offer ongoing support. Regularly review the plan to ensure its effectiveness and relevance.
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