When we bring up estate planning with clients — especially those who are younger or haven’t amassed a lot of wealth — they may think it’s something they don’t yet need. We need to remind all clients of the practical aspects, starting with a written will. We want to simplify the estate distribution process for our clients’ loved ones left behind, while ensuring the right items go to the right people. Follow these tips for raising estate planning issues with your clients who are starting at the beginning, or who have any gaps in their planning.

00 You need a will.

This one is so obvious it doesn’t even make the 10-point list. Early in your relationship with each new client, you ask whether they have a written will.
If they don’t, remind them of its importance until they get it done.

01 Where is the will?

We envision ourselves passing away peacefully, with enough time to instruct our loved ones what to do once we’re gone. At the appropriate moment you say: “The will is in the secret panel behind the fireplace.” Reality can be different. Couples travel together on vacation. What if something happens? Before we travel, my wife and I place the sealed envelopes with our wills upright in the letter rack on the desk.

02 Is the will current?

You aren’t the only one who might pass away. The will you drew up years ago might leave substantial assets to your brother-in-law. Your sister has since divorced and remarried. You liked the guy when he was your brother-in-law, but do you still like him as much now? Have any of your heirs passed away? The will should be updated periodically.

03 Beneficiaries on retirement plans.

These need to be current too. The nightmare scenario is a huge sum going to your ex-spouse. Although you divorced, you never removed their name as a beneficiary on your rather enormous account. It’s important to review beneficiaries on retirement plans and life insurance policies.

04 Where is the missing money?

Life (actually death) would be so easy if everyone kept their cash and assets in brokerage and bank accounts. Not all people do. There have been cases (in British murder mysteries especially) where individuals turned their assets into gold coins and hid them very, very carefully. Think diamonds and jewelry too. Some people really like bank safety deposit boxes. Although a bill for the box renewal might eventually turn up, the location might remain unknown for a long time. In addition to the will, provide a list of assets.

05 Gifts to charity.

People have favorite charities. They go in and out of favor. You loved your college. Then they did something to upset you, and you don’t want them to get a penny. You have plenty of local charities you would like to help. You can revise your will to make these changes, but if your executor is legally allowed some discretion, you might enclose a letter indicating which charities you want to support. This letter could be replaced every year. When charities come calling to express condolences, they would know which ones you want to support.

06 Who gets which pieces of jewelry?

Many families have heirloom pieces passed through the generations. Engagement and wedding rings are good examples. Other showstopper pieces of jewelry — or even items with only sentimental value — might be meant for certain recipients. Few people on their deathbed say: “Oh, just give all my diamonds to your next wife.” Men might have promised watches to nephews too. You want a document indicating your wishes for dispersal.

07 Valuation of collectibles.

Running out of things to worry about? Try this one. You collected antique furniture — really serious pieces with historical provenance. Your executor, having no knowledge of antiques, has a dumpster delivered. In go all those heirloom pieces. They are keeping the 75-inch flat-screen TV. That might be worth money. Haven’t you seen enough episodes of “Antiques Roadshow” where the person explains they bought this priceless piece at a house clearance sale? You need a list of your important collectibles and their values.

08 What’s to become of you?

It sounds morbid, but you need to leave instructions concerning where you want your remains to reside. There might be a family plot. You don’t want to leave all these decisions to your executor.

09 Keep your executor current.

This means a few things. You might need a successor executor, in case you live longer than the person you chose to administer your estate. You may want to have co-executors. There’s also the possibility you might have a falling out with the person currently named as executor. You can make changes, but this will require a codicil to the existing will.

10 Remember digital assets.

You need to stretch your mind for this one. Cryptocurrencies like bitcoin come to mind. What about photos you have stored in the cloud? You might own a valuable domain name. Since online betting has become mainstream, you might have a digital account at a casino. To make this even more complicated, passwords are likely involved.

There’s always the worry about a securities account that never gets found. Tax reporting works in your favor. Tax returns from previous years should tell you about these accounts. The institutions holding them should issue tax reporting statements annually. It may take awhile, but you should be able to track them down.

Sound complicated? You are your clients’ trusted advisor, and you are in a position to request advice from other professionals, like attorneys and accountants, as needed to navigate through these waters.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides high-net-worth client acquisition training for financial services professionals. His book “Captivating the Wealthy Investor” is available on Amazon. Contact him at brycesanders@msn.com.