Asset-Map envisions Estate Planning as a visual conversation. Below are some of the tools and suggestions you can use to facilitate Estate Planning conversations in your practice.
Use Legal Entities and Entity Ownership
We use "legal entities" that represent businesses or trusts like members of a family - they have assets and liabilities assigned to them and they are listed at the top of a map, right along with the family members. They are considered as part of the household net worth and are included on the Balance Sheet report. Ask questions about these legal entities to evaluate the intent and decide whether attention needs to be given to them. Visualize asset ownership amoung other entities and members.
Use Notes
We suggest using the Notes tab on members, legal entities, and any other financial types to document any tasks, lists, or notes. You can even link to outside documents or websites that have a URL within a Note. Imagine storing a copy of a Will or POA document on one of three storage services we integrate with (Google Drive, Box and Dropbox) and using the URL link to it in a Note. Click to it right from the Asset. Seamless! (Note: Asset-Map does not store documents natively.) Notes can be viewed and edited from the Household's Notes page on the fly and can be part of a PDF or produced separately.
Use Layouts
Refocus the discussion on the members or entities involved in the estate planning conversatin by rearranging the members on the screen and in print using the Layouts feature.
Set Beneficiaries
Our Beneficiary Checklist is effective in discussing who will inherit the asset/liability. Beneficiaries can be selected on the Details tab of every financial. It too can be printed on its own or part of a comprehensive household report.
...and Contingents
Contingents can be tracked within each financial as long as the member is on the Asset-Map.
Add Other Relationships and Entities Not Intended for the Map but Worth Documenting
Other Members and Entities can be added to a Household for documentation purposes without needing to reside on the client's Asset-Map. Add them from the Household Members page.
Visualize Relationships
Change the view of household members and entities to create a map of relationships using the Relationships Map tool.
Visualize Unassigned Assets Meant for Beneficiaries
Use the Beneficiaries check-list visual view to provide clarity for the client.
Visualize Important Documents
Discussion topics like Wills and POA can be captured by using financial tiles. Use the Notes field on the financials to capture details like attorney info or status.
Storing/Linking Important Documents
While Asset-Map Platform does not store documents, we do integrate with the following file storage solutions: Google Drive, Box, Dropbox. Learn more here.
Use Assets to Illustrate Future Sources of Resources
On an Asset-Map, apply a new Asset or Cash Flow and set the age of availability to an age or date older than the member to create a talking point highlighting that a future resource is expected.
Use Target-Maps
Custom Target-Maps can be used to isolate monetary inheritance conversations, tax conversations or other future desires.
New to Target-Maps? Need a refresher? Sign-up today for no cost training. Click here.
Tags: "notes", "layouts", "file storage", "legal entities", "beneficiary", "will", "trust"
11/2024