David Lamb
Many potential clients often see estate planning as a simple exercise; just writing a will and then moving on. They may not realise that effective estate planning is much more than that. It’s about creating a comprehensive strategy to protect assets, minimise taxes, ensure smooth transfer of wealth, and provide peace of mind for themselves and their loved ones.
Recognising the true value of estate planning is crucial not just for clients’ financial security but also for their confidence and peace of mind.
The Risks of an Incomplete or Outdated Plan
When clients view estate planning solely as drafting a Will, they may underestimate the complexity and importance of careful structuring. If their plan is outdated, incomplete, or insufficiently tailored to their unique circumstances, they risk unforeseen issues, such as assets not passing as intended, unnecessary tax liabilities, or beneficiaries facing claims from third parties. These issues can cause significant stress and conflict among family members, especially during emotionally challenging times.
Educating potential clients about the full scope, and value, of estate planning helps them appreciate why professional advice is essential. Private client lawyers serve not just as document draughtsmen but as trusted advisers who craft customised strategies that reflect each client’s situation, wishes, and long-term goals. These services often justify their fees by offering peace of mind, asset protection, tax efficiency, and ongoing review to ensure that the plan stays current with changes in legislation or personal circumstances.
Helping Clients Visualise Their Estate Planning Strength
This is where ScoreMy can play a pivotal role: it is a simple, effective tool that helps clients understand and measure the strength of their estate plan. By providing an easy two-minute assessment, ScoreMy offers a tangible way for clients to visualise their current estate planning position and identify areas for improvement. Crucially, it allows clients to see the value of professional advice; by highlighting gaps or weaknesses in their current plan and encourages them to seek expert guidance to address these issues.
As clients regularly use ScoreMy, their “score” gradually increases with proper updates and adjustments. An increasing score reflects not only a more comprehensive and secure estate plan but also boosts their confidence. When clients see evident progress, whether through improved coverage, tax efficiency, or asset protection, they feel reassured about the robustness of their arrangements. This peace of mind reduces worries about potential disputes, unexpected tax bills, or asset loss.
Demonstrating Ongoing Value
For private client lawyers, ScoreMy also provides an effective way to demonstrate the ongoing value of their service. Instead of a one-off transaction, it positions estate planning as a continuous, value-adding process. Clients can see that their investment in legal advice results in measurable improvements over time. This transparent, measurable approach helps justify fees and encourages ongoing engagement.
The regular feedback from ScoreMy prompts proactive discussions; when a client’s score drops, it signals the need for a review or update, prompting the lawyer to act before issues arise. This proactive oversight not only enhances client satisfaction but also reinforces the lawyer’s role as a trusted adviser committed to the client’s long-term well-being.
Greater Confidence and Stronger Client Relationships
Understanding the true value of estate planning is essential for clients to appreciate why professional advice is worthwhile and necessary. ScoreMy makes this process transparent and measurable, increasing clients’ confidence in their estate planning. As their scores improve, so does their peace of mind, reducing potential worries about future uncertainties.
For private client lawyers, integrating ScoreMy into their practice facilitates ongoing client engagement, clearer demonstration of value, and ultimately, more secure, well-structured estates that truly serve the client’s best interests.