SMSF documentation provider Topdocs has developed an estate planning tool which it says enables advisers to be involved with the estate planning process without assuming any of the legal risk.
Topdocs director Michael Spakman said the feedback received from advisers shows they are unhappy having to outsource estate planning to their client’s solicitors.
“It means they lose a degree of control over the process, and often, it can result in the client not following through to actually see the solicitor,” said Mr Spakman.
“This in turn often leaves the client without adequate estate planning documentation in place, which is the worst possible outcome,” he said.
All legal advice and documentation generated through the “solution” is provided by Topdocs' associated legal practice, Topdocs Legal, which assumes the legal risk.
Topdocs said the tool includes an online client fact find where the adviser enters client information to receive a quote on the required will and other documentation.
Mr Spakman said once the client fact find is completed, a lawyer calls the adviser directly to discuss their client’s needs.
“Estate planning is a complex area, and often, advisers get bogged down in pages and pages of forms to complete, just to get an idea of what their client needs to have prepared,” he said.
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