Optimizing Estate Planning in Conquest
In Conquest Planning, Estate Planning focuses on helping clients prepare for the efficient transfer of their assets and wealth to loved ones or charitable causes while minimizing taxes and legal complexities. The platform's tools enable advisors to integrate estate goals into the broader financial plan, providing tailored strategies that align with clients' wishes and long-term objectives. By addressing estate planning proactively, advisors can offer peace of mind and ensure their clients' legacies are preserved effectively.
Navigating to Estate Planning
Step 1
Starting from Dashboard
To access Estate Planning in Conquest, start from the Dashboard page.
The Financial Planner can either select the individual's name in the top-left corner or navigate to the 'Client Data' dropdown at the top and choose the 'Current Data - Client' option from there.
Step 2
Navigating to the Estate Page
On the Client Data page, the user can select the 'Estate Planning' option located at the top of the page.
Step 3
Estate Planning: Page Overview and Features
On the Estate Planning page, the primary options available are: Information, Beneficiaries, Life Insurance Policies, and Charitable Bequests.
Types of Estate Planning Cards
Information Card
On the Information Card tab, the Financial Planner can access details about the client's wills and powers of attorney.
The page allows the planner to indicate whether the client has a will, specify the will's date, and identify the Estate Trustee. Similarly, the planner can toggle whether the client has a power of attorney (POA) for their property or estate, record the POA's date, and note the property power of attorney's name.
Beneficiaries
The Beneficiaries tab first displays existing family beneficiaries, starting with the client and their first and last name, followed by any co-clients and other dependents, also listed with their first and last names. This information is pulled from the client’s profile page in Conquest.
Below, there is a section for added beneficiaries. By selecting the '+ Beneficiaries' symbol, two options will appear: 'Charity' and 'Other Individual.' For charities, only the name is required, while for other individuals, both first and last names are needed.
Charitable Bequests
The Charitable Bequests tab allows the planner to add or remove charitable arrangements to be carried out after the client's death.
At the bottom left of the page, the planner can add charitable bequests by entering the amount and selecting the beneficiary. The page also provides an option to modify the description of each charitable bequest.
The T3 Schedule 11A is used to record donations made as part of the estate, ensuring that the entire donation amount is reflected in the Terminal tax return. If a spouse is involved, the tax credit for the charitable donation will be claimed by the spouse with the highest taxable income, in line with the current application behaviour. This approach ensures optimal tax efficiency and complies with Canadian tax regulations.
Life Insurance Policies
The Life Insurance Policies page gives the user the option to add three different type of policies:
- Term Life Insurance: This option represents temporary coverage, where the client is insured for a specific term (e.g., 10, 20, or 30 years). Term life policies provide a death benefit but no cash value accumulation.
- This option will require the planner to adjust the description, term (in years), the individual insured, beneficiaries, and the date the coverage begins.
- Permanent Life Insurance: Unlike term life, permanent life insurance offers lifelong coverage with the added benefit of a cash value component. A portion of the premium paid accumulates as cash value, which can grow over time, typically at a guaranteed or variable rate depending on the policy.
- This option will require the planner to alter the description, the individual insured, owner of the insurance, beneficiaries, as well as the date the coverage begins.
- Life Insurance with Illustration: This option allows financial planners to model life insurance policies that include projected growth illustrations. These are particularly useful for permanent life policies, as they can show the anticipated cash value accumulation and potential growth over time.
- This selection will give the user the option to choose the owner, beneficiaries, and the date the coverage starts.
SAM Strategies
Navigating to SAM
Conquest's Strategic Advice Manager (SAM) could also assist in gathering high-level estate planning information.
For clients who already have these documents, two additional SAM strategies allow planners to review and ensure they are up to date.
SAM in Estate Planning: An Overview
Once 'Expert Planning' is selected, the planner's next step is to choose the 'More' option at the bottom of the SAM window.
From there, the planner should search for 'review' in the search bar. The two options available are 'Review your Will' and 'Review your Power of Attorney for Property (POA-P).'
