Setting Beneficiaries on Individual Assets and for Protection Policies
Estate Plans - How to enter an alternative estate distribution
The Estate Plans screen allows you to specify overall estate distributions if they are to be handled differently from the software’s default assumptions.
1. To add an estate distribution to your plan, go to the Dashboard screen in AdviserGo.
2. Click the plus (+) button bottom-right and select Estate Plans.
Or if you need to view or edit an estate plan which has already been entered, on the Dashboard screen in AdviserGo, expand the Estate Plans section of the dashboard and click the link to the estate plan.
3. Owner - Select the person in the plan whose estate distribution you are entering.
In a plan, individuals can have only one estate distribution per person. If a person already has an estate distribution entered in the plan, their name will be filtered from this list of owners.
Estate plans can be entered for the primary client -- the first entered when setting up the plan -- and the primary client’s spouse or partner.
4. Name - The software will give the estate distribution a default name – e.g. Julia’s Estate Plan. You may enter in this field an alternative name for the estate distribution, if necessary.
The right side of the screen shows the projected value of the owner’s estate at time of death. This total is normally a projection of one’s assets minus debts and other liabilities at time of death.
Note - Life expectancy is set on the Timeline screen, by positioning the person’s Mortality event on the planning timeline. The default life expectancy is normally age 90 or 100, but this can be changed by moving the Mortality event up or down the timeline.
Items that reside outside of your estate are excluded from this number since this is an estate distribution. Insurance policies and other items that have specific beneficiaries, will also be excluded from this total even if they are set to pay into the estate.
This estate allocation section of the screen is designed to give you a general idea of the future size of the estate and the amounts that could be distributed to the inheritors as specified in the estate plan.
The amounts shown are gross of any potential tax. This is not an actual estate tax calculation.
From this screen you can enter you preferred distribution strategy. In this example Chelsea has directed us to plan to distribute 50% of her estate to her current spouse. 100% of the remaining estate will then be distributed 50/50 between her daughter Isabella and an individual outside of the estate. See the entries below for how this would be entered.
The Estate Breakdown is then updated to the following.
Alternatively you can also plan to distribute the estate by asset type.
Estate Distribution By Asset
From here you will select each asset and assign a distribution %. Note that each distribution must equal 100%.
Once you have completed your Estate Plan click "Done" in the top right corner. This will take you back to the Dashboard where your Estate Plan will be saved and accessible for future edits.
You can also test the Estate Plan by running a simulation in the Legacy Screen.
Use the drop down bar to run the "if (client name) dies today" simulation and it will show the breakdown of the Estate Distribution.