This Make-A-Will Month, help clients turn estate planning intentions into action
August is National Make-a-Will Month, and it’s a good time to talk about the friction financial advisors know all too well: many clients understand the value of estate planning, but sitting with the reality of death, loss, and worst-case scenarios long enough to make end-of-life arrangements isn’t easy. They may want nothing more than to ensure their loved ones are cared for long-term, yet the paperwork, legal jargon, and sheer number of decisions involved can be overwhelming. Empathy's own research into wealth transfer sums up this tension: nearly 60% of U.S. families expect wealth transfers within the next decade, with average timelines at just seven years, yet only 28% expect wealth transfers to go smoothly. The reasons behind these numbers have more to do with how big and personal the task feels than with the paperwork itself.
Here’s what we know: the intent is there, but the plan usually isn't. Advisors are well positioned to change that, often just by starting the conversation a different way.
Reframe the ask
According to Empathy’s proprietary data, just 26% of U.S. families have a will in place. Even among those, many anticipate delays, conflict, and confusion; the plans that do exist are often incomplete, outdated, or known only to a single family member who may not be there when needed. The practical ways to avoid these outcomes are straightforward on paper. But for families, it can be difficult to start and see plans through to fruition.
But the path to a solid plan is actually much simpler (and warmer) than many think. As advisors know, estate planning is really about the people the client loves most. Try saying that version out loud in a meeting: “This is how you take care of the people you love.” Clients will likely lean into the reframe, picturing the faces affected by the documentation they’re creating and what it would mean to provide them with clarity, stability, and peace of mind for years to come.
Start with smaller tasks
Oftentimes, estate planning gets lumped in with projects clients will get around to “when I have more time.” They assume every detail needs ironing out — from deciding how their assets should be divided, choosing the right people to carry out their wishes, and anticipating every possible “what if” scenario. In reality, a few simple questions can help turn a big, overwhelming task into a series of manageable decisions. A few to try:
Who would you want to name as a guardian, if you have young children?
What accounts, assets, or property should be on record somewhere, even informally?
Is there anything personal — a letter, a story, a set of instructions — you'd want passed along?
Breaking the process into smaller asks helps clients stop waiting for the perfect time to start. Even one small step forward can create momentum and make the path forward feel clearer.
Where Empathy LifeVault™ fits in
Once a client is ready to start, the logistics can still get in the way: what to create, where to keep it, how to make sure it stays current. Empathy LifeVault™ gives clients one place to do it all, with guidance at every step to create a legally valid will, trust, and power of attorney. Plus, an offering like Legacy Letters goes a step further by giving them a way to put the more personal pieces, like their values, their stories, and what they want remembered, into their own words. And for those difficult conversations with loved ones, LifeVault Conversations gives clients a private space to think through what they want to say before they have to say it out loud.
After covering nearly 50 million people at Empathy, we’re acutely aware of the business case of this support as well: 90% of people leave their parents' financial advisor after receiving an inheritance. Guiding a client through the emotional, complicated parts of this process, and checking in long after the paperwork is filed, is often what builds loyalty within a family’s next generation. Your clients likely already understand the importance of estate planning. What they need now is a trusted partner who can help transform an overwhelming process into a thoughtful expression of the care they have for the people they love — ideally alongside a platform built to support both advisors and families as they navigate every step along the way.