How To Make Client Estate Planning Conversations Easy: Turn 529 Distribution Request Meetings Into an Estate Planning Conversation

Key Takeaways

• During back-to-school season, asking clients at every 529 distribution request meeting, "Does your son/daughter have a power of attorney (POA) and HIPAA release in place?" will strengthen client relationships (especially with mothers), lead your clients into estate planning conversations they may have been putting off, and add a new revenue stream for your firm.

• POA and HIPAA release are often the first and equally important step for clients to getting their estate plans fully in place (it's a big reason why EncorEstate Plans has them included in their Trust-Based Plans).
• According to Linda M Sherman, CIMA® of Financially Empowered, once you get the moms fully onboard with making sure their 18+ kids have a POA and HIPAA release in place, you'll another easy client referral source – they’ll happily tell other moms to come to you for POA and HIPAA documents!
• EncorEstate Plans empowers advisors to facilitate the creation of POA and HIPAA release documents for their clients affordably and quickly. Encore's Powers Only Plan is $125 and includes: POA for Finances, Advance Health Care Directive/POA for Health Care, and HIPAA Release.
  • Advisors often find Encore's Powers Only Plan very popular and helpful for clients whose children are heading to college.

Step-by-Step Instructions for Turning 529 Meetings Into Estate Planning Conversations

Step 1: Schedule 529 distribution meetings with your Clients who have college-bound kids

Step 2: At the beginning of the meeting, ask your clients, "Before we begin, I wanted to check to see if your son/daughter has a POA and HIPAA release in place?"

Explain that without HIPAA documents signed, parents won't be unable to communicate with doctors if something happens with their child (i.e., medical emergency).

Also, explain the power of POA to your clients, and emphasize how their 18+-year-old children are legally now adults whom you can't make decisions for and act on their behalf without their written and signed consent.

Note: This assumes that you're not sure if your clients' children have POA documents in place.

Step 3: Offer to facilitate the creation of power of attorney documents for your clients' kids (and your clients, too, if they don't have any!) with EncorEstate Plans

For $125, Encore's Powers Only Plan includes:

• POA for Finances.
• Advance Health Care Directive/POA for Health Care.
• HIPAA Release.

Depending on how you charge for the work (e.g., hourly, as part of your financial planning fees, one-off fee with a 40% mark-up), you could pocket a tidy sum for each and every Powers Only Plan you facilitate for each client's child.

POA and HIPAA release are often the first and equally important step for clients to getting their estate plans fully in place (it's a big reason why EncorEstate Plans has them included in their Trust-Based Plans).

For advisors, asking parents about POA and HIPAA release during back-to-college season is an easy way to further endear yourself with parents and a great layup for estate planning conversations (not to mention, POA + HIPAA release setup is an easy revenue stream to stand up!).

Do This Step Now Before Your Next 529 Meeting

Set a reminder for yourself at all 529 distribution request / back-to-college meetings in the coming weeks to ask, “Does your son/daughter have a POA and HIPAA release yet?”

Then sit back and watch the “Aha!” moments (and extra revenue) come in 😎

FAQs About Encore's Power of Attorney (POA) and HIPAA Release Documents

How accurate and up-to-date are EncorEstate Plans's POA and HIPAA release documents?

The documents in Encore's Powers Only Plan were created by estate planning attorneys, and are checked every year for any potential updates and changes that are needed to be made. In fact, Encore's POA and HIPAA release templates are used by estate attorneys 😁

I'm not an Encore customer. Can either I or my clients buy the Powers Only Plan?

Yes, you can buy a Powers Only Plan if you're not an Encore customer. It doesn't matter if you use another estate planning software or have been working with an attorney: the Encore team just wants clients to have accurate AND properly funded estate plans. In fact, it's been our mission since Day 1 to ensure that all Americans have up-to-date and funded estate plans in place.

How do I buy a Powers Only Plan for my clients?

You can buy Powers Only Plans for your clients through your free EncorEstate Plans account.

What's the best way to evaluate the EncorEstate Plans platform?

if you're evaluating estate planning software providers, have a conversation with Encore.