EstateFlow considers the values of any assets that are owned by the client that would distribute to beneficiaries at their death. This includes any individually owned assets, trusts where the client is the trust creator and the trust is set to terminate at their death, and assets owned jointly with rights of survivorship.
The information that feeds into EstateFlow is the following:
Client Settings: Marital Status, State of Residence
Marital Status will control whether the client’s EstateFlow should present two scenarios: what happens if spouse 1 predeceases spouse 2, and vice versa.
Entering State of Residence will determine whether the client lives in a state where state estate tax is relevant to be considered in calculations.
Balance Sheet: the assets and how each asset is owned will determine what is considered in EstateFlow. Any assets that have Beneficiary Designations should have those set in the asset card to ensure the beneficiary’s inheritance of the particular account is reflected.
Trust & Will Cards: Ensure Trust Creator or Will Creator is filled out in the Key Roles tab. For Beneficiaries, please fill out who beneficiaries should be and the Share Amounts that they will receive. Any sub-trusts for “Upon Trust Creator’s Death” and “First Death” should also have remainder beneficiaries entered.