Preliminary matters

An essential first step of any estate planning exercise is to get to know the client and find out all the relevant information about their circumstances (past, present and future), as far as these can be determined.

The adviser will first need to complete the necessary identification procedures to comply with money laundering regulations. The usual client acceptance (onboarding) procedures will need to be followed as well.

The adviser will then need to take instructions from the client. These should be recorded in writing and form part of the client care agreement so that the scope of the work to be undertaken is clearly understood by both adviser and client. The extent of the work may develop into other areas as the matter progresses, and this should also be agreed on both sides.

What are the relevant questions to ask the client?

Once the client’s objectives are clear, the adviser should carry out a detailed