My client’s family never has to say ‘If only I had known’ – Leena Parwani
Leena Parwani focuses on investment strategies, wealth creation and death benefits. She doesn’t stop there, though. When a client dies without their affairs in order, it leaves the grieving families in chaos.
Take the example of Diane, who was the founder and CEO of a fashion line. When she died, at the age of 43, her partner, Lee, was mourning. Little did Lee realise that his grief as just the start of the troubles. Diane had provided generously for Lee, she had not given Lee a copy of her will, nor had she shared information about her attorney and accountant handling her estate. Lee had to do track down this important information.
What Diane could have done to reduce the stress for her partner, is to create a shared list of key contacts.
The clients will be not to make chaos one they have departed, and to have the works of such will be done with ease. To ensure such an event may never occur to her clients, Leena Parwani, encourages her client to have a master list is made, which contains the information about key contacts. This list is updated each year. Also, the master list is divided into two categories.
Group 1: The Cohort, including the members who decide on what to do
These are the members who will help her client set priorities and get their affairs in order while there is still time to do so, and who will be there to help carry out their wishes once the client dies. These are the people who know her client, understand their intentions and have earned their trust.
Group 2: The Admonishers, is a list of professionals and financial advisors that the client relies on to execute the final wish.
Estate planning requires many professional domains, including the areas of wills, trusts, insurance, bookkeeping and accounting, business planning, and the tax implications of gifts and bequests. There might not be one individual who handles all these domains. Based on the personal situation and the complexity of assets, an experienced and professional estate planning team may be necessary.
The team lead of this team is the client, but Leena Parwani encourages that they may opt to have one professional from the above list whose insights and advice they trust implicitly and whose guidance they seek before making any major decisions. Clients need confidence in why they need to work with qualified professionals and how to do so. She builds her centers of influence to create that network of trusted professionals on behalf of her clients.