It's our job to make them think about them. Forming a plan to help family members cope in the event of death or catastrophic illness likewise needs to be part of a plan. An estate plan should include a will, which identifies executors and guardians, durable power of attorney, a living will informing physicians and family members of a person's wishes in the event that he or she is unable to voice them, and letters of instruction. It means discussing difficult issues so that, during a time of crisis, family members won't be left to wonder whether they're fulfilling a loved one's wishes. Whether they are saving for college tuition or want to retire by age 62, people need a financial target to shoot for.
Cash management is a broad term encompassing everything from budgeting to taxes.
Perhaps the most important point about a financial plan is its individuality. While for some estate planning might center on minimizing taxes, for others it might be more important to choose guardians for children or designate heirs for valuable items. It's really based on the client and what the client's individual goals are. Just as consumers have different needs, they also have different relationships and resources upon which to draw. One might have a long-standing relationship with a stock broker, while another may be in search of an attorney to work with her financial planner on an estate plan.