Estate Planners: Do you share drafts? Who gets signed docs?
I had the most interesting interaction with a financial advisor and I’m trying to decide how to respond. I’ve already slept on it one night but I’d love some more input.
I’m an estate planner. As a general statement I don’t share drafts. Not with clients, and definitely not with third parties like advisors. I share a summary with clients that summarizes each article and we work from that.
During the signing meeting we review full documents together. I answer questions they have. They signed. Everyone leaves happy.
After signing I advise clients to keep signed docs to themselves. Their advisor gets a certificate of trust and the power of attorney. Their doctors get the health care documents. Otherwise client has a full set. I have a full set. We both have PDFs. Their trustees/personal reps know where to find the originals but don’t have the copies.
If a client wants to share full docs with the advisor I will, but only after explaining the risks of sharing docs with third parties, and that if they change the docs in the future they need to remember to clawback old copies. Most clients accept the risk and authorizing sharing. Great. Happy to send them over.
I recently had a financial advisor for a client spiral out of control because I refused to share documents with him. He wanted drafts. It’s an unusual request but instead of a blanket no I asked the client. Client said no. Fine
Come signing day he emailed again asking for drafts, this time CCing client saying client authorized us to share drafts. Implying I was dragging my feet.
I pick up the phone and call client to confirm. Client says no. Client follows up privately to my office two via email to me and separately to my assistant to say no don’t share.
I say I can’t share documents because I don’t have permission and as a general practice I don’t share full drafts anyways. Not even with clients.
I mention how I encourage clients to keep even signed docs private. He spirals and says he’s never worked with an attorney where this was an issue.
He says it is absolutely essential to have the full plan to be able to adequately update ownership on accounts and change beneficiary designations (which we know is false). He says by advising client not share docs I’m making it impossible for him to do his job.
I find it hard to believe he gets drafts every time a client signs a trust to “review them to make sure it meets clients wishes”. His email was frankly very insulting to me professionally and he clearly believes I work for him and not the client.
He has a spicy email coming his way but before I hit send I want to temp check my firm practices. So what say you?
Do you send full drafts to clients?
Where do you encourage them (or not) to send signed copies?
I appreciate the value in sharing full trust docs with an advisor but I still don’t think that allows me to ignore my ethically duties to advise about sharing info with third parties. If the client elects not to share that’s their choice in the matter.
For what it’s worth the client elected to share signed docs. He just doesn’t know that yet. He will find out in the reply.