Vanilla Academy
The estate planning learning center for financial advisors
Learn about estate strategy, business growth and more
Vanilla Courses
New Client Conversations: How to engage new clients with estate planning
Client conversations, grow your business
22 min.
Learn what to ask new clients — and what to listen for in their answers — as you engage with them for the first time regarding their estate plans. Download the New Client Conversations Checklist to follow along with the presentation.
Lectors
Steve Lockshin
Co-founder, Vanilla
Estate Planning 101
core documents, wills, trusts, healthcare directives, powers of attorney, advanced strategies
This three-part series will give you a primer on core estate planning concepts as well as an overview of advanced strategies.
Start Watching
Improving Client Conversations with Vanilla
client conversations, grow your business
Wondering how you can use the Vanilla platform to help guide your client conversations and add value? We have some quick tips on how you can leverage the platform to build more complete strategies, differentiate yourself from the competition and grow your share of wallet.
Start WatchingEstate Planning Fundamentals
7 Major reasons why estate planning isn’t a ‘set it and forget it’...
Process Matters: Why “bespoke” is not enough when it comes to estate planning
How do I know if estate planning documents are high quality?
The advisor’s guide to naming the right fiduciary trustee for an estate
How Vanilla Helps Advisors & Planners
Glossary
Advance Healthcare Directive
Grants your health care agent the ability to make decisions on your behalf if you are unable to and contains your wishes about medical care, treatment, and the disposition of...
Asset Transfer Letter
To be shared with financial institutions in order to assist in transferring assets to the name of your newly created Trust.
Attorney-in-Fact
Agent designated by your Power of Attorney document to make decisions for you about your non-trust assets in the event you become incapacitated.
Charitable Lead Trust
An irrevocable trust designed to provide financial support to one or more charities for a period of time with the remaining assets eventually going to family members or other beneficiaries.
Charitable Remainder Trust
Provides a stream of income for family members for the term of the trust before the remaining assets are transferred to one or more charitable organization beneficiaries.
Community Property State
States where all assets acquired during a marriage are owned equally by both spouses.
Conservator
Appointed to supervise the finances of an individual who is found by the court to be incapable of doing so himself or herself.
Creditor
Any party that has delivered a product, service or loan, and is owed money by one or more people.
Decanting Provision
A method by which a trustee may remove or modify trust provisions from an irrevocable trust by pouring/distributing the trust assets from an old trust into a new trust.
Divisible Pot Trust
A single irrevocable trust for all beneficiaries where distributions can be made to any beneficiary at the trustee’s discretion as opposed to separate trusts for each beneficiary.
Estate
Everything comprising the net worth of an individual; including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest...
Estate & Gift Tax Exemption
Under the current administration, an individual can leave up to $11.58M to heirs without incurring federal estate tax, a married couple can leave up to $23.16M.
Estate Planning
The management of how assets will be transferred to beneficiaries when an individual passes away.
Estate Tax
May be levied by the government on the value of one’s estate at death to be paid by the deceased person’s representatives prior to any property being distributed to the...
Executor
Responsible for taking the financial actions needed to settle your estate outside of your Trust under the terms of your Will after you die.
General Assignment of Assets
A document commonly included in California estate plans that establishes the intent for all property, including property without an official title document, to be in the Trust.
Gift Tax
May be levied by the government on the value of a gift made prior to death to be paid by the beneficiary. Giving a gift may reduce the amount of...
Grantor
A person or institution that conveys ownership of a property or creates a trust; a.k.a. creator/settlor/trustor.
Guardian
Responsible for taking care of your children in the event that you die while they’re still minors.
Health Care Agent
Designated by your Advance Health Care Directive to help make medical decisions on your behalf at the end of life or any other time you are not able to communicate.
Heirs-at-Law
Your closest relatives that are then living at the time of your death.
Holographic Will
Handwritten and testator-signed document recognized in some states that is an alternative to a will produced by a lawyer.
Homestead Exemption
A legal provision that protects a person’s residence from non-mortgage creditors (including taxing authorities to some degree).
Inheritance
Assets that an individual bequeaths to his or her loved ones after he or she passes away
Inheritance Tax
State taxes that may be levied on inherited assets.
Inter Vivos Trust
Created during your lifetime and put in place to manage your assets during life and after death to avoid probate upon your death; a.k.a. living trust/revocable trust.
Irrevocable Trust
Cannot be modified during the Trustor’s lifetime without the permission of the beneficiaries.
Letter of Wishes
Can be used in tandem with your Trust document to provide additional guidance to the trustee regarding how the assets should be controlled and distributed.
Living Trust
Created during your lifetime and put in place to manage your assets during life and to avoid probate upon your death; a.k.a. inter vivos trust/revocable trust.
Living Will
Type of advance health care directive which tells your health care provider what types of treatment you want or don’t want should you become incapacitated.
Mandatory Distribution
Distributions of trust income or principal according to a schedule set by the trust document regardless of the beneficiaries’ needs, tax situation, or credit situation.
Marital Trust
Irrevocable trust made up of 50% of shared assets and 100% of any separate assets owned by the first spouse to die.
Medical Authorization of Minor Children
Grants another adult authority to make medical decisions for your minor children in the event of an emergency.
Postnuptial Agreement
Marital agreement executed during marriage to determine the division of a couple’s assets in a divorce or after the death of one spouse.
Pour-over Will
“Pours” assets into your Trust at your death.
Power of Attorney
Designates an “Attorney-in-Fact” or agent who can make decisions for you about your non-trust assets in the event you become incapacitated.
Prenuptial Agreement
Marital agreement executed prior to marriage to determine the division of a couple’s assets in a divorce or after the death of one spouse.
Probate
The legal process of administering a person’s estate after their death; may be avoided if the deceased person properly maintained a trust holding their assets.
Probate Fees
Court costs to be paid by beneficiaries out of estate assets
Recorded Deed
A document showing that you legally own property; must be filed with the appropriate county government office in order to be official.
Revocable Trust
Created during your lifetime and put in place to manage your assets during life and after death to avoid probate upon your death; a.k.a. inter vivos trust/living trust.
Settlor
A person or institution that conveys ownership of a property or creates a trust; a.k.a. creator/grantor/trustor.
Single Settlor Trust
Created and funded by one person as opposed to a joint trust.
Situs
The place to which, for purposes of legal jurisdiction or taxation, a property or Trust belongs
Tangible Personal Property Memo
A letter outlining your wishes in regards to how to dispose of your tangible personal property (e.g., art, jewelry, household goods) as specific gifts to named beneficiaries.
Testamentary Trust
A trust created in a will that goes into effect after the death of the individual as opposed to a living trust.
Trust
An arrangement for owning property where possession of the property is held by one person or organization, but the right to benefit from the property belongs to another.
Trust Certification
A short document used instead of the full Trust document to provide third parties with assurances that the trustees have the power to buy, sell, borrow, or conduct financial transactions...
Trust Protector
Person or group (not the settlor, beneficiary, or trustee) appointed to exercise powers affecting a trust and the interest of the beneficiaries to protect beneficiaries from a rogue trustee.
Trustee
A person or organization who holds the possession of property in a Trust arrangement. Trustees are responsible to act in the best interest of the Trust’s beneficiaries.
Trustor
A person or institution that conveys ownership of a property or creates a trust; a.k.a. creator/grantor/settlor.
Frequently Asked Questions
I'm a current customer. Where do I find information about how to use the Vanilla product?
You’ll find “how to” articles and videos on the Vanilla product in help center. There, you will find information on onboarding, getting started, document abstraction and more.
I'm ready to incorporate estate planning as a major part of my practice. How to I go about doing that?
Congratulations! In addition to checking out our Vanilla Estate Planning 101 course, we recommend you use our Vanilla Estate Planning Playbook to help create a framework for your advisory. For added insights, check out our webinar on the Playbook.
My clients have attorneys. As a financial advisor, why should I be involved in their estate planning?
Attorneys play vital roles in estate planning. They will need to draft any legal documents your clients need. But advisors talk to clients more frequently than their attorneys do, and have a more holistic picture of clients’ financial health and goals. Advisors can help identify potentially issues or opportunities for clients, and ensure their estate plan aligns with their evolving needs and goals.
I'd like to talk to my clients about estate planning, but am unsure how to broach the subject. How to I begin?
You can start by emphasizing the importance of estate planning. Lots of people push estate planning off because they don’t want to think about it, but not having a plan will likely mean their wishes aren’t met in the event of their incapacity or death. Start by showing them the presentation Why Estate Planning Matters.