Estate planning is one of the most important areas of a financial plan but is often overlooked by advisers, according to AXA national development manager Steve Currie.

“Estate planning is the cornerstone of financial planning as it underpins everything you need,” Currie explained.

“[Without it,] if some form of tragedy happened [to an adviser’s client,] a lot of the plan that had been set in place wouldn’t come to fruition.”

Speaking at Professional Investment Services’ 11th annual conference, Currie said every client should at least have a valid will, reviewed every three years for major changes such as marriage, divorce, birth of a child or grandchild and on buying or selling business assets.

However, he said income insurance, asset protection and business succession issues were also important components of estate planning, making it necessary for advisers to work closely with lawyers and accountants in this area of advice.

“No matter what your personal circumstances are, estate planning aims to place your financial affairs on the strongest possible foundation, maximising effectiveness in the transfer of wealth to your beneficiaries,” Currie said.