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Asset Diagram: How to Use the Asset Diagram Tool

Inventory clients' assets today and model future asset dispositions in custom-created scenarios, creating a powerful visual of the asset transfer waterfall from owners to beneficiaries. 

The Asset Diagram Tool helps you visualize client assets and their distribution through table or diagram reports. It’s easy to update as asset values and beneficiaries change!

Create multiple scenarios and review annually with your clients to keep track of beneficiaries, staying up to date with any changes.

To maximize the tool's effectiveness:

  • Create an asset diagram that includes an inventory of client assets today. This should cover:
    • Retirement Accounts
    • Life Insurance & Annuities
    • Investment Accounts
    • Bank Accounts
    • Real Estate
  • Model the asset distribution tomorrow. This helps you visualize how assets flow from owners to beneficiaries.

 

Creating Your First Scenario

To get started on your first Asset Diagram, navigate to the Estate - Asset Diagrams section of the client Household screen and click Create Asset Diagram.

Give your Asset Diagram a name and click Create.

Then, name your scenario.

Common scenario examples are when one spouse passes before the other spouse, the second spouse dies, and for the utilization of Charitable Trust Vehicles (CRUT, CRAT). This is just your first scenario - you’ll be able to add more later!

You will next choose how you wish to do your data entry: Diagram View or Table View. 

We suggest choosing one for data entry, but you’re welcome to toggle between the two views if one way is easier than the other for entry versus viewing!

 

  • Diagram View allows for a more visual who-gets-what asset diagram (think PowerPoint).

  • Table View allows for the data to be entered line-by-line. If you have an Excel document with this information, it’s likely formatted similarly! 

Note: Uploading of CSV files to populate this section isn’t available yet, but we’re working on it!

  • The Summary View is exactly that - a summary of each entry from your data entry.

 

Editing your Scenario and Adding Assets

On the left-hand side of your screen, you’ll notice a series of tools available to build out your scenario. You can add up to 3 events (ex., Today, after Paula Passes, after Peter Passes). 

Let’s break down the icons on the left side to help you build out this scenario:

Edit event

Add assets

Add asset groups

Duplicate an event (use this to create a new event, too!)

Delete anything you want removed

 

Now, let’s add assets for the client:

To create a well-crafted deliverable for your clients, think about how you will use assets vs asset groups. 

  • If it’s one singular account with a different ownership structure, an asset will likely work just as well.
  • An asset group is often preferable when:
    • Clients have multiple similar accounts with the same ownership structure. Examples include checking, savings, and money market accounts.
    • Clients own a collection of valuables. For instance, art and automobiles.
    • Clients have a diverse inventory of assets owned by a single entity. This applies to LLC or trust account ownership.

Assets

To add an asset, click on the plus sign and fill out Asset Settings accordingly.

 

  1. Give your asset a name - (ex. Peter’s Retirement Account)
  2. Add the Asset Owner(s) - who owns this asset (ex. Spouse #1 or Spouse #2)
    1. Click on Manage Owners to the right of the Asset Owner line to add all of your asset owners (ex. Spouse #1, Spouse #2, Spouse 1 & 2 (JTWROS Joint Tenants with Right of Survivorship). It’s recommended to add all of the asset owners at the beginning, but you can go back and edit, delete, or add more at any time.
  3. Select a color to represent the same type of accounts. As an example, you can choose Red to represent all of your brokerage accounts
  4. (Optional) Choose to use icons to further visualize and categorize your assets.
  5. Save or Save & Add Another
  6. To edit an asset or asset group, hover over the colored tile and click on the ellipsis (...) icon in the top-right corner

Asset Groups

Add an Asset Group by clicking on the picture icon and filling out the Group Asset Settings.

 

  1. Give your Asset Group a name (example: Checking and Savings Account)
  2. Select or add Asset Owners (If jointly owned with a Right of Survivorship, choose that JTWROS owner)
  3. Add multiple accounts or assets to this asset group by clicking Add Asset. Label and enter the value each account
  4. Choose a color to identify this asset group

 

Duplicating Events

You’ve created an event, likely your starting point or “Today” as our first sample event is called, now, let’s look at the second event.

Click on the icon to duplicate the event. Name the next event when prompted (ex. Paula Passes Away). Remember Scenarios are likely going to dictate which event happens first. In our example, the scenario name is Peter Passes, indicating that this scenario is looking at who gets what if Peter passes first.

 

Indicating Ownership of Assets in Events

Once you have assets created in multiple events, you can link the beneficiaries to show distribution decisions.

Be sure to create a separate asset for each person owning the asset in the new event before indicating ownership.

  1. Update the Asset Owners for this new event in the lower box by clicking the three dots in the upper right corner of the box. The Asset Owner will be the person inheriting the assets upon the event
  2. Click on the center + sign in the top box and drag the line down to the box below

  1. Select the distribution type and enter the distribution percentage/amount
  2. Repeat for each asset distribution

 

This video illustrates how to use this powerful tool: