If your answer is "no," "maybe" or "we would have to see," it's time to ask your advisor more questions to fully understand what happens to you if something happens to him or her.
"If you haven't inquired with your advisor about his or her succession plan, it may be a worthwhile question to ask," Carson said. "An insufficient or nonexistent succession plan is a disservice to you, and your advisor has a fiduciary responsibility to create a succession plan that's comprehensive, efficient and transparent."
Read MoreGet picky about choosing an advisor
Advisors need to live by the practices they preach, said some financial experts I spoke with at the summit. Clients want to work with a trusted financial advisor who is doing the right things for their own legacy, many of these advisors stressed.
"Our clients have been very interested in our succession plans and how effective those plans might be should something happen to me, the old guy," said Martin Kurtz, a certified financial planner and president of The Planning Center.