Lack of education is the most common response we get when we ask our advisers, ‘Why do your clients not have a properly documented Estate Plan?’
‘Why are most of them not updated on a regular basis?’
Most people think if they have a Will, their final wishes will be taken care of.
The lack of understanding about the complete Estate Planning process leaves your clients vulnerable and exposed.
They have spent years building their wealth and legacy, and without their intentions properly documented, this wealth ends up in dispute after they have gone.
With more than 50% of Wills being contested in courts by family members1, we are wasting trillions of client dollars’ worth of savings, investments and assets. And the winners? The lawyers offering a ‘no win, no fee’ strategy, attracting grieving family members of the deceased who think they deserve more.
Ensuring safeguards are in place so that the money goes where it is intended is a massive part of Estate Planning.
This means financial structuring to protect the transfer of wealth from one generation to the next.
We call this our Cradle to Grave approach.
The LGen Way manages the process of creating and reviewing Estate Plans and the same for Estate Management after your clients’ passing.
1 Financial Review 190618
A plan for distributing wealth is just as important as a plan for accumulating it. As an advisor, you are in a unique position to identify gaps in your client’s existing plan, as well as any inconsistencies or conflicts between the written plan and your client’s desires.
Estate Planning is about the protection of assets, enabling your clients to pass on the wealth they have created to their family (hopefully tax effectively), and creating a long term generational legacy that will be appreciated and grow forever.
Whether you offer holistic financial planning services or focus on investment management, you are an integral part of the estate planning process. You are often the only person in their world with insight into your client’s true feelings and planning concerns. While typically the Estate Planning documents are drafted by an Estate Planning Attorney, you now have a complete solution to keep the full Estate Planning process in house.
Estate planning documentation would ideally include some or all of the following:
Let’s face it – beginning the Estate Planning process is rarely viewed as fun or exciting.
Most of us would have already had an ‘Estate Planning’ experience.
Most people we chat with have been less than satisfied with their experience.
We hear many stories about delays from solicitors, the lack of, or even no follow-up, to finish and finalise documents. Some people have waited months, even years, to execute documents.
What is wrong with the current process?
Source: Core Data (April 2017) Real Insurance: Family Protection Survey Report.
Source: Source: The Advisers Guide to Estate Planning – Zurich.