What is a Comprehensive Estate Plan?

February 22, 2022by Jonathan Elcombe0

LGen exists simply to help every Australian to have access in obtaining an affordable and “comprehensive” Estate Plan.

However, at least half a dozen times a week, I am asked ‘What is a comprehensive Estate Plan’?

I have used the general three legal document must-haves as the basis for our response:

  1. A Will
  2. An Enduring Power of Attorney
  3. An Enduring Guardian

With over 90% of respondents on our Initial Estate Planning Questionnaire stating:

  • they don’t have these three documents in place, or
  • they currently do not cover their current intentions,

it is important for you, that we get the basics in place first.

We refer to these three documents as:

The foundation pieces of a comprehensive Estate Plan.

Just getting these three documents in place seems to be a mammoth amount of work and effort for people. There are literally thousands of articles on why people don’t or won’t attend to this important aspect of their life and peace of mind, and the barriers they face to overcome these issues.

Stay tuned for our future articles on these matters.

Let’s look at the aspects of Estate Planning that would make an Estate Plan “comprehensive”.

Firstly, the most common definition of comprehensive is “including or dealing with all or nearly all elements or aspects of something”.

In the case of an Estate Plan, the elements would include:

  • a person’s assets, accounts, financial and legal position including important contacts
  • clear direction of their current and forward intentions financially and personally
  • Identifying those in the key roles and their responsibilities, plus
  • having all documentation, paperwork, details and instructions all in one secure and safe place
  • that can be easily accessed and includes support (for how those who will need it), to properly execute any of the key roles.

I have been using mind maps (a structuring tool) for over a decade now and when I plug all this into a ‘mindmap’, it comes to a walloping 7 main elements & 42 secondary elements!

I’m sure you can agree this would be overwhelming, to say the least!!!

So how do we get from “over-whelm” to taking action?
That is the challenge!

Every year in the top five New Year’s resolutions, (of which most people still rarely achieve) is Being Organised.

Again, there are hundreds of books on this subject, along with consultants and reality TV programs (albeit these usually deal with the amount of clutter we have).

To LGen, naturally, being organised means having your Estate Plan up to date.

So, this year we will be publishing an educational series of articles on how to create and maintain a comprehensive Estate Plan.

The first one, coming soon, starts with the overall strategy including the different components, with action steps for you to take. So… Watch this space

We look forward to your input and feedback.

Catch you soon.

Jonathan Elcombe

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