When it comes to estate planning, most people fall into one of three categories – either they have up to date estate planning documents, or have very old documents that do not reflect their current wishes, or they have no documentation at all.
Private clients want this process to be taken care of and kept up to date – just as they would with any other business decision they make in their lives. They want certainty and simplicity in the documents. They want documents that are robust enough to cover all contingencies.
Every client has their own views on how their wealth should be used in their lifetime, and preserved for future generations.
They have their own wealth strategy and how to build and preserve it.
They also have their own views on how their wealth should be accessed and managed by the next generation.
Some clients live and work for the moment, for the now. They seek to build their wealth so they can enjoy it in their lifetime as they want it and when they want it.
Others prefer to build and preserve their wealth for future generations, to leave a legacy.
Some have their own families in mind. Some think into the next generation and even beyond.
Some have a broader perspective and wish to leave charitable bequests to improve the lives of others outside of their family.
None of us know when we will die, or the circumstances.
But when the time comes, our clients seek the assurance and the peace of mind that everything is in place to ensure their wishes are properly documented and can be carried out.
Good wealth planning involves planning for the now, the future and beyond.
Estate planning is an essential part of any financial plan for the future. It is important for everyone, no matter what their age or their wealth.
It deals with the situation where you lack capacity to manage your own affairs, and it deals with your passing.
Understanding the family dynamics is crucial to putting the right estate planning structures in place. Every family structure is different.
Private clients have different businesses and need to ensure business continuity if they are not around. Every family dynamic is different.
Some private clients may have business partners so it is critical that they have certainty into the future.
They all have different asset classes to be considered in the estate planning process.
They also have companies, trusts and other entities to be taken into consideration.
They may have different assets in different countries, so tax and other considerations are involved.
They may have superannuation, which needs to be considered separately.
They may have fungible assets and non-fungible tokens other “non-traditional” assets to be taken into account.
They all have different perspectives as to how their wealth should be managed when they are no longer able to do it for themselves.
Some clients have family members who can assist with executorial and trustee duties, and others need the assistance of others to manage and preserve their wealth when they are gone.
All our clients have a few things in common.
They want to have all bases covered.
They want to be sure that intended beneficiaries receive assets in a prudent manner.
They want to minimise any complications arising with their estate.
They want documents that are tailored to suit their needs and their wishes.
They want documents that are robust enough to cover the some of the eventualities that can and do happen.
They want their advisors to understand the family history and dynamics, and understand the interests of key family members and other stakeholders. An advisor who speaks from experience.
They want peace of mind.