What is Estate Planning?

Estate or legacy Planning is a complete, entrepreneurial and personal Planning of succession, in respect of the very individual needs of the clients. Estate Planning mainly consists of the following steps:

Data acquisition:
The profound and detailed conversation with the customer is the first and most important step in any planning strategy: every single fortune or credit position such as the clients particular purposes and aspirations are explicitly held down. Existing contracts, such as a last will and testament, are comprehended and recorded, as they will be a matter of analysis in the next step.

The acquired information is the basis for the simulation of case of succession and its consequences for the existing fortune.

The simulation generally reveals considerable discrepancies between the defined ideals and the reality; this comparison of target and actual situation is the point of departure for the estate planner who develops and presents objective and tangible proposals of optimisation to his client. Both the estate planner and the client have now the ability to decide which goals are to be achieved. According to the clients’ priorities, the goals can be:

  • family support and quietude
  • preservation of wealth and lifework
  • to save tax
  • the adequate supply for the remaining family

The realisation:
The developed optimisation sanctions are co-ordinated with the client and his tax and/or legal advisor. These sanctions can be realised either by means of private (testament) or even corporate agreements/contracts.

An estate plan is to be considered as a "snapshot" and should regularly be updated, for as far as our experience goes, the clients’ ideals and goals may alter considerably in the course of time. In addition to altered personal ideals, the modification of law or taxation in the specific country and subject may cause considerable variance between the initial estate plan and the new reality. Even sudden alteration of the fortune and wealth situation of the client may be a reason to adjust the initial estate plan.

The advantages for providers offering the financial service estate planning

  • a customer loyalty and retention that lasts over many years, including the following generations
  • a gain in expertise
  • business development and customer acquisition
  • cross selling possibilities
  • improvement of income through the additional advisory fee

The advantage for the clients employing an estate planner

  • a safe and targeted transfer of fortune
  • an overview over the actual state of fortune
  • co-ordination of personal and corporate matters
  • the implementation of the personal and financial ideals of fortune transfer
  • a customised optimisation strategy
  • complete advisory service
  • financial protection of the remaining family members