5 Things to Know about: about Purposeful Planning

1. It’s High level, strategicplanning

Most “experts” in the field of estate planning or succession planning are actually specialists in certain “tactics” employed in the process.

Purposeful planning takes things to a higher level, looking at things from a bigger picture view, from a higher level.

It’s a truly strategic exercise, involving the complex interaction of a variety of specialist fields.

2. A team of experts, collaborating together

Because it’s complex by nature, the strategic effort necessarily involves a variety of specialists.

But a bunch of experts who each stay in their silos, rarely makes for a great plan. The experts actually need to collaborate and work together tofind the solutions that suit their family client.

3. The family is at the center of everything

The client is the family, AND the client is at the center of everything.

Purposeful planning looks first and foremost at the purpose of the wealth, which is to serve the family.

Too often, plans are just a compilation of tactics, put together in a way that sounds great, just like that Giorgio Armani suit looks great on the mannequin in the store.

If it isn’t custom tailored, it probably won’t fit, and it’ll be uncomfortable and look silly too.

And you’ll have paid a hefty price for it too!

4. Simplicity is valued over complexity

Estate plans always include lots of long legal documents, and few people understand them.

A key step is to create a clear summary for each document, that lays out, in SIMPLE terms, what’s included in it.

Then everyone can actually understand the documents and discuss them intelligently.

Wow, clarity and simplicity, what a novel concept!

5. 5.Beneficiaries are empowered

Last but not least, the family-centric nature of purposeful planning actually strives to empower the next generation’s beneficiaries.

We’ve all heard of “trust fund babies” who’re actually severely hampered by their position as recipients of funds for little or no effort.

Purposeful planning tries to empower them to have a say and some control over their lives, and doesn’t treat them as less capable people who are simply entitled.

 It’s An Idea Whose Time Has Come

Members of the Purposeful Planning Institute already “get” most of this, but sometimes we all need to be reminded.

And we need to grow the number of those who get it, and make this planning the rule rather than the exception.

That’s all for today, I hope you got something useful.  See you next time.