Succession Strategy 1:
Personal and Estate Profile
The Personal and Estate Profile (PEP) is a dynamic portfolio that
summarizes key information and documents. It is a reference guide
that can be used by your family and advisors. In the event of an
emergency, your key people will have the information they need to
continue running your business and dealing with the financial crises
that often follow death, disability, or incapacity of an owner.
It will also save you time and money when working with your advisors
regarding your estate plan and succession plan.
The PEP involves the following steps:
Interviews - We interview you to gather information and
ascertain your goals and priorities. We can also interview any
other family members, key employees, or advisors that you feel
should be part of the information gathering process.
Documentation - We gather information from a variety
of sources, including wills, trusts, insurance policies, employee
benefit programs, business agreements, financial statements, etc.
We review the related documents and summarize the information
into our PEP format. We will also organize copies of your important
documents so that they are ready to access whenever you, your
family or your advisors may need them.
Executive Summary - This is a high-level assessment tool
that clarifies your goals and preferences. We will address the
issues that you feel are most important. It will also provide
a letter of recommendation for the next strategy you should implement
in the succession planning process.
Presentation - We will present the PEP to you for your
review. Based on your review, we will make any necessary changes
Implementation - The final step is the implementation
of the recommendations. We can meet with your other advisors to
help you take your estate and succession planning to the next
The Personal and Estate Profile provides a comprehensive snapshot
of your current portfolio. The result is a written and comprehensive
summary that brings together all relevant personal, financial, legal,
and tax information in one easy to use reference guide. It includes
clarification of goals and preferences for the disposition of business
and estate assets and for further succession planning. It also highlights
areas or issues that need further analysis and shows you opportunities
for change and improvement.
This Profile is a dynamic portfolio that will save
time and money when used by advisors as the basis for their planning.
Your family will have a single reference to guide them in case of