Do I need to plan for all three scenarios?
You only need to plan for the scenarios that apply to your client.
- If your client has a spouse and children, you should create a plan for all three scenarios ("Surviving Spouse", "Descendants Only" and "No Descendants").
- If your client does not have a spouse, you will only need to plan for the “Descendants Only” and “No Descendants” scenarios.
- If your client does not have children (and is not planning on having future children) then you will only need to plan for the “No Descendants” scenario.
How do I switch between scenarios?
There are two ways to switch between scenarios.
- If you are already in a scenario, click the name of that scenario in the top left corner and select a different scenario from the drop down list.
- You can also click the “Scenarios” tab and then select a different scenario.
Once in a scenario, how should I start planning?
This is up to each individual user, however we would advise you to start at the top and work down.
- Begin by dragging over any assets that are joint with or designated to another individual. This will assign all the assets that fall outside of the estate so you can get a more realistic understanding of the tax and residue values for that scenario.
- Next, create any initial gifts - cash legacies or specific asset bequests.
- Lastly, divide up the balance of the estate either by using a macro or manually dividing it into segments and creating gifts within those segments.