This guide will walk you through the EPIC framework, which is the foundation of our system. EPIC stands for Essential Documents, Property, Implementation, and Continuity. Each component plays a crucial role in ensuring that estate plans are comprehensive, accurate, and actionable.
Essential Documents
The first pillar of the EPIC framework is Essential Documents. This involves correctly and efficiently drafting the appropriate legal documents necessary for a robust estate plan. These documents typically include:
- Wills: Outline the distribution of assets upon death.
- Trusts: Manage assets during and after the client’s lifetime.
- Powers of Attorney: Designate individuals to make financial or medical decisions if the client is incapacitated.
- Advanced Healthcare Directives: Specify medical treatment preferences.
Our app streamlines the creation of these documents, ensuring that all necessary legal requirements are met and that they are tailored to the client’s specific needs.
Property
The Property component focuses on fine-tuning the provisions in trust agreements and other related documents. Key elements include:
- Beneficiary Designations: Ensuring that all designations are correct and up-to-date.
- Deed Preparation: Drafting deeds for real estate, even if they will be recorded later.
- Investment Policy Statement: Creating a comprehensive statement that provides the trustee with clear directions on how the assets should be invested and managed.
By addressing these aspects, we ensure that the client’s assets are protected and managed according to their wishes.
Implementation
Implementation refers to the process of building a family governance system or at least disseminating the legal plan to the younger generation. This involves educating them on how to execute the plan when they are required to act as fiduciaries. Steps include:
- Educational Workshops: Conducting sessions to teach the next generation about their roles and responsibilities.
- Family Meetings: Regularly scheduled meetings to review the plan and address any questions or concerns.
- Governance Documentation: Creating documents that outline the family governance structure and procedures.
Effective implementation ensures that the plan is understood and can be executed smoothly when the time comes.
Continuity
Continuity is about installing the legal plan as software that listens to trigger events and takes automated actions. This component includes:
- Monitoring Investment Performance: Regularly reviewing and reporting on investment performance to the family governance body.
- Recommended Actions: Providing automated recommendations based on investment performance and other factors.
- Case Events and Workflows: Automating responses to significant events such as the death of the plan maker. For example, the software can automatically initiate probate proceedings upon the testator’s death.
This approach ensures that the estate plan remains dynamic and responsive to changes, iterating generationally.
The EPIC framework provides a comprehensive approach to estate planning, ensuring that all aspects are covered from document creation to long-term management and continuity. Our drafting app leverages this framework to help estate planning lawyers create detailed, accurate, and actionable estate plans for their clients.
By following this guide and utilizing the features of our app, you can ensure that your clients’ estate plans are well-prepared and can be effectively implemented and maintained over time.
