Why you should have a Financial Advisor help with your Estate Plan.

financial advisors

Why you should have a Financial Advisor help with your Estate Plan.

Why should you have a Financial Advisor help with your Estate Plan? Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die.

When that happens—and it is a “when” and not an “if”—you probably want to control how those things are given to the people or organizations you care most about. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs. Ref: What is Estate Planning?

So, why should you have a Financial Advisor help with your Estate Plan? Estate planning can be complex, especially during your first consultation. Clients sometimes “blank” on questions because there is a lot of new information that they haven’t thought of until the time comes to plan for their future. Estate Plans are unique and tailored to each individual situation. Your financial advisor is an expert on your finances. It is your advisor’s job to know your financial goals and understand how your assets are titled. A good financial advisor knows how important it is to have a good estate plan to meet your long term financial goals.

What Is a Financial Advisor, and What Do They Do? Financial Advisors manage your money. They help you create a plan for meeting your financial goals, and they guide your progress along the way. They can help you save more, invest wisely, or reduce debt. A financial advisor offers assistance with, or, in some cases, conducts the complete management of your finances. The term “financial advisor” is used to describe a wide variety of people and services, including investment managers, financial consultants, and financial planners. The services provided by financial advisors will vary based on the type of advisor, but generally speaking, a financial advisor will assess your current financial situation including your assets, debts, and expenses, and identify areas for improvement. A good financial advisor will ask you about your goals and create a plan to help you reach them. That may mean calculating how much you should save for retirement, making sure you have an adequate emergency fund, offering tax-planning suggestions or helping you refinance or pay off debt.

Financial advisors also help invest your money, either by recommending specific investments or providing complete investment management. In some cases, you can choose which services you want or need based on the type of advisor you select. For example, a traditional in-person advisor will likely offer personalized, hands-on guidance for an ongoing fee.

Your Financial Advisor has your entire financial Blueprint, often at his or her fingertips. Estate Planning is often a much-advised step for your continued financial success. Estate Planning protects the hard work your Financial Planner has put into investing your finances and making the proper recommendations so that you can leave behind a financial Legacy to your loved ones. While Financial Advisors help you invest and grow your financial Nest Egg, Estate Planning Attorneys create plans that help you protect that Nest Egg throughout and beyond your lifetime. They provide peace of mind that all the hard work you’ve done amassing your personal wealth, and the care you’ve taken to save and invest, will be distributed exactly how you wish and will avoid as much taxation as possible. Estate Planning attorney’s can help you avoid Probate and future headaches for your loved ones at an already difficult time. Financial Advisors and Estate Planning Attorney’s work hand in hand to help you create and protect your Legacy.

Read more related articles here:

Here’s Why Financial Advisors are Important to an Estate Plan

Estate Planning Strategies: How Your Financial Advisor Can Help

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Consider Funding a Trust with Life Insurance

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