Do I need a financial advisor for estate planning?

Summary 

What is estate planning? 

Estate planning refers to the process of creating and legitimizing a plan for how a person’s estate and assets will be distributed in the event of their death or incapacitation.  

There are several key aspects of estate planning to be aware of, including:  

An estate planning financial advisor assists clients in drawing up this plan, offering guidance, insights, resources, and support along the way.  

Why is estate planning important? 

Robust, clear plans for managing and distributing an estate are vitally important.  

Regardless of your estate value, a plan for how it will be handled and distributed is crucial for protecting your most important assets and providing for heirs after your passing.  

In the event of a person’s death or incapacitation, a lack of directives can give way to unwanted inheritors, family conflicts, and higher estate expenses.  

However, a pre-developed estate plan can potentially minimize taxes, help you avoid unnecessary probate, and protect family relationships.  

How can a financial advisor help with estate planning? 

An estate planning financial advisor plays a critical role in the process of developing a legitimate, viable estate plan.  

They account for the management of a client’s assets and properties, offer insight into confusing legal procedures, and work with you to form an estate plan that aligns with your last wishes as a proprietor.  

Financial advisors are trained in estate planning and have experience navigating and setting up estate plans for clients in various estate value brackets. This can help give clients peace of mind regarding their financial future and that of those who succeed them.  

Some of the key ways in which a financial advisor can help you with estate planning include: 

Estate planning financial advisors can structure your plan in such a way that ensures all of your loved ones, dependents, and chosen heirs will be financially supported after your passing.  

People have different wishes for how they want their money to be stored, managed, and used after their death. An estate planning financial advisor can accommodate those wishes by setting up trusts, annuities, or other fund systems that come into effect upon your death.  

If you want a portion of your estate to be donated to charity after your passing, estate planning financial advisors can assist.  

Estate planning isn’t just important for handling your financial wishes in the event of death. If you are medically incapacitated, such as being in a comatose or vegetative state, you will need someone to advocate for you on your behalf and make both financial and medical decisions for you. An estate planning financial advisor can help you legally designate that person.  

Splitting up an estate, especially a large or complex one, is a lengthy process that can be fraught with family tensions and agendas.  

However, a financial advisor estate planning specialist can assist you with dividing your assets among multiple people for a smooth estate wrapping-up process when you can no longer manage it yourself.  

How can I prepare for an estate planning meeting with a financial advisor? 

You should prepare before talking with a financial advisor about estate planning to ensure a productive consultation.  

This can be achieved by providing basic documentation or information about all your assets and anticipating any questions or concerns you may have.  

How to find the best financial advisor to help with estate planning 

Finding a financial advisor for estate planning is one of the best ways to ensure that your assets and dependents are fairly distributed and managed in the event of your passing.  

However, unless you have experience dealing with financial advisors, finding one that can cater to your individual needs and offer you a more circumstantially aligned estate plan can be difficult.  

You can find a financial advisor for estate planning by researching trusted advisory firms or asking for recommendations from trusted colleagues or friends. However, the best and easiest way is to get matched with a personal estate planning financial advisor through Unbiased.  

Unbiased can connect you with a financial expert who can offer expert financial advice for estate planning and your future goals.