Will a Financial Advisor Help Me with My Will and Estate?

Estate planning is a major component of personal finance. Getting your finances in order and getting ready to put kids through college or saving up for retirement are big issues in themselves; but making sure your estate is solvent and your beneficiaries get more of your money with lower tax burdens is a high priority as well. Many people ignore this critical aspect of their personal financial inventory until later in life. But in fact, estate planning and wills can be worked on at any age, and personal financial advisors can provide help to investors who wish to explore this area and shore up their estate plans. If you wish to make estate planning a part of your personal financial strategy, consult a qualified local financial advisor and find out how you can get started.

Estate Planning Protects Your Family

Advisors will show their clients the importance of wills and estate plans. Many advisors have tax experts or legal professionals on staff, or work with others in these professions who specialize in this area of personal finance. Along with all the other important areas you might explore, like meeting day to day expenses while saving for long term goals like retirement, thinking about getting your estate in shape is another critical consideration. Estate planning protects your family after you are gone. It is one thing to do everything you can as a household head to provide for your loved ones while you are around. But there are many different reasons why estate plans are so important to think about and take care of as an investor.

Planning Your Estate is Important

No matter how much money you are worth, it is very important to have a solid estate plan in place to protect your assets and help take care of your loved ones. Most of us outside the industry have very little idea how much is at stake here financially. There are many different threats to your financial legacy that can greatly impact the ability of your estate to benefit your loved ones after you die. Professional help with estate strategies are essential to minimize these taxes and other expenses and to keep as many of your assets in the family.

There are several distinct elements to a basic estate plan. They include a will, assignment of power of attorney, and medical power of attorney (also known as a living will or health care proxy). Some investors also include a trust. Federal and state laws governing estates and estate taxes are important to consider when choosing the elements you will focus on. To this end, your financial advisor can give you sound counsel based on the specifics of your situation.

Take Inventory of Your Assets

To really get an accurate assessment of what is involved and what will need to be protected with your estate plan, you should take inventory of your assets. This is something that is done as a regular part of an overall personal finance assessment performed by a financial advisor at the outset of your partnership, or at any point when substantial changes to your long term goals are in order. These assets include the value of your investments, retirement accounts, any insurance policies, real estate property, and commercial interests or financial stake in businesses you might have.

Investors should ask themselves who they want to inherit their assets, who they want left in charge of their affairs if they are medically incapable, and who they want in charge of medical decisions on their behalf.

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