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The Benefits Of Including Your Financial Advisor In Estate Planning

Estate planning is never a fun process, and it only becomes worse when you’re unprepared or struggle to wade through all the legal talk of your chosen attorney. Far too many people overlook one of the main assets they have for tackling the subject and process of how the things that are important to you are handled. Believe it or not, your financial advisor is a valuable part of the team when it comes to planning out how your estate is handled.
Often your entire plan can be worked out with your financial advisor before you even meet with your attorney, saving you both time and money as you go in knowing what you desire. As he or she will know your desires regarding your assets far more intimately than a lawyer you visit once or twice, you should take every advantage of the insight and preparation they can provide you.

Finding The Right Estate Attorney
Financial advisors and lawyers frequently work together as a team for their clients. This means they no doubt have met enough attorneys to provide clients with a professional recommendation. You would be surprised how many people would find the estate planning process much easier if they simply asked for an attorney recommendation from their financial advisor. Advice is never binding, so it is always worth it to ask.

Preparation And Advocation
As mentioned previously, your financial advisor will likely have a much stronger relationship with you, as well as in-depth knowledge of your desires regarding financial matters, than your attorney ever will. This means they are an integral part of your preparation process and an extremely important advocate to have on your side. They can help you go in with all the information and documents prepped and ready, making the overall process move along much smoother. If you research estate planning horror stories you may find that many people simply failed to realize that the documents they signed would not do as they hoped. A financial planner can be the knowledgeable link you need to make sure your wishes are communicated.

Detecting Errors And Review
Assets, circumstances, and your finances will change over time just like anything else. Estate planning is not a one-time affair, and documents can sometimes need to be updated periodically. Reviewing these changes and making necessary adjustments to your estate plan with your financial planner is a very important step to avoid having problems down the road. Even if you have already completed estate planning with your attorney, allowing your financial advisor to review can spare you errors that may leave your heirs fighting and contesting your desires.

Financial advisors are an important part of your team when you begin the estate planning process. From the beginnings of plan development, through to the final signing of your documentation and even beyond, there is no better advocate and communicator of your desires than your financial planner. Take full advantage of the insight and ability to make an estate plan that works for you and your loved ones by contacting our experienced team at BD Financial Concepts.

This article may contain concepts that have tax, accounting and legal implications. This material is for informational purposes only. It is not intended to provide tax, accounting or legal advice or to serve as the basis for any financial decisions. Individuals are advised to consult with their own accountant and/or attorney regarding all tax, accounting and legal matters. Neither Global Financial Private Capital, LLC nor its Investment Advisor Representatives are so qualified and, as such, do not provide tax or legal advice. If you base a decision on information contained in this article, you will be solely responsible for that decision.

In addition to providing certain investment advisory services on behalf of Global Financial Private Capital, LLC (GFPC) individuals associated with BD Financial Concepts and BD Financial Concepts itself may provide or offer to its clients certain other products or services outside GFPC’s supervision and control, including but not limited to, insurance-related advice, products and services that do not in any way pertain to investment advisory services.