If you think that an estate plan is only necessary for high-net-worth individuals, think again. Everyone needs an estate plan for reasons from wealth preservation to tax mitigation.
Estate planning done well can be a gift to your family that can impact many generations to come. It may be one of the best ways to ensure your wishes are carried out after your death or should you become incapacitated.
While each person’s needs differ, an estate plan includes documents such as:
- a will
- healthcare power of attorney
- beneficiary designations
- durable power of attorney
- a personal letter of intent
- if applicable, guardianship instructions for any minor children
Creating a comprehensive estate plan requires a team of professionals who are well-versed in a necessary area of expertise. These can include an estate planning attorney, an estate planning CPA, an insurance professional and a financial advisor.
Sounds like a lot of moving parts to keep track of, right? Think of your financial advisor as the “quarterback” of your estate planning team who can help ensure there are no gaps – and no surprises – to your plan.
How a Financial Advisor Can Support Your Estate Planning Needs … and How to Find the Right One
Your financial advisor can provide more than financial planning and wealth management services. Your advisor can work with other professionals to ensure your plan is comprehensive and remains current. They can also guide you on how to bring up conversations about estate planning, meet with you and your family to ensure everyone understands the elements of the plan, and to answer any questions.
If your friends, loved ones, or colleagues are seeking a financial advisor, make an introduction if you think it’s a good fit or ask your advisor for a recommendation.
Working with a financial advisor has benefits beyond retirement planning and wealth management. Consulting a financial advisor can increase your financial literacy, help you work toward your life goals and ensure your family and your wishes are taken care of in the future.
SageView can help. Find an advisor.