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4 Reasons Why Your Financial Advisor and Your Estate Planning Attorney Should Work Together

It is not uncommon for people to engage the services of both financial advisors and estate planning attorneys. While both have necessary roles, if they do not collaborate, their clients may not reap the full benefits of either of their services. In other words, there are many reasons why your financial advisor and your estate planning attorney should work together. If you are interested in learning more about estate planning, it is smart to talk to an attorney about your options.

Reasons Why Your Financial Advisor and Your Estate Planning Attorney Should Work Together

1. Ensure Your Wishes Are Clearly Defined

The primary goal of promoting collaboration between your financial advisor and estate planning attorney is ensuring that your wishes are clearly defined. For example, while you may have executed a will dictating how you want your property to be distributed in the event of your death, terms in other documents, like life insurance policies and beneficiary designations for retirement accounts, may conflict with the terms of your will. In such instances, the beneficiary designations will prevail. Your financial advisor likely has all of your financial information and documentation and can aid your estate planning attorney in ensuring your wishes are adequately conveyed.

2. Ensure Your Assets are Properly Titled

Similarly, if your estate planning attorney helped you to create a trust, it is important that the title of your property in your trust documents and the actual title of the property match to avoid confusion and challenges after your death and the risk of your final wishes being unfulfilled. Your financial advisor and estate planning attorney can work together to ensure that all of your property is properly titled and to shift ownership assets to the trust if necessary.

3. Address Any Inconsistencies of Oversights

Your estate planning attorney can also work together to conduct a comprehensive review of your financial planning and estate planning documents to identify any inconsistencies or oversights. They can also help you make sure any recent changes in status, like health concerns, the birth or death of a potential beneficiary, and a substantial increase or decrease in assets ,have been granted appropriate consideration.

4. Meet Your Goals During Your Life and After

While financial advisors and estate planning attorneys offer different services, they are similar in some ways; financial advisors work to ensure that you have adequate means to life comfortably throughout your life, while estate planning attorneys help grant you peace of mind that the assets you acquired throughout your life are disbursed in accordance with your wishes. In the end, they are both working to help you meet your goals, and in most cases, are more effective when they work together.

Talk to an Experienced Estate Planning Lawyer About Your Options

Estate planning is just one facet of ensuring that your wishes will be upheld after your death or in the event you become incapacitated. It is also prudent to ask your financial advisor to work with your estate planning attorney, to ensure a thorough plan is in place to meet your goals. If you would like to develop an estate plan, it is prudent to talk to an experienced estate planning lawyer about your options. Call Gregorek and Associates at 425-284-3450 or fill out our contact form and we will be in touch to schedule a meeting.

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