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For the majority of people, their estate will consist of a mix of assets. There are many people who simply have bank accounts while there are countless others who have not only the standard bank account but also have retirement accounts or real estate investments. If you have any type of a portfolio, then the odds are you are likely working with a financial advisor who will provide you with guidance when it comes to your financial affairs. When the time comes for you to begin your estate plan, one of the best things to do is to put your financial advisor and estate planning attorney in touch with one another so that they can communicate regarding your assets and determine the best approach to take.

What Does an Estate Plan Entail?

In order for you to truly understand the importance of why your financial advisor and estate planning attorney need to work together, it’s critical that you have a comprehensive understanding of what an estate plan is. An estate plan revolves around the wishes that you have for your property and assets after you pass away. Without an estate plan, the distribution of assets that you leave behind is something that would be left up to the rules of intestacy. This means that there are certain family members that inherit assets that you did not want them to inherit. When you take the time to put together an estate plan, you are giving yourself the peace of mind of knowing that your assets will go to the right people when the time comes.

Why Your Estate Planning Attorney and Financial Advisor Need To Work Together

There are several reasons why your financial advisor and your estate planning attorney need to work together through your estate planning process. Just a few reasons include:

  • Confirmation that all of your assets are covered under your estate plan
    There is always the possibility that you may forget to include an asset when you’re speaking with your estate planning attorney. Overall, this is something that could have a catastrophic impact on your estate plan. When one of our attorneys partners with your financial advisor, you have the comfort of knowing everything is seen to.
  • Tax benefits
    One of the leading benefits of working with a financial advisor and an estate planning attorney is the fact that there may be certain tax benefits and advantages that you can utilize in your estate plan. This is something that can help you both during your life time and for your beneficiaries once you pass away.
  • A changing plan
    It’s important to remember that certain factors in your life may change at any given point. A financial advisor will be well versed in the details of the financial environment while an estate planning attorney will be up to date on any changes when it comes to the estate planning realm. When they work together, you know that you have the flexibility to change or modify your estate plan if and when needed.

Let Us Partner With You and Your Financial Advisor!

When you’re ready to begin the process of developing an estate plan, our team is here to help you. We have the experience of working with several financial advisors and can provide you with the comprehensive guidance and assistance that you need when it comes to this aspect of your life. If you need a referral for a financial advisor, we are also happy to help you in this regard as well. To learn more or to schedule your appointment, please get in touch with us today. Call Duvall Law Firm, LLC at 410-721-1660 or fill out our contact form and we will be in touch to schedule a meeting.