How Is a Financial Advisor Different From An Estate Planning Lawyer?

It is true that you may engage several different professionals to assist you with the process of creating your estate plan. It is also true that you likely need an estate planning lawyer to help you with putting together your comprehensive plan. This is because while accountants and financial advisors can provide some good perspective about your future goals and your current planning strategies, only a knowledgeable attorney can help you put together the legally valid documents.

A financial advisor is most helpful for certain parts of your estate planning, but since estate planning is a very broad topic that can have tax, legal and financial issues, it’s important to retain the right attorney to help you with your estate plan. An estate planning lawyer works on the legal aspects of your estate plan and also helps you answer questions about the financial side of things.

Financial advisors can be helpful for understanding things, such as planning for retirement, but estate planning attorneys are very familiar with dealing with probate court issues and asset protection concerns. Financial advisors, on the other hand, are primarily motivated to help people with financial planning and investments by teaching people about managing money, how to invest and how to save for retirement. They often interact with other people in their networks, such as financial planners, accountants, and insurance agents to help with these matters.