Financial planners can be crucial people that are entangled in estate planning decisions and helping families plan passing wealth to the next generation. They can also be key witnesses called upon to give testimony having been part of the estate planning process that may be under legal scrutiny. When people inherit large sums of money, many wisely invest their newfound money in managed accounts to make sure the money lasts as long as possible, including the next generation.
Financial professionals will also help select the proper beneficiary designations on investment accounts, also known as “payable on death designations” and ensure the money will properly flow to the estate or to individuals depending on the wishes of the settler of the trust and avoid probate court. Financial Advisors and Attorneys should work together to make sure that estate plans accurately reflect the wishes of the family, maximize tax avoidance within the boundaries of the law, protect the assets from creditors, and provide for continued wealth and income for the beneficiaries of a trust or will.
At Trust Law Partners, LLP, we value the contributions made by trusted advisors and we strongly recommend using Financial Advisors when contemplating creating an estate plan. All too often people try to save the minimal costs associated with financial planning and later they or their heirs regret that decision.
Call us today at 626-956-3500 with any questions or for a free consultation — no fees upfront, no obligation.