We have all seen apocalyptic movies where a handful of bedraggled survivors are forced to use their skills in untested ways. Computer techs disarming bombs or engineers constructing footbridges over deep ravines. It makes for high-drama and is often entertaining. But it’s not real. In real life, you want the right person for the job, not someone who might do it ok or not, especially when it comes to your loved ones. So, when it is time to create your estate plan, which is first and foremost for your loved ones, why would you hire someone who “might” do a good job? Why take that chance when you don’t need to do so? Yes, in an emergency, a podiatrist might be able to remove your child’s appendix successfully. But generally speaking, your estate plan is not an emergency, so why not hire the person best suited for the task? And that, in my opinion, would be an estate planning attorney.
I bring this up because recently, a friend mentioned that his financial advisor offered to set up his estate plan for him. My friend wanted my opinion on that. So, since he asked, I’m taking this opportunity to answer his question here.
First, this is not a criticism of financial advisors. Everyone should have one. Seriously. But my thoughts are that they should restrict their advice to financial matters. They are subject matter experts. Yes, sometimes those financial matters can and will impact estate planning. When that happens, the client should seek advice from an experienced estate planning attorney. And vice versa. When developing an estate plan sometimes a financial advisor should be consulted regarding tax implications, asset protection, and wealth transfer strategies.
An estate planning attorney, especially one like myself who concentrates on estate planning, stays current with all the state and federal rules and laws about estate planning and is much better suited to estate planning. An estate planning attorney is familiar with the full range of legal instruments at their disposal to help establish the perfect estate plan for their client. The goal is always protecting a client’s hard-earned assets and loved ones, but there are different ways to accomplish that depending on the client’s unique needs. An experienced estate planning attorney knows which “tool” to use and when.
The best estate plans are customized by an experienced estate planning attorney, with a client’s financial investor brought in if and when needed. With input from both the attorney and the advisor, the resulting estate plan is the best it can possibly be.
We’re not in a movie. We can hire the right person with the appropriate skills for the job. Doing so gives you peace of mind that you’ve done your best for your loved ones. Why would you consider it any other way? If you’re considering updating or creating your estate plan, call me at 513-399-7526 or schedule a consultation through my website at www.davidlefton.com.