Why You Benefit When Your Financial Advisor and Estate Planning Attorney Collaborate

The relationship between your estate planning attorney and financial advisor is critically important when it comes to ensuring fluid and comprehensive estate planning.

You may not routinely talk to your estate planning attorney; however, you likely have a close relationship with your financial advisor. As such, they are often the first one to raise alarm bells regarding a potential issue. The following are common reasons why an advisor may advise you to discuss your estate with an attorney:

Changes in tax and inheritance laws

Changes in tax and inheritance laws can have dramatic consequences on an estate plan. If there is a major shift in estate, gift, or inheritance taxes, your financial advisor will likely recommend that you have your estate plan reviewed.

Financial Windfalls

If a client’s finances change dramatically due to an inheritance, settlement, property sale, or overall change in assets – it is very likely time to reassess an estate plan.

Family Changes

Any significant changes to a client’s family such as marriages, divorces, new family members, can call for a review and update of a client’s estate plan.

Medical Diagnoses

If a client, their spouse, or a beneficiary of their estate has been diagnosed with a serious medical condition. Specifically, if a spouse has been diagnosed with memory issues, or you anticipate that Medicaid may be necessitated at some point in the future.

Non probate Assets

A Will generally does not control non-probate assets, that is, assets with beneficiary designations, pay on death designations, and transfer on death designations. As such, it often takes collaboration with your estate planning attorney and financial advisor to make sure that the estate plan comes to fruition - by aligning your nonprobate assets with your estate planning goals.