5 advisors you should trust when putting your affairs in order

Key Takeaways

  • It takes a team of experts to craft a comprehensive Estate Plan
  • That team should include an Estate Planning attorney, financial advisor, insurance professional, accountant or CPA, and spiritual advisor
  • An estate of any size will benefit from having a full team making sure it is distributed the way you want

Estate Planning is not just about what happens to your stuff when you die. It is about coordinating all aspects of your life so you can be taken care of during times when you are unable to care for yourself, and your money and property are distributed to the individuals you have selected upon your death in the way you want. 

While you may visit an Estate Planning attorney to have your legal documents (i.e., Will, Revocable Living Trust, Powers of Attorney, and Living Will) prepared, this is only one component of making sure your ultimate estate and financial goals are carried out. In order to accomplish this large and important task, you need a team made up of the right players. 

Introducing the starting lineup

Estate Planning is a process, and it takes a team to make sure every base is covered. These are the essential players every planning team should have:

1. Estate Planning Attorney: An Estate Planning attorney helps by arranging your legal affairs so only trusted people are authorized to make decisions for you when you are unable to do so yourself and so your money and property are handled and distributed as you desire after your death. eLegacy’s Estate Planning specialists are well-versed in the many strategies to accomplish this.

2. Financial Advisor: A financial advisor plays an important role by understanding your specific financial goals and investment objectives. They are able to craft a financial plan to ensure you have sufficient cash to meet your needs and live the lifestyle you want. They also help ensure that there are ample resources available at death to pass on to your loved ones. For individuals with high net worth, financial planning often moves beyond retirement planning to laying the foundation for multigenerational wealth transfer or achieving philanthropic objectives.

3. Insurance Professional: An insurance professional provides an analysis of your current and future insurance needs. For many Estate Planning strategies, life insurance is critical to ensuring that there are funds available to take care of all your beneficiaries. This is especially true if you own your own business or have other large accounts or valuable pieces of property that are difficult to divide between beneficiaries.

4. Accountant or CPA: An accountant or CPA brings valuable tax strategies to the Estate Planning process. Although much of the focus in Estate Planning has historically been on estate taxes, a comprehensive plan must consider the impact of all taxes you and your beneficiaries may owe. While you may have great goals for the future, we want to make sure that they are not achieved at too high of a tax cost. 

5. Spiritual Advisor: A spiritual advisor can offer insight and guidance to help you express what matters most to you. They can help you share lessons, stories, and experiences, along with moral, personal, and spiritual values with the next generation through your estate and financial plans. By approaching your planning from a spiritual or value-based perspective, you can shape how you are remembered. Planning with a focus on your morals, values, and beliefs also provides valuable context for your family about why an estate or financial plan is designed in the way it is and how your family can continue your traditions and use what has been left to them in a responsible and charitable way.

With these experts on your side, you’ll be able to rest easy knowing that your estate will be handled the right way when you can no longer look after it yourself. You’ll also know your loved ones will have the smooth transition they deserve.

Who needs this type of planning?

Employing a large number of advisors to assist you can seem like an overwhelming task and only necessary for the very wealthy, but everyone can benefit from this comprehensive approach. When everyone is on the same page, your team can work together seamlessly behind the scenes to make sure everything is taken care of. 

Although the following list is not exhaustive, if you find that any of the following apply to you, then you will benefit from comprehensive Estate Planning.

  • Your Will or Trust is old
  • Your existing Trust is unfunded
  • You have minor children
  • You have a child with special needs
  • Your child is bad at handling money or susceptible to other legal claims
  • You have gotten remarried and are now part of a blended family
  • You have gotten divorced or been widowed
  • You are unmarried but in a committed relationship
  • You are in a same-sex marriage
  • You own a large retirement account
  • You have charitable interests
  • You own your own business
  • Your children wear fur coats (you have a pet(s))

We are here to help you get started

eLegacy is happy to work with any of your existing advisors or provide you with recommendations for advisors if you are interested in engaging their services. Call us today to schedule an appointment to review your existing plan or draft a comprehensive new Estate Plan using the team approach.