As you seek to organize and optimize your financial life, you may find yourself calling on the services of various professionals. A couple of the most common examples are financial planners and estate planning attorneys. A common question is, do you really need both? Can I make out okay with one or the other?
As you consider hiring either a financial planner or an estate planning attorney in Fremont, it’s wise to consider the unique role that each of these professionals might play in your own financial life. Here are some quick summaries and guidelines for you to consider.
You might enlist the services of a financial planner to help you manage your material assets in such a way that allows you to accomplish your long-term financial goals. For example, a financial planner might help you put a savings and investment strategy in place so that you can retire at a certain age, or so that you can afford to send your children to college.
A good financial planner will spend plenty of time talking with you about what you ultimately hope to achieve… your intended retirement age, your preferred lifestyle, and what you really value. The financial planner educates and empowers, and after an initial meeting, should provide you with a financial road map, showing you exactly how you’ll achieve your desired outcomes (even accounting for market fluctuations).
Also note that a financial planner will be ready to answer any questions you might have about investment, choosing the right retirement savings account, etc.
You can expect to meet with your financial planner on a regular basis, perhaps every year, to review your financial map and make any needed modifications.
The role of an estate planning attorney is altogether different.
The job of a good estate planning lawyer is to help you control how your assets are distributed and used following your death. For example, an estate planning law firm can help you designate your beneficiaries, and structure your estate plan in a way that ensures your assets go where you want them to go without being eaten up by taxes or court fees.
Additionally, estate planning involves setting down your wishes for end-of-life care. And, it may also involve establishing a clear legal plan for who will provide guardianship for your children, should you and your co-parent die at the same time.
In other words, the role of an estate planning lawyer is to help you plan for the future and safeguard against all contingencies, ensuring your wishes are upheld no matter what. A lot of this involves making sure your family is properly taken care of. A number of legal documents might be involved, including a will, a trust, a healthcare power of attorney, and/or a financial power of attorney.
As with a financial planner, an estate planning attorney will want to meet with you fairly regularly, perhaps even once a year, to make sure your plan is up to date and to make any necessary adjustments.
The bottom line? Financial planners and estate planning lawyers play different roles, and you may find that both of them can be an asset to your financial life.
Are you ready to speak with an estate planning professional? We invite you to reach out to Singh Law Firm with any further questions or needs. We are one of the most trusted firms in Fremont and the surrounding area, and we look forward to hearing from you.