How Financial Planning Overlaps with Estate Planning

Estate planning is the process of planning for incapacity and the disposition of assets at death. This process is principally important because if you don’t execute an estate plan, then you run the risk of the state deciding who will receive your assets, which may be against your intentions.

Estate planning not only involves the preparation and execution of documents under proper formalities, but also requires cooperation with trusted professionals such as financial advisors, bankers and tax professionals. Failure to do such due diligence may lead to your assets being improperly titled and your estate plan failing its purpose. Another great reason to cooperate with professionals is to ensure that you have the appropriate insurance in place so that your family does not have to struggle after your death.

Estate planning almost always overlaps with financial planning, as estate planners usually review financial planning tools to determine whether titling is correct. The estate planner does not provide comprehensive advice regarding financial planning, as they are not licensed to do so – but they should at least review your assets and point you in the right direction. Such integrated planning allows the estate plan to be executed to its fullest extent and to your intended purpose.

Contact Capital Planning Law, PLLC for your complimentary consultation to discuss your estate planning, business law, probate, guardianship and/or real estate needs.