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Virginia Beach Estate Planning Lawyer / Blog / Estate Planning / Do I Also Need a Financial Advisor for Estate Planning Purposes?

Do I Also Need a Financial Advisor for Estate Planning Purposes?


Estate planning often leads many people to seek experienced assistance in the form of an estate planning lawyer. However, there may be other professionals you should include in all your discussions about planning your estate and future retirement, such as a financial advisor. You may also collaborate with your insurance agent and CPA throughout the process to address specific questions.

Any significant life changes should prompt you to reach out to experts who can help you navigate this role appropriately. While it can be uncomfortable to broach the topic of estate planning and your own mortality, doing so can help ensure that your wealth is allocated as you desire and can assist your loved ones in avoiding legal problems in the future.

Advisors can complement many of the discussions you have with your estate planning attorney, making it valuable to have conversations with financial advisors before meeting with your lawyer.

Your advisor may offer insights into asset distribution and its relationship to tax consequences. If you aim to minimize the tax burden on your beneficiaries, a financial advisor or your CPA can be extremely helpful in navigating this process.

Advisors can also assist you in determining which assets should primarily be earmarked for your retirement benefits compared to those that may be included in your estate plan either now or in the future, should you no longer require them in retirement and pass away first. These conversations are crucial regardless of your age or current health status. Consider identifying a skilled attorney in Virginia Beach for your next steps.

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