Building An Estate Plan Can Be Done As A Team

by | Apr 20, 2022 | Estate Planning |

When you watch our show, Truth in Planning, you will notice two people discussing estate planning and elder law stories—and one of them isn’t an attorney. The show includes attorney J. Kevin Tharpe and his longtime friend and co-host Gary Anderson. Though Gary is not a lawyer, he contributes valued insight into estate planning because he is a financial advisor. 

Granted, your financial advisor is not the person who will draft your living will. However, their understanding of your financial position enables your estate planning attorney to gain a deeper understanding of what you need protecting. Your estate planning attorney has a command over the different documents that can be used that will ultimately come together to create your estate plan. The information your financial advisor can provide to your attorney enables him to select each element and custom-build a plan that is catered to you. 

How The Team Works 

After working with an estate planning attorney, you will have a firm understanding of what happens to your assets when you pass away. The plan allows the efficient transfer of your assets to your designated beneficiaries. The complications that can arise for people who don’t do any level of estate planning are endless. Your attorney has seen them, understands how they were created, and has established methods for preventing them. 

Where does the financial planner come in? They can speak to the nature of your assets. Once your assets have been identified, your attorney develops a strategy for protecting them and devising a way to ensure they are passed to the appropriate people. Additionally, your attorney may want to ask your financial planner the consequences of some of the strategies he wishes to use. For instance, what financial ramifications may the client’s family face if they switched the ownership of a bank account from one beneficiary to another?

How To Form The Team

One of the easiest ways to make this process efficient is talking with your attorney. Tell them you have a financial advisor and wish to incorporate them into the estate planning process. Attorneys work differently, but they may tell you to bring the financial advisor to a consultation or planning session. Don’t be surprised if the attorney engages the advisor early in the process. They may do this to gather information about your financial situation from a person who does this professionally. Ultimately, both professionals are there to work with and for you—and you may lay the groundwork for a solid estate plan by incorporating both.

Kevin Tharpe, P.C.

Building an estate plan requires a multi-faceted understanding of documents, their purpose, and creating an environment that allows them to work together efficiently. With more than 25 years of experience, attorney J. Kevin Tharpe is in a uniquely qualified position to craft the estate plan that is right for you. For more information about how we can help you, schedule a consultation with us today.

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