For the most part, there is no reason why anyone needs to know the details regarding your estate plan or your financial plan. The exception to this general rule though is that your financial planner and your estate planning attorney should have at least a basic understanding of what each one is doing.
Your financial planner’s job is to sit down with you and decide what assets you currently have and how to grow them. Your financial planner is who you turn to for advice on how to fund your retirement or how to pay for your children’s college.
Your estate planning attorney’s job is essentially to create a plan to pass down your assets upon your death and to plan for things such as your incapacity from a legal standpoint. Your estate planning attorney can provide advice on things such as how to give someone control over your finances if you suddenly become unable to handle them.
The two jobs often cross paths though. For example, your financial planner can help you decide how to invest money so that you will have enough money to fund your child’s college education, but your estate planning attorney will be the one who creates the trust that is used to guard those assets and minimize the tax consequences.
In order to get the most out of both your financial planning advice and your estate planning advice, you should make sure that the two professionals are on the same page and working together toward achieving your goals.
In some cases, your estate planning attorney may also be licensed to act as a financial planner or wealth manager. Many clients believe the dual role is the best solution.