Do Financial Planners Play a Role in Helping Clients Prepare Wills?
Considering the many benefits that an estate plan can provide, it is important to discuss the topic with a financial advisor. Not only will they be able to explain the basics of an estate plan, but they will also be able to help you make the most of your assets by recommending the right type of account and products to suit your needs. They will also be able to explain the tax benefits of different options, including retirement accounts and life insurance policies.
Care insurance policy
As a matter of fact, some clients will plan ahead with a Long-Term Care Insurance policy to ensure that their loved ones can continue to receive health care in the event of a disability. Others will wait until they are in need of care, but either way, the estate planning process is an important step. A financial planner can help you decide on the best type of account and make recommendations for changes to your existing accounts.
Working with an advisor
One of the benefits of working with an advisor is that he or she will be able to keep you informed of any changes in the law that could impact your plan. This is particularly important, as the law is constantly changing. An advisor can also make sure that your beneficiary designations are valid and up to date. This is important because changes can result in unwanted outcomes.
Estate plan
Another benefit of having an estate plan is that it can help reduce probate costs, which can be a hassle for a large estate. The process of preparing an estate plan involves a number of steps, including appointing a personal representative who will be in charge of the estate and filing the required taxes. This is usually done by an attorney.
Financial Advisor
Financial advisors are also able to recommend the best insurance products and make sure that your accounts are titled correctly. It is also a good idea to choose a financial advisor who is up to date on changes in the law, including tax law. This way, you will be able to benefit from the latest information on how to minimize your taxes.
Recommending other estate planning items
Financial advisors may also be able to recommend other estate planning items, such as a Medical Directive, which is a legal document that authorizes someone to make medical decisions on behalf of an incapacitated individual. This is a particularly important part of an estate plan, as an incapacitated person could not make decisions for themselves.
Finding the right advisor
When choosing an advisor, it is important to consider the quality of their services and their level of experience. Financial advisors who have been in business for longer periods of time tend to be better equipped to identify your financial needs and provide you with the advice you need to achieve your goals.
Benefits of having a financial advisor
The financial planning process is a highly complex process, but there are many benefits to having an advisor to help you plan for the future. This could include retirement planning, college funding, estate planning, and asset protection.
If you have questions, you can get a free consultation with the Best Estate Planning Lawyers.
Parklin Law – Estate Planning Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
https://www.parklinlaw.com/
https://parkin-law.business.site/
When you need a Lawyer, contact this law firm:
Parklin Law
Wellington, Utah
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Wellington, Utah
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Historical cabin in Wellington City Park, built 1882
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Location in Carbon County and the state of Utah
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Location of Utah in the United States
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| Coordinates: 39°32′22″N 110°43′47″WCoordinates: 39°32′22″N 110°43′47″W | |
| Country | United States |
| State | Utah |
| County | Carbon |
| Settled | 1878 |
| Founded by | Jefferson Tidwell |
| Named for | Justus Wellington Seeley, Jr. |
| Area | |
| • Total | 5.11 sq mi (13.25 km2) |
| • Land | 5.11 sq mi (13.25 km2) |
| • Water | 0.00 sq mi (0.00 km2) |
| Elevation | 5,413 ft (1,650 m) |
| Population
(2010)
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| • Total | 1,676 |
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(2019)[3]
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1,620 |
| • Density | 316.78/sq mi (122.31/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84542
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| Area code | 435 |
| FIPS code | 49-82510[4] |
| GNIS feature ID | 2412208[2] |
| Website | wellingtonutah |
Wellington is a city in Carbon County, Utah, United States. The population was 1,676 at the 2010 census.[5] The community was settled in 1878 by a band of thirteen Mormons led by Jefferson Tidwell. The town was named for Justus Wellington Seeley, Jr., of the Emery County Court.[6] Many residents commute to nearby Price for their jobs, or work in one of the various coal mines in the area.
Do financial planners play a role in helping clients prepare wills?https://t.co/ky5Tao2nOV pic.twitter.com/z3QyKou79T
— Legal Assistant (@LegalAssist01) November 30, 2022
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