Breakthrough Wills and Estate Planning Series

#6 Who Can Help You? Never Try This Alone

Read my previous post in this series, #5 Your Goals for Specific Properties.

Should you start the process of estate planning with a financial advisor, accountant or lawyer? People always ask me this question, and here’s what I always say:

The best answer I can give you is that it does not matter, as long as you get started. Then you can begin to educate yourself about the different types of professional advisors and which ones have the right skill sets to meet your needs.

Qualified experts point you in the right direction and show you how to get results. Estate planning helps you understand and clarify your professional advisors’ roles.

Build Your Team of Advisors

At different stages of your life you may need help from some or all of the following professionals:

• Licensed financial professionals skilled in providing financial planning and investment advice

• Life insurance professionals to help you provide support for your family and cover your needs and obligations

• Estate planning lawyers to plan and prepare documents to carry out your estate plan

• Tax advisors/accountants to preview and reduce your tax bill

• Trust officers to set up trusts or administer estates with trust companies

Hire professionals who are competent, compatible and certified. Don’t put your money and loved ones at risk by failing to get proper help.

Consider professional advice as an investment, not an expense. Investments pay back dividends year after year.

Finding the Right Help

Get referrals from friends, bankers and other professionals. When you get your list together, research their names online. Look for the number of years these potential advisors have been in business and whether they are experienced in dealing with your types of issues.

Google prospective candidates’ names. That way you can be more confident that you’re not going to discover disqualifying information after you’ve started working with them.

You can also pick up the phone and conduct short telephone interviews of prospective advisors. Be specific in the questions you ask to clarify their suitability to meet your needs.

Use this test as your bottom line: Work only with people you are comfortable enough with to consider inviting them home to dinner.

Questions to Ask Professional Advisors

Professionals usually will not set fees before they meet you and discuss your personal needs. But you can ask them to email or mail a fee schedule or new client information sheet to you. These documents may answer your basic questions.

You may wish to interview each advisor on this score, asking:

1. Are you paid on a flat rate, hourly or commission basis?
2. Do you require a minimum fee to get started?
3. What qualifications, licences or certifications do you have?
4. How many years of experience do you have with my type of case?
5. What are the typical results and time frame I can expect?
6. If something goes wrong with our relationship, what can happen?

If you’re still not sure you want to hire this person, find out if they have free information you can receive. You may feel ready to do business together only once you feel comfortable with them.

Do you need help making your will? Want to get started but not sure what to do first? I can help you. Contact me for a meeting.

I am a Certified Specialist in Estates and Trusts Law.