What’s the difference between the role of an attorney and the role of a financial planner in estate planning?
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What’s the difference between the role of an attorney and the role of a financial planner in estate planning?
Is there overlap? Do I need both?
Asked on July 9, 2015 under Estate Planning, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Yes, you need both. The financial planner figures out what types of investments make the most sense for you, given your financial and estate planning goals. The financial planner's focus is on what gives you the mix of return on investment, security vs. risk, and tax consequences that best accomplishes you goals.
The attorney makes sure that any and all legal documents you need or want--such as a will; a document creating a trust; a power of attorney; a "living will"; deeds; documents creating a "life estate"; etc.--are all properly drafted, correct, legal, and properly executed, so that they will be given effect. Even if you have the ideal suite of investments for your goals, that will not help if your wishes cannot be given effect because they documents carrying them out are not valid.
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