Key Points:
When people think about estate planning, they often imagine sitting down with an attorney to draft their final wishes. And while legal documents like wills and trusts are essential, they’re only one piece of the puzzle.
To truly ensure that your wishes are carried out—and that your finances, family, and legacy are protected—it’s important to involve both an estate planning attorney and a financial advisor. Here’s why:
Financial Advisors Offer a Broader Financial Perspective
My clients sometimes tell me I’m the only person who knows their full financial picture—even more than their closest family members. Many high-net-worth individuals are understandably private about their wealth and future plans.
As a financial advisor, I often have a more intimate, long-term relationship with clients than other professionals do. This gives me a unique vantage point to help guide not only the initial stages of estate planning, but also the ongoing communication and coordination with attorneys and other professionals. Financial advisors can help:
Attorneys are experts at structuring documents, but they don’t always have visibility into your investment strategies, tax situation, or long-term wealth goals. A financial advisor ensures your estate plan works in real life, not just on paper.
Example: A trust can be perfectly drafted—but if your account titles or beneficiary designations don’t reflect it, your plan could fall apart. I help clients align every piece of the puzzle.
They Help Implement the Plan
Think of an attorney as the architect who draws up the blueprint. Your financial advisor is like the builder who ensures it all gets done. Most attorneys provide funding instructions or a memo summarizing what needs to be implemented. But this is where many plans fall short—between intent and execution. As a financial advisor, I help clients:
Advisors Provide Ongoing Support
Estate planning isn’t a “set it and forget it” task. Your life evolves—and your estate plan should too.
Your documents should generally be reviewed every 3 to 5 years, or after a major life event such as:
Unlike attorneys, who you may see only once in a while, financial advisors tend to meet with clients annually or more frequently. That puts us in the ideal position to spot when your plan needs updates.
Personal Note: Years ago, during the summer before I started law school, I interned with a Registered Investment Advisor (RIA) firm like Luminvest. At that time, I had the opportunity to speak with one of the top local estate planning attorneys. I shared with him my plan to go to law school to study tax and estate planning, but ultimately to become a financial advisor.
He told me something that’s stuck with me ever since: he was envious of the opportunity I had to become a financial advisor. Why? Because most of his clients only saw him every few years—if that—while I would have the chance to build ongoing, deeper relationships with the families I serve.
That’s the difference between the role of a financial advisor and an estate planning attorney. While attorneys play a vital part in drafting the legal documents, it’s often the financial advisor who walks alongside clients year after year, through life transitions and turning points. That perspective helped me appreciate the privilege of being closely involved in my clients’ lives—and being able to help them plan proactively, not just reactively.
Advisors Facilitate Team Collaboration
Estate planning often involves multiple professionals: attorneys, tax advisors, insurance specialists, and more. Financial advisors often serve as the quarterback, making sure everyone’s working together effectively. They can streamline communication, anticipate issues, and make sure everyone is aligned toward your goals.
When your advisor sees the full picture, we can catch inconsistencies before they become costly mistakes.
They Help You Clarify What Matters Most
Before you draft documents, you need to know what you want them to say. And that’s not always easy.
Estate planning involves deeply personal decisions—about your family, your legacy, your values. Financial advisors are trained to guide these conversations and help you answer questions like:
Having these conversations with a trusted advisor helps ensure your estate documents reflect your true intentions.
They Help You Get Started (and Stay on Track)
Let’s face it: estate planning can be overwhelming. Legal jargon, tough decisions, and the emotional weight of planning for the end of life can all lead to procrastination.
Financial advisors often act as a catalyst—breaking things down into manageable steps, helping you understand why the process matters, and introducing you to the right legal professionals when you're ready.
True story: A few years ago, I attended the Heckerling Institute on Estate Planning in Orlando, regarded as the top educational conference for estate planning professionals. At the conference a speaker shared the story of a client who made over 20 revisions to her estate plan. Tragically, she passed away before signing the final version, rendering the entire process moot.
The best estate plan isn’t the perfect one—it’s the one you actually complete.
Need help getting started with your estate plan?
A trusted financial advisor can guide you through the process and connect you with the right professionals. The most important step is to begin. Start today by asking your financial advisor to help and hold you accountable.
Get personalized, tax-focused financial planning in person or from the convenience of your home.
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