Estate Planning

There’s a common misconception that estate planning is only for the wealthy. However, in reality everyone should consider putting an estate plan in place. Your estate plan can include everything from investment and retirement accounts, to your house, cars, and other valuable possessions. A well drafted estate plan will focus on taking care of you as you age or if you become ill or incapacitated. The key to a complete estate plan, is to rely on a team of professionals including a Financial Advisor, Estate Planning Attorney, and an Accountant.

 

Financial Advisors Role in Estate Planning

The start of a Financial Advisor’s role in their client’s estate planning is to help their clients gather an accurate representation of their assets. This process will review the client’s investment and retirement accounts, and also real estate or personal property.

Once this is complete, the advisor may then help their clients with investment portfolio management of their trust and retirement assets. A good Financial Advisor will also make sure that all beneficiaries on these accounts are updated regularly where applicable.

The final role a Financial Advisor plays in the management of your estate, is to aid in the distribution of investment assets to your beneficiaries or trustees. An important role of the advisor is to be a resource for your beneficiaries during a difficult time in their lives, and advise this next generation on how to plan for the future.

 

Our Team’s Approach to Estate Planning

Our group of Financial Advisors focuses on gathering our client’s full financial picture before proceeding with financial advice. We understand the importance of consulting a client’s trusted professionals to develop a coordinated strategy to manage their estate. We also have resources through our affiliates in the area of estate planning for clients who are just starting on their journey to financial independence. If you would like to learn more about our role in your estate planning, please request a consultation or call us directly.

Trust services available through banking and trust affiliates in addition to non-affiliated companies of Wells Fargo Advisors. Wells Fargo Advisors and its affiliates do not provide legal or tax advice. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.