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Who should you work with when drafting your estate plan?

On Behalf of | Feb 1, 2024 | Estate Planning

Your estate plan will include documents that state your wishes regarding the distribution of assets to beneficiaries, medical care instructions, guardianship for your minor child and so on.

Drafting these documents can be complicated. But it can be more manageable to work with professionals, including:

A financial advisor

Estate planning involves making financial decisions for the most part. You will decide what will happen to your assets (if you want to sell/donate some), how to distribute them among beneficiaries and so on. A financial advisor can help you gather your assets and determine the best ways to distribute them.

An accountant 

Like a financial advisor, an accountant is also knowledgeable about money matters. But they also offer tax services. They can help you understand tax laws and how you can legally avoid taxes. Even though Arkansas has no estate, inheritance or gift tax, the federal government does. Thus, you need to understand how it can affect your estate to avoid costly mistakes.

The accountant can also help your executor with tax-related responsibilities, including filing the final tax return.

A valuation expert

Working with a qualified appraiser during estate planning is crucial. Knowing the value of your assets can help you make an effective estate plan. This knowledge is also beneficial for tax purposes.

A life insurance agent

A life insurance agent in your estate planning team can benefit you significantly, as they can help you assess various products to find a reliable one – a policy tailored to meet your goals.

A dependable team can ensure you have a smooth estate planning experience. Experienced legal guidance is also important in this process, since “DIY” plans leave a lot to be desired.