Published on
28 Apr 2023
4 min read

4 Benefits of Having a Financial Advisor to Help Plan Your Estate

Vishnu Teja Chundi
Sep 11, 2023

Are you having second thoughts about your finances? Need help sorting out your financial plans?

This blog is here to your rescue.

A financial advisor helps you make major financial plans and decisions, find loopholes in critical issues when there is one, and make estate plans.

With new jobs, startups, business expansion, family extension, inheritance, etc., there’s a lot to include in your estate plan. And it can be overwhelming to do all of it alone. That’s when having a professional financial planner pays off.

In this blog, we talk about who is a financial advisor and why you should hire one. As we wrap all of this up, you’ll learn not only the importance of a financial advisor but also the basics of hiring one. So, read on.  

What Are Financial Advisors?

We’re being completely honest with you here. Being a financial advisor may not be a dream job and maybe not even the best but it surely is an important one. Why? The answer is simple.

Everybody needs financial counselling at some point of time in their life. They approach an elderly person in their family, a close friend, or someone experienced in the field.

Well, financial advisors are available here to do their job and make things easier for you to plan your finances well. If you wish to find an easy way out and secure your finances wisely, you should hire a professional financial advisor to manage your personal and household finances.

Financial Advisor and Estate Planning

Here are four ways hiring a financial advisor can prove to be beneficial for your estate plan:

Updating Beneficiaries

Investment accounts, retirement accounts, and insurance policies are some important factors included in an estate plan. These factors fall under the account of beneficiaries mentioned in your estate plan. A professional finance person can only help you segregate your assets, explain the benefits of distributing them among your masses and how you can make changes in your list of beneficiaries and assets as and when necessary.

Retirement Planning

Grab a better understanding of the pluses and minuses of associating with 401(k)s, IRAs, and other retirement accounts. Talk to your adviser to learn what suits your requirements best, whether it’s tax benefits or beneficiary details. Consult a professional to learn about your retirement benefit plans in your estate plan once you pass away, how your family will be open to dealing with it and how can they make the best use of it.

Talk about Life Changes

You may want to add or make changes in your estate plan with major life changes that come with time. Having a financial advisor can prevent you from being ignorant and actually learning about the advantages and drawbacks of making those changes in your estate plan. Whether it’s monetary deductions or additions, account shuffling, or other assets of your estate, you cannot take any risk to move on with only half the knowledge.

Make Long-term Plans

One of the most crucial parts of your estate plan is long-term care. Of course, you may think that now you have an estate plan in place, you’re already ahead in the game by planning ahead of time. However, it’s important to know how long these plans are going to work out.

You can talk to a finance professional about the ramifications of long-term estate plans and discuss the solutions that benefit everyone. You can expect updates on your estate plan from your financial advisor and they can help you find the best way to a secure and convenient estate plan with the most benefits.

Talk to Us to Draft Your Estate Plan

We bet you already know that you can create a Will – your estate plan – from the comfort of your home now.

And that’s our speciality. You can rely on our legal team having a significant number of years of experience in the field to guide you through your estate plan.

You now understand the importance of hiring a financial advisor. But before you hire one, ensure that they have the right credentials and operate with your best interests at heart. Remember, their experience and background also go a long way in playing the role of your advisor for major financial decisions.

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