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4 professionals to include on your estate planning team

On Behalf of | Dec 24, 2023 | Estate Planning |

Estate planning is not a do-it-yourself (DIY) project. Even though hundreds of templates exist online to help people draft documents on their own, it’s beneficial to have a professional team. Estate planning documents can be delicate. Thus, you need to be adequately informed about every step you take. 

Here are four professionals to include on your team.

An accountant 

Accountants are crucial in estate planning, as they can suggest the best techniques to minimize taxes. Further, they can help your loved ones prepare the tax return for the year of death and file estate and tax returns.

You worked hard to earn your wealth; you should not lose most of it to taxes. Your accountant will help you understand the tax implications of every decision you make.

A financial advisor

Another professional to include on your estate planning team is a financial advisor. They are skilled in dividing assets. They can help you know the best ways to divide your real estate, investments, insurance policies, cash and so on. Your financial advisor will work closely with your accountant to avoid triggering major tax implications.

A valuation expert

You need to know the actual value of your assets when drafting an estate plan. That’s why you need an appraiser on your team. Choose a professional who can determine the value of every property you have, including complicated ones, such as digital assets.

A life insurance agent

Life insurance policies are important in estate planning. Consider working with a life insurance agent, as they are knowledgeable about the various products available and how they can benefit you and your loved ones.

In addition to the above-discussed professionals, you should seek legal help to ensure your documents are valid.