Wills and trusts are legal documents which should be prepared only by a qualified lawyer. However, many other professionals and business representatives may become involved in the estate planning process.
For example, certified public accountants, life insurance salespeople, bank trust officers, financial planners, personnel managers and pension consultants often participate in the estate planning process. Within their areas of expertise, these professionals can assist you in planning your estate.
Before retaining any professional to assist you with your estate plan, you should inquire about that individual’s qualifications. In addition, you should determine whether the professional advisor has any underlying financial incentive to sell you a particular investment, such as an annuity or life insurance policy, because that financial incentive may color the advice given to you. Unfortunately, some sellers of dubious financial products gain the confidence and private financial information of their victims by posing as providers of estate or trust planning services.
Beware of someone who is a promoter of financial and estate planning services. There are many who call themselves trust specialists, certified planners or other titles, which are intended to suggest that the person has received advanced training in estate planning. California is experiencing an explosion of promotions by unqualified individuals and entities, which have only one real goal, to gain access to your finances in order to sell insurance-based products, such as annuities and other commission-based products.
Before considering a living trust or any other estate or financial planning document or service, consult with a lawyer or other financial advisor who is knowledgeable in estate planning and who is not trying to sell a product which may be unnecessary.
Finally, one must consider the costs of estate planning. That is always dependent on your individual circumstances and the complexity of documentation and planning required to achieve your goals and objectives. Costs may vary from lawyer-to-lawyer. The costs generally will include the lawyer’s charges for discussing your estate plan with you and for preparing your will, trust agreement or other legal documents, which you may need.
For more information, please contact Susana B. Tolchard, Esq. at 661-287-9986.