Financial & Estate Planning. It is common for people to confuse the responsibilities of financial planners and estate planners. Both professionals offer substantial value to those interested in organizing their financial assets, planning for the future, and creating greater peace of mind and security. In actuality, however, financial planners and estate planners have important differences in their specific areas of expertise. The key distinction is that estate planning is typically directed by an estate planning attorney rather than a financial planner.

• Financial planning includes assessing a person’s current financial goals, including the review of investment accounts and business investments. A financial planner works with her client to make decisions about present assets to hopefully grant greater financial freedom and meet personal/business future financial goals. Financial planners also assess clients’ overall financial health. An experienced financial planner helps clarify existing options and recommends products, investments, or other strategies to help one achieve her financial goals.

• Estate planning, on the other hand, is handled exclusively by an estate planning attorney. While it is extremely common for financial planners, financial advisors and other financial professionals to recommend clients consult with an estate planning attorney, they cannot offer legal advice regarding how to prepare for possible incapacity, nor can they draft the required legal documents.

Estate planning and financial planning are both important, but for specific reasons. Speaking with the right person about one’s goals is imperative. An estate planning attorney will not be able to offer financial planning, and a financial planner will not be able to plan and draft an estate plan. With that being said, estate planning attorneys and financial planners work well together to ensure that they are creating comprehensive plans that will deliver the best outcome for their mutual clients.

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