Estate Plan: Who Calls the Shots — Lawyer or Adviser?
Both pros bring value to your estate plan, but only one can make it legally binding. Know who does what before it's too late.
Your estate plan isn't a single document — it's a stack of moving parts that touches your money, your family, and your legacy all at once. That means more than one expert needs to weigh in. The good news: having multiple sets of eyes on your situation almost always leads to better outcomes.
Your financial adviser is a great starting point. They already know your assets, your goals, and how your portfolio is structured. They can flag gaps — like a 401(k) with the wrong beneficiary or a life insurance policy that undercuts your tax strategy. That's real value, and you should use it.
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But here's the hard truth: your financial adviser cannot draft a will, set up a trust, or execute any legally binding document. That's the lawyer's lane, full stop. When it comes to actually putting your wishes into enforceable legal form, you need an estate attorney — no workaround exists.
The smartest move is to run both pros in parallel. Let your adviser build the financial picture; let your attorney translate it into airtight legal documents. They should be talking to each other, not operating in silos. If your team isn't communicating, that's a red flag worth acting on now — not after a health scare.
Bottom line: don't let the overlap in their roles fool you into thinking one can replace the other. You need both. The cost of cutting corners on an estate plan gets paid by the people you're trying to protect. Continue reading at MarketWatch.com
