estate planning advice

Why a Financial Advisor is Key in Your Estate Planning



Posted on: 31st August 2022

Every adult and every family needs their estate planning affairs in order as a more focused part of their overall financial plan. Getting estate planning advice and having something put in place provides a greater sense of safety for you and your loved ones should an unforeseen financial tragedy occur.

New Outlooks

In light of how the 2020s have unrolled so far for financial uncertainty, it makes for smart thinking and security to have your estate plans in order, which is where independent financial advisers Manchester can help in guidance and advice.

Even though people understand the importance of estate planning, many have chosen to hold off on taking the productive steps to put this area in order. Although people felt the need to get into action following the global pandemic, and rising concerns around the mortality rates stemming from it. Over a third of people still have not gotten around to putting any concrete estate planning measures in place – or even seeking advice past a basic online search.

It is advisable to consult independent financial advisers Cheshire to ensure that your estate planning is failsafe, as these professionals provide expert advice in all financial planning matters.

Knowledge and Skill

Financial advisers have the knowledge and relevant skills in managing an estate plan to ensure that your family’s financial future has a safety net and all assets are optimally distributed per your wishes. Working with a professional in this field in your estate planning areas minimizes the mistakes in planning which can occur without the right knowledge around them.

This process makes certain that all of your assets are designated to the parties you wish them to be passed to, such as homes, real estate properties, vehicles, collectables and valuable personal possessions. This also stretches to retirement savings accounts, stock market investments and policies, accounts and business shares that you hold.

An adviser will work with you to ensure that all assets are counted in their real value and use external reports such as home appraisals and bank statements to quantify the total value of your assets. It is a complicated process where an untrained eye can make significant errors that can prevent the full pass over to your loved ones if not done properly.

Planning is Important

A majority of people make the critical mistake of thinking their estate planning is only helpful after their demise but a holistic estate plan is critical when you are still alive.

You cannot control events that happen when you are alive, but preparation for your family by accounting for their needs when you pass on is something that is controllable.

For estate planning advice, contact the team at Haven IFA today for the best care from the best independent financial advisers UK.