CommonCentsMom.com is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. The contents of the CommonCentsMom.com website, such as text, graphics, images, and other material contained on this site (“Content”) are for informational purposes only. The Content is not intended to be a substitute for professional financial or legal advice. Always seek the advice of your Financial Advisor, CPA and Lawyer with any questions you may have regarding your situation. Never disregard professional advice or delay in seeking it because of something you have read on this website!
Yes, they can. But it depends on the state you live in. For example, in Florida they cannot draft your will or do probate work on your behalf. However, if you live in another state, they can help with that too.
What are Financial Advisors?
First of all, what is a financial advisor? In this context, it means someone who provides financial advice to clients. This includes advising them on investments (such as stocks and bonds), saving for retirement or saving for college or an emergency fund. They also provide tax advice and other kinds of financial planning to their clients as well.
It is important to note that financial advisors do not work for the federal government; rather they are paid on commission by their clients (in the form of commissions from the products they sell). This means that the advisor must be unbiased when providing financial advice to their clients. The FTC says: “An advisor’s compensation must be based solely on the performance of his or her clients.” In other words, if the advisor has a conflict of interest, they cannot give you unbiased advice.
They Can Help You To Plan and Give Financial Suggestions
Financial advisors can help with a will. They can also help with estate planning, such as: drafting a will and living trust; inheriting property (either in the form of real estate or stocks and bonds); and/or preparing a beneficiary designation (to decide who will receive property when you die).
Additionally, they can provide guidance on other legal issues related to estate planning such as: asset protection trusts; setting up and funding an IRA; and determining whether you are required to pay federal income taxes when you die. A financial advisor may also be able to provide you with additional legal guidance on these topics.
However, keep in mind that it is important that you seek out legal counsel if you are unsure about any of these issues. The more knowledgeable your lawyer is about these matters, the better your chances of making sound decisions. A good place to start is by reading our article about estate planning basics for all ages. In addition, there are some online resources for people who want to learn more about wills and estates planning.
Wills, trusts and estates are usually a family’s biggest financial asset. You want to make sure that your wishes are carried out when you pass away. You may have many assets, and you may want to share them with your loved ones. But it is not always easy to know what is best for the people who will inherit your assets. A financial advisor can help with this process and help make sure that the assets are distributed in a way that makes sense for everyone involved.
If there is one thing that financial advisors can do well, it is creating estate plans and making sure they are followed after death. A good advisor will look at all of the possibilities before they put together an estate plan for their clients, but there are also some things they can do after the client dies too.
The financial advisor can even help with the probate process when necessary so that everything goes smoothly once your estate has been distributed. This can be a great way to ensure that everyone who wants to take part in your legacy has been included in the process from start to finish, and it also ensures that everything goes according to plan.
