Estate Planning? 3 Ways to Know If Your Financial Adviser ‘Gets It’

If they understand the value and mechanics of estate planning, they can offer you peace of mind and the support your loved ones will need when you’re gone.

An older couple looks at a tablet held by an estate planning financial adviser.
(Image credit: Getty Images)

Seriously considering your mortality is difficult, but a good financial adviser can be a key partner in helping you with estate planning. Not only can they help you plan your future while you’re still here, but they can also provide critical support to ensure your legacy is smoothly passed to the people and causes you love when you’re gone.

Understandably, you may have some concern that — in the process of coming into wealth suddenly — your heirs may not have the financial planning wherewithal to make the most of their inheritance. Millennials, for example, have been widely reported (opens in new tab) to forgo financial planning professionals in favor of robo-advisers or doing their own stock picking and investing heavily in risky asset classes.

But, according to a recent survey (opens in new tab) conducted by FreeWill, many heirs set to come into money may actually be more likely to work with an adviser once they inherit. In fact, 43% of respondents indicated they’d be inclined to retain their family’s financial adviser under one condition: if they are knowledgeable about estate planning.

So, how can you tell that your financial adviser has the estate planning expertise to guide your family through this important transition?

Here are three ways you can secure peace of mind that this is not their first (estate planning) rodeo:

Allison L. Lee, Esq.
Attorney-at-Law, Director Trusts & Estate Content, FreeWill

Allison L. Lee is the Attorney-at-Law, Director Trusts & Estate Content for FreeWill (opens in new tab), a mission-based public benefit corporation that partners with nonprofits to provide a simple, intuitive and efficient online self-help platform to create wills and other estate planning documents free of cost. Through its work democratizing access to these tools, FreeWill has helped raise billions for charity. Prior to joining FreeWill, Allison spent more than a decade in private practice.