Where Accountants Fall Short With Estate Planning

When thinking about estate planning, most people assume it is what happens when a family member passes away suddenly.  This can bring forth common images of insurance policies, legal documents or even litigation associated with will contests.  

However, the prospect of estate planning for an individual client goes much further than deal with someone’s death.  The heirs associated with that estate must be educated, prepared and ready to inherit.

And unfortunately, estate planning documents like a will don’t go far enough in doing this.  This is why it is extremely important to keep all of your relevant documents in one location.  One location might also inform a beneficiary about where these important documents can be located regarding who has the tax returns, who has the wills and so on.  An accountant is often a crucial component of developing a long-term plan for estate planning goals and storage of these documents.  Your accountant, however, shouldn’t be the only one you hire to help you.

The support of a knowledgeable accountant can go a long way towards giving peace of mind to people who are dealing with the various consequences of preparing for their future.  It may be the incapacitating event or death of a loved one that prompts you to schedule a consultation with an estate planning attorney.  And this can be an important way to take the necessary first steps towards protecting yourself.

 

 

 

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