Arrive - July/August 2013

THE SCENARIO:
You need to make decisions about how your assets should be
distributed after death.

WHOM TO CALL:

An estate planning attorney.

No one wants to think about a macabre topic like death, but Stephen Hartnett, associate director of education for the American Academy of Estate Planning Attorneys, believes it’s a mistake to avoid estate planning.

“You need to prepare for eventu-alities,” he says.

Your estate plan should include a will and revocable trust (to help avoid the expenses of probate) as well as a living will and powers of attorney for healthcare and asset management.

While do-it-yourself options are
available, working with an expe-
rienced estate planning attorney
ensures that your wishes are
fulfilled in accordance with the
law. “A lot of times, people don’t
execute [an estate planning] docu-
ment properly, and if it’s not done
properly, it’s not valid,” Hartnett
explains. “And, if you decide not to
create an estate plan, the state will
decide where your assets go.”
FINDING THE BEST MATCH:
Estate planning attorneys often
provide free consultations. Look for
an attorney licensed in your state
(the American Academy of Estate
Planning Attorneys has a search
tool on its website) and make an
appointment to ensure you feel
comfortable with the attorney
before discussing your assets and
last wishes.

THE SCENARIO:
You need help creating a comprehensive financial plan.

WHOM TO CALL:

A certified financial planner.

While some certified financial planners specialize in specific areas of personal finance, like retirement planning or asset management, most work with their clients to oversee their entire portfolios, including 401(k) and IRA accounts, college funds, and stocks and bonds, while providing advice on tax planning, insurance and cash-flow management.

“Certified financial planners
look at how all of the pieces work
together,” explains Rita Cheng,
a certified financial planner with
Ameriprise Financial Services in
Bethesda, Md. “Looking at the
whole picture lets [a CFP] see how
making a change in one area can
affect another.”
In addition to providing advice
on financial matters, most CFPs
also sell products like insurance and
investments.

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