16 Jul Is a Financial Plan the Same as an Estate Plan?

Having a solid financial plan that takes care of your family’s needs every year feels great! It feels comfortable. And that comfort can sometimes allow us to neglect our future financial plans, such as saving for retirement and creating a concrete estate plan. Are you wondering what an estate planner vs financial planner breaks down to? 

A financial plan is not the same as an estate plan. The standard financial plan does not outline circumstances like who would have power of attorney if you were unable to speak for yourself. An estate plan is one of the most important tools you can have in your financial arsenal. 

Who will receive your property and assets when you die? An estate plan will cover that. You want your lifetime’s hard-earned assets to pass to the right people; if you don’t make these decisions in advance, Arizona’s Probate Court will do it for you. 

Estate Planner vs. Financial Planner

In the world of financial planning there are a lot of terms thrown around and it’s hard to keep them all separate and distinct. When it comes to people who can help you manage your money and assets there are financial advisors, money managers, fiduciaries, and more. 

When you are searching the internet for the right financial service and from a reliable source, it’s important to know how to decipher the results. You want to find exactly what you need, instead of paying for a service that someone is telling you to buy. Here’s a rundown of a financial planner vs an estate planner. 

Qualified Estate Planners 

Estate planning attorneys, like the ones here at Phelps LaClair, are not only experts in tax law, estate administration, and trusts—we also care deeply about our clients. Phelps LaClair is a relationship firm. We want to help you put out fires before they start by working side-by-side with you to create an estate plan that suits your needs. 

Financial Planners 

Those who work as financial planners help their clients meet current money goals and utilize investment opportunities. They handle situations such as planning to save money for short-term goals. Goals like a down payment on a home, recommending products for investment gains, and assessing overall financial health. Some choose to see a financial planner to assess how much they can afford to risk before deciding on an investment opportunity or buying a second home. 

Many people work with both financial planners and estate planners during their lifetime. When you inevitably forget one of the terms and find yourself asking, “What is the difference between a financial planner and an estate planner again?” keep in mind the major distinction: estate planning is best handled by an estate planning attorney in your state.  

Find an Estate Planning Attorney in Arizona

Phleps LaClair offers many services in estate planning, including long-term care and medicaid planning, special needs planning, advice on living wills, medical directives, living trusts, and more. We focus solely on estate planning. No bankruptcies, divorces, or litigation. That way we can provide you with cutting-edge services at fair prices. 

We have the knowledge and experience to help you develop a solid estate plan. We do this using strategies that are carefully designed to protect you and your loved ones, preserve your assets, and save on taxes. Ready to get started? Learn the basics of Arizona Estate Planning through a free webinar that entitles you to a $500 fee discount and a free consultation.

photo by: Alexas_Fotos from Pixabay on 7/16/2021 | used under the creative commons license | no changes made