REASONS FOR PROFESSIONAL HELP
Lower cost and convenience are the main advantages and motivations for a do-it-yourself approach. And if you have a very basic, straight-forward estate, this may be the approach to take. However, there are several reasons you might want professional help.
- Knowing which types of estate planning tools will be best for you to accomplish your goals; when you can use different estate planning methods; and how these tools work is not a quick process that is typically addressed with basic online resources.
- A standardized template cannot address the complexity of some people’s lives and individual circumstances.
- The complex world of estate planning, the laws that govern the process, and the tax implications, are difficult to understand and navigate. You run the risk of not fully protecting your assets and interests unless you work with experts.
- A standardized template may not keep up with state probate laws which are different in every state and play a big part in how you will want to put your Estate Plan together.
- Some find that managing financial affairs is difficult and seek experts to handle it for them.
- As a Corporate Trustee FSBT can reduce the overall trust administration expenses when an individual Trustee does not have the expertise and knowledge to properly manage all aspects of a Trust and needs to hire various professionals to help them.
- As your Corporate Trustee we can help you build, manage, and protect your wealth when you put your assets in a Trust. FSBT has years of experience managing Trusts and is familiar with all kinds of trust, tax and estate planning strategies, and the legal responsibilities of a Trustee. We will follow your trust instructions objectively and faithfully, and have the resources available to:
- invest, buy, and sell assets
- pay bills
- file tax returns
- maintain accurate records
- distribute income and assets as directed
- An experienced local estate planning attorney will know your most recent state probate laws and how they impact your situation to make sure your Will and Estate Plan are valid and legally enforceable.
- A CPA can provide ideas on how to limit taxes on your estate now and at the time of death.
If you want comprehensive estate planning that
- hits all the critical issues with your wealth and assets,
- works to minimize your tax burden, as well as
- achieves other goals you may have,
you will probably require professional help of some kind - such as corporate trustee, an attorney, an accountant, or an insurance agent.
In deciding your course of action, you should always consider whether the benefit of the strategy outweighs the cost. When your estate is large or complex, you could benefit from consulting with an expert for advice before the Estate Plan creation and implementation stage.
If you would like to explore the next steps of estate planning or have any questions, please don’t hesitate to contact us.
This content is intended to be used as a source for general information and is not provided as legal advice.