Prince Law Firm
Call For A Consultation
Toll Free 866-383-1125
Local 248-419-1968

How can professional collaboration help with will drafting?

Creating an estate plan is likely not a one-person job. Even for a single individual, the process can be complex and confusing. Thus, involving family members and experts in the process can be beneficial. Even when it comes to drafting what may seem like a simple will, one needs to consider any tax implications of the document, as well as any conflicts that could exist. And while including certain experts in the will drafting of estate planning process is beneficial, the benefits of the experts are better experienced when everyone communicates and works together.

How can professional collaboration help with will drafting? Accountants, financial planners and attorneys can be very resourceful throughout the overall estate-planning process. However, the benefits experienced by these experts can be limited if these experts do not work together. A lack of communication could lead to something being overlooked, which could be detrimental to your estate's finances.

When an individual delves into the will drafting process, he or she is seeking to develop a document that best meets his or her desires for his or her assets and property at the time of his or her death. Thus, it is important to note anything that could interfere with these wishes, create financial complications, or even prevent heirs or beneficiaries from receiving their intended assets or property.

Developing open communication among financial team members helps maximize tax efficiencies, while also carefully planning your financial affairs. When your whole financial team communicates, potential problems and pitfalls could be uncovered and addressed. It is better to discover these issues right away instead of having your loved ones suffer the consequences after your death.

Whether it is a financial account, your home, retirement benefits, investments, or any other asset, it is important that individuals and couples understand how to best plan for their financial future. This means developing an estate plan with a properly and efficiently drafted will. Those who are unsure about how to navigate or move forward with this process should take the time to understand their situation and what options are available to them.

Source: Forbes, "Why Your Accountant, Lawyer and Financial Planner Should Talk," Aug. 29, 2017

No Comments

Leave a comment
Comment Information

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Office

Prince Law Firm
800 W. Long Lake Road, Suite 200
Bloomfield Hills, MI 48302

Fax: 248-865-0640
Bloomfield Hills Law Office Map

Connect with us

  • Facebook
  • Twitter
  • Linkedin
  • Google+
VISA | Master Card | American Express | Discover Network