For the past two weeks, I’ve shared the importance of reaching out to expand your network of trusted advisors. Included in the mix are: 1) A Personal Banker or Branch Manager; 2) Mortgage Broker, 3) A Fee-Based Financial Planner; 4) An Insurance Agent, 5) A Certified Public Accountant (CPA); and 6) A “Proven” Real Estate Agent.
In my opinion you should have them on speed dial if you desire to build wealth and leave a lasting legacy. Your aim should be to develop a team that understands your financial goals and advise with a human touch. Today, I’d like you to consider adding a seventh and final financial friend:
An Estate Planning Attorney
I Don’t Have Enough Money…
Wrong! People often think of estate planning, wills, and trusts as tools and services for the wealthy. Not so! Why? The laws governing wills and trusts affect the wealthy, middle-class, and the working class. Additionally, there’s a lot of confusion surrounding wills and trusts. People, they are not synonymous. “A will controls your assets in your individual name when you die, but a trust is used to hold your assets during your lifetime,” according to Vicki Lee Parker, writer for Black Enterprise Magazine.
As a pastor of a thriving church, I can’t tell you how many family fights I had to mediate because no one took the time to consult an estate planning attorney. Today, many siblings and relatives do not speak because no one took time to plan accordingly. Since each state has different laws regarding inheritance, your estate shouldn’t be left to the state or do-it-yourself wills. “An estate planning attorney can help you set up a trust that offers more flexibility and control over how your assets are managed after you die,” says Steve Hartnett, an estate planning attorney in San Diego and associate director of education at the American Academy of Estate Planing.
I Confess…
As I conclude this series, I want inform you that I practice what I preach. I have six of the seven financial friends on speed dial and I’m currently interviewing estate planning attorneys. I plan to make my decison by the end of September and will keep you posted. Thanks for reading and reflecting on my blog posts and my prayers are with you as you assemble your team!
Did I miss anyone? Who do you have on your team that I missed?
