Obviously, the goal of estate planning is to avoid stressful inheritance battles for the client’s loved ones. However, many need to be reminded of why it is so important for these documents to be updated after major life events, such as divorce.
Although financial advisors may have some experience with these matters, do not assume that experience is all the qualification needed to handle a client’s estate planning needs.
A financial advisor’s role should be to ensure their client is aware of the significance of proper estate planning, to do what can be done to assist with these matters and to refer them to a specialist to discuss the drafting of more technical aspects of their individualized plan.
Joseph E. Cordell is the principal partner of Cordell & Cordell, a domestic litigation firm focused on representing men in divorce. Since co-founding the firm with his wife, Yvonne, in 1990, he and his team of more than 200 attorneys spread across more than 100 offices in 30 states and the United Kingdom have helped tens of thousands of men going through divorce.