What is a Financial Planner?
When it comes to your finances, it is important to have a plan in place. A financial planner can help you create a budget, save for retirement, and invest your money wisely. They can also help you manage your debt and make sound financial decisions.
The benefits of financial planning include:
- Improved money management skills
- Greater peace of mind knowing you are on track financially
- Increased earning potential over time
- Easier transition into retirement
What is Estate Planning?
Estate planning is the process of creating a plan for how your assets will be distributed after you die. This includes everything from your home and investments to your personal belongings. An estate plan ensures that your wishes are carried out and that your loved ones are taken care of financially.
A well-executed estate plan can do the following:
- Save your family money by avoiding probate
- Ensure that your minor children are cared for by the guardians you choose
- Designate how you would like your property and possessions to be divided
- Create a plan for long-term care in the event that you become incapacitated
Estate planning is an important process for everyone, not just the wealthy. If you have any assets or dependents, you need to have an estate plan in place.
What’s the Difference Between Financial Planning and Estate Planning?
While both financial planning and estate planning are important for your overall financial wellbeing, they are two different things. Here’s a quick rundown of the key differences between the two:
Financial planning is focused on your current finances and how to best manage them. Estate planning is focused on what will happen to your assets after you die.
Financial planning can be done at any age and at any stage in your life. Estate planning should be done as early as possible, as it requires you to make decisions about your death.
A financial planner can help you budget, save, and invest your money. An estate planner will help you create a will, designate beneficiaries, and choose executors.
You may work with a financial planner for years. You will only need to work with an estate planner once unless you make changes to your plan.
When Should I Contact a Lawyer?
Now that you know the difference between financial planning and estate planning, you can start working on putting a plan in place for both. If you have any questions or need help getting started, contact our experienced law firm today. We can help you with all of your legal needs. Call us today at (501) 381-7847 to get the legal help you deserve.