Is Estate Planning a matter for Lawyers or Financial Planners?

Telemon Lawyers > FAQs > Is Estate Planning a matter for Lawyers or Financial Planners?

Putting it simply, lawyers are not entitled to give financial advice and financial planners are not entitled to give legal advice. Estate planning is generally a mix of both financial and legal questions. For most clients if comprehensive advice is needed they will speak to both their solicitor and financial planner.

A part of estate planning from the legal perspective is ascertaining whether potential beneficiaries in your estate are or may be subject to legal claims. A simple example is where a potential beneficiary is an undischarged bankrupt. Any bequest of assets to a undischarged bankrupt immediately vests in the Trustee in Bankruptcy. This is unlikely to be the outcome the testator wishes.

Steps can be taken to avoid such a result such as simply excluding the bankrupt from the will or through the creation of a discretionary testamentary trust will.