An Estate Planning Specialist Helps To Ensure Financial Stability

By Cory Bowman

An estate planning specialist claims responsibility in assisting clients with their plans for personal assets. Often referred to as ‘the science of money management,’ estate planning involves quantifying various financial options to plan and determine the size and duration of investments. These investments and plans will account for the future finances of the clients’ heirs. Estate planners must work to make sure that both the client and his successors are left financially stable and secure. Both financial management and strategic thinking come into play during this endeavor.

The estate planning process involves four major steps. First, the estate planning specialist works with his or her client to determine how much the client’s estate is worth. Estates can include everything from real estate to bank and investment accounts to automobiles and furniture. Anything owned by the client is incorporated into their estate plan. After the monetary amount is calculated, the next step is to choose who will be the heirs of the estate and what assets they will each receive. Third, the specialist and client will work together to determine the cash needs of both the estate and the calculated tax. From there, the specialist will select and implement learned techniques to achieve the determined goals for the estate plan.


When it comes to setting goals, the overall determined outcome is to provide the client with a sufficient amount of return on their investments. A financial management degree will provide the estate planning specialist with the skill set needed to achieve the set goals. In estate planning, specifically, there are five standard goals. The first is to make sure the client, as well as their family, is provided for financially. The second goal of planning is to accurately determine who will be entitled to the assets of the estate plan. Next, the guardianship of children who are still minors must be decided in case the client and his or her spouse pass away. The fourth checkpoint is to avoid probate, which is the legal process by which an asset’s title is transferred. If it cannot be avoided, then it must be used strategically to steer clear from negative financial upset. The fifth and final goal for the specialist would be to either decrease or completely eliminate estate taxes.

After drafting the clients will and agreeing on the estate plan, the next step for the estate planning specialist is to decide which investments to include in the client’s financial portfolio. Completion of a financial management degree will allow the specialist to make the appropriate choices for the client portfolio. There are many options available to the client: stocks, bonds, mutual funds, annuities, insurance, and social security, just to name a few. The amount of return from these investments will allow the client’s family and other heirs to be financially secure when the client passes away. Since these investment performances are so important for the future, the selection of specific options is a job in itself and should be continually monitored to ensure positive profit. Successful estate planning and investment portfolios will leave the client feeling safe and sound about their family’s financial futures.

About the Author: Cory Bowman is Director of Ops at the Institute of Business Finance. IBF has helped thousands of members of the financial services industry attain designations. For more information about IBF,

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