Beware of Financial and Estate Planning Promotion Services

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There are numerous “trust specialists,” “certified planners” and various other titled parties who, often misleadingly, indicate that the person has received advanced training in estate planning.

It is important to note that there are no California certified “estate specialists” who are not attorneys.  Rather there are a number of unqualified individuals and entities whose only goal is to gain access to your finances in order to sell insurance-based products such as annuities and other commission-based products, with little to no regard of your best interest.  Attorneys in California, on the other hand, are required to place their client’s interest ahead of their own, this is known as a fiduciary duty.

To better protect yourself from non-attorney estate planners:

  • Before implementing a living trust or any other estate or financial planning document, such as life insurance or an annuity, consult with a lawyer or financial adviser who is knowledgeable in estate planning, and who does not have an interest in selling you a product or service that may be unnecessary or even contrary to your best interests.
  • Take time to think about and reflect on your decisions and the potential impacts if the estate plan, financial instrument, or service. Reputable service providers will not pressure you into purchasing an estate or financial planning product and will be happy to allow you time to consider your options and ask questions.
  • Be cautious if an organization is staffed by non-lawyer personnel who promote one-size-fits-all living trusts or estate planning kits. Estate plans can consist of complex documents which require extensive preparation and due diligence by the person preparing them, who is ideally an attorney. Estate plans that have not been created by a qualified attorney can result in enormous and costly consequences for your estate.
  • Be cautious of home solicitors. And be especially wary of providing these individuals confidential and detailed information about your assets and finances.
  • When meeting with any estate planning or financial adviser, even attorneys, request information a description of his or her qualifications, education, training and expertise in estate planning. Legal document assistants and paralegals are not allowed to provide legal advice. A reputable office will allow you to speak directly to the supervising attorney.
  • Always ask for a copy of any document you sign at the time it is signed.
  • If you have any questions or concerns regarding an estate plan or financial instrument you have completed or are considering, do not hesitate to contact a qualified attorney or financial advisor to voice your concerns and get answers to your questions.

In short, it is probably best to avoid any non-attorney “estate planning specialist.”  These individuals may not have your bests interests in mind, whereas all licensed attorneys are required to pursue your best interests.

Hassell and Hyatt offers a free review of any estate planning documents you may have put in place with a non-licensed party and free consultations for those with questions about putting an estate plan in place.  You can contact us directly at (916) 900-6206 to schedule your consultation.