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The Role Financial Advisors Play In Estate Planning

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financial advisor magazineIn this month’s Financial Advisor Magazine column, Cordell & Cordell Principal Partner Joe Cordell explains the critical role that financial advisors can play in post-divorce estate planning.

Estate planning includes many different aspects, most notably is the arranging for the distribution of assets in the event of death. However, certain life events – such as divorce – require revisions to how an estate is divided. Unfortunately, many recent divorcees fail to make those updates. 

“Whether they thought their ex would automatically be removed upon the nullification of their marriage or they simply forgot, failing to update an estate plan after a divorce can have some very unfortunate consequences,” Mr. Cordell wrote.

Joe Cordell
Cordell & Cordell Principal Partner Joseph Cordell

To ensure that an estate plan is properly updated following divorce, it is important that financial advisors work closely with estate planning attorneys to come up with strategies to best meet the divorcing client’s needs.

Collaboration between the two is essential.

“Together, they are far more likely to devise a creative – but more importantly administrable – plan for their client to minimize the potential probate and legal  hoops that relatives will be put through should the unexpected happen,” Mr. Cordell said.

Click here to read the full article.

Frank Murphy

Edited By Frank Murphy

Chief Compliance Officer
Frank Murphy

Frank Murphy is the Chief Compliance Officer and an Executive Partner at Cordell & Cordell. His responsibilities include oversight of the Firm’s compliance with Legal and Ethical obligations as well as contributing to the day-to-day operations of the Firm as an Executive Partner.

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