Question

Why go to a financial planner vs. an estate planning lawyer? Can financial planners set up durable power of attorney?

Answer

“Financial planners cannot set up durable powers of attorney, unless that particular financial planner is an attorney or is part of a firm that has an attorney on staff,” said FPA member Amy Whitlatch, CFP®, CDFA. “In your overall estate planning, a financial planner can be useful in making suggestions to help ensure your estate planning is in concert with your general financial goals (is there more you can do? Did you set up too much?), and can serve as a secondary glance to make sure that you have followed through on any actions that your general estate planning documents require (such as insurance policies, funding of trusts, types of assets that best meet the goals of a trust, etc.)."