Earning a CTEP requires at least three years of experience in estate planning or trusts. Additionally, candidates must have: An undergraduate or graduate degree in finance, tax, accounting, financial services, or law—or an MBA, MS, PhD, or JD from an accredited school or organization.
How to create a bulletproof estate plan
When Does an Estate Plan Become Necessary? Many financial advisors would recommend starting an Estate Plan the moment you become a legal adult, and updating it every three to five years after that.
While it may be tempting to save some money and do this yourself, making an estate plan is not easy — it requires numerous legal documents, including wills and trusts, and the possibility for mistakes is serious. Finding someone to help you, like a lawyer or financial advisor, is the best option.
Some attorneys may prepare a simple will or power of attorney for as little as $150 or $200. On average, experienced attorneys may charge $250 or $350 per hour to prepare more sophisticated estate plans. You could spend several thousand dollars to work with such an attorney.
According to data from the BLS, the financial advising profession is expected to grow 15 percent between 2016 and 2026—higher than the national average. Being an estate planner can be both rewarding and lucrative.
The 4 Most Important Estate Planning Documents
Simply having a last will does not avoid probate; in fact, a will must go through probate. To probate a will, the document is filed with the court, and a personal representative is appointed to gather the decedent's assets and take care of any outstanding debts or taxes.
This pre-death checklist will get your affairs in order
Deciding between a will or a trust is a personal choice, and some experts recommend having both. A will is typically less expensive and easier to set up than a trust, an expensive and often complex legal document.
Children aged 12-years and younger
Consider creating a lifetime trust or a trust that distributes through the child's early adult years – until they have a good understanding of how to manage themselves and their financial health.
Where should I keep my will?
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