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What certifications do estate planners need?

On Behalf of | Dec 14, 2022 | Estate Planning |

Many different people can also double as estate planners, including accountants, financial advisors and lawyers. These people specialize in estate planning and provide services to anyone hoping to transfer their assets to beneficiaries.

To show that they possess the proper expertise in relevant fields, they often need certificates in order to prove this.

Financial and taxation

FINRA discusses certified estate planners, or CEPs. These individuals often have certification in numerous fields which allow them to appropriately navigate through the complex matters of estate planning.

First, there are financial matters. Estate planning deals heavily with matters of finance, including savings accounts, income, commissions, gifts, investments and more. Financial advisors help people navigate complex matters like using trust funds or transferring retirement accounts.

Matters of taxation fall under a similar umbrella. State and federal inheritance taxes are a thing most people have to worry about when transferring assets, with some exceptions.

Accounting and legal

Accounting skills help in estate planning, too. This allows for legal and accurate record-keeping, and serves as an easy way to keep track of what taxes the estate must cover.

Finally, legal matters also require an appropriately certified person. Laws for estate planning will determine what inheritors need to do to receive the assets left to them by the owner of the estate plan. This person will usually consult a lawyer to help them accurately interpret the law and create a will that allows for the easy transfer of assets.

Together, these individuals with appropriate certification make it much easier for anyone to create and maintain an estate plan.