The Key Players in Estate Planning: Roles of Attorneys, Financial Advisors, Accountants, and Other Professionals

October 16, 2025
Paramus Estate Planning

Estate planning is far more than writing a will or naming beneficiaries — it’s a comprehensive strategy designed to protect your family, minimize taxes, ensure your wishes are honored, and preserve your legacy. While it’s tempting to approach estate planning as a DIY project, it truly takes a team of professionals to craft a secure and effective plan.

In this article, we’ll explore the roles of different estate planning professionals — including attorneys, financial advisors, accountants, insurance agents, and others — what each can and cannot do, and how they should collaborate to prioritize family needs and long-term goals.

Why Estate Planning Requires a Team Approach

Estate planning touches on legal, financial, and emotional aspects of life. A single professional may offer strong advice in one area but lack the expertise to manage others. That’s why a multi-disciplinary team is critical — each professional brings a unique perspective that contributes to a holistic plan.

1. Estate Planning Attorney

Role: The cornerstone of any estate plan, the estate planning attorney is responsible for ensuring legal documents are in place to carry out your wishes.

What They Do:

  • Recommend strategies and structures to design your estate plan

  • Draft wills, trusts, powers of attorney, and health care directives

  • Provide legal advice on state-specific probate laws and tax implications

  • Help structure trusts to protect assets and support minors or dependents

  • Guide clients through guardianship designations

What They Can’t/Shouldn’t Do:

  • Provide investment advice

  • Give tax preparation services

  • Sell insurance products

Family Focus:

Attorneys help families plan for guardianship of children, inheritance timing, and avoiding family disputes by making the legal intentions crystal clear.

2. Financial Advisor

Role: Financial advisors help clients align their estate plans with overall wealth management and investment strategies.

What They Do:

  • Evaluate financial goals in the context of estate planning

  • Coordinate investment accounts with estate planning structures

  • Monitor changing financial circumstances that may impact the estate plan

What They Can’t/Shouldn’t Do:

  • Advise on legal strategies or draft legal documents

  • Provide tax filing services

Family Focus:

Financial advisors are key in balancing risk, legacy goals, and lifetime family support, such as funding education or caring for aging parents.

3. Accountant (CPA)

Role: The Certified Public Accountant ensures your estate plan is tax-efficient, helping to preserve more wealth for your heirs.

What They Do:

  • Ensure tax compliance with complex estate strategies

  • File estate tax returns and provide income tax planning

  • Work with attorneys to structure tax-efficient trusts and gifts

  • Advise on charitable giving and business succession from a tax perspective

What They Can’t/Shouldn’t Do:

  • Provide legal document drafting

  • Offer financial products

Family Focus:

A CPA can help ensure that surviving family members are not burdened with unexpected tax liabilities, especially in large or complex estates.

4. Insurance Agent

Role: Insurance professionals protect families against financial risk and help fund estate plans through various products.

What They Do:

  • Offer life insurance, long-term care insurance, and annuities

  • Help fund estate tax liabilities or provide liquidity for heirs

  • Integrate insurance with trust planning (e.g., ILITs — Irrevocable Life Insurance Trusts)

What They Can’t/Shouldn’t Do:

  • Draft legal documents

  • Provide detailed tax or investment advice

  • Provide investment advice

Family Focus:

Life insurance can provide immediate financial support to a surviving spouse or children, or ensure a business stays operational after the owner’s passing.

5. Trust Officer or Fiduciary

Role: A professional trustee or fiduciary manages trust assets and ensures the terms of the trust are carried out over time.

What They Do:

  • Administer and distribute trust assets

  • Ensure compliance with fiduciary duties and legal standards

  • Work closely with other professionals to implement the plan

What They Can’t/Shouldn’t Do:

  • Make changes to the trust

  • Offer personal opinions that conflict with the trust’s language

Family Focus:

Trust officers help ensure that minor children, special needs beneficiaries, or irresponsible heirs are supported appropriately and safely.

How These Professionals Work Together

A well-coordinated estate planning team collaborates to align all elements of a client’s goals. Here’s what strong collaboration looks like:

  • Attorney + Financial Advisor: Ensuring the legal plan supports the client’s investment strategy and retirement goals.

  • CPA + Attorney: Structuring trusts and gifts to minimize estate and income taxes.

  • Insurance Agent + Attorney: Integrating life insurance with trusts to provide liquidity for heirs.

  • All Professionals Together: Coordinating regular reviews to adjust the plan for life changes like births, deaths, divorce, or changes in tax laws.

Best Practices for Families

When building your estate plan, keep these family-focused tips in mind:

  • Communicate openly with your team and loved ones (as appropriate) to avoid surprises.

  • Plan early, especially when children or elderly parents depend on you.

  • Review the plan regularly, especially after major life events.

  • Name appropriate guardians and trustees who align with your family values.

  • Balance fairness and practicality—equal is not always equitable in inheritance planning.

Final Thoughts: Estate Planning Is a Team Sport

Estate planning is one of the most important steps you can take to protect your family’s future. But it’s not a solo effort. By bringing together the expertise of attorneys, financial advisors, accountants, insurance agents, and fiduciaries, you can ensure your plan is legally sound, financially efficient, and tailored to your family’s unique needs.

Whether you’re just getting started or revisiting an outdated plan, consider scheduling a team-based review to build a comprehensive strategy that secures your family’s legacy.

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