Estate planning involves developing a plan for the distribution of an individual’s assets after death. Estate planning jobs require backgrounds in law or finance, and may involve complex inventory rules and probate-related laws. Financial professionals and charity administrators are also involved in estate planning.
The term estate planning is used to describe the process of developing a plan for the disbursement of an individual’s estate after death. People employed in estate planning jobs typically have backgrounds in law or the field of finance. Many of these individuals have college degrees, professional credentials and licenses, while others employed in estate planning jobs are people who take on administrative roles and who do not have industry-specific academic or professional credentials.
Inventory rules are often complex; Families and creditors of intestate individuals and those with incomplete wills often become embroiled in complex court battles related to the disbursement of an estate. Consequently, law firms employ large numbers of licensed attorneys in estate planning work. Probate-related rules often vary between regions, in which case a particular attorney may only help clients whose assets are located in a specific region. Licensed attorneys are often assisted by legal advisers who typically study some higher-level law classes but who have not studied law or obtained a license to practice. While many lawyers and legal advisors are employed by large companies, others are self-employed who can also help clients with matters other than estate planning.
Financial professionals, including bankers and investment brokers, are often employed in estate planning jobs. These individuals usually work for large commercial banks or brokerage firms and help wealthy individuals invest their cash assets in securities that can be easily passed on to their heirs. Additionally, some financial firms employ certified accountants and tax advisors in estate planning assignments, and these individuals help their clients organize their assets in a tax-efficient manner. In some nations, people can pass insurance contracts on to beneficiaries without being subject to probate or income taxes, and some of the people involved in estate planning are licensed insurance agents. Employees at major banks are sometimes licensed to sell insurance, provide tax advice, and sell securities. In this case, clients can do most of their estate planning with the help of a single professional.
Charities often rely heavily on donations from wealthy benefactors; many nonprofit groups employ administrators who are tasked with contacting potential donors and arranging for liquidations to be transferred to the organization. These individuals must have good interpersonal and management skills, but employers typically do not require these individuals to have completed university courses or to have completed any industry-related certification courses. Many universities and schools also employ people in similar roles.
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