Lawyers Are Superior When it Comes to Estate Planning
It is hard to say which profession does a better job when it comes to estate planning. From an occupational point of view, what do lawyers and accountants do to plan for the future of a financial asset? A growing number of people often ask that very question.
Another advantage that lawyers and accountants enjoy is that they have the benefit of a job that is supported by their practice and by a large number of peers. The benefits that they obtain, in terms of quality of life, family and job stability, are often overlooked. Most people are attracted to things like social support and financial security.
The difference between a lawyer and an accountant is that a lawyer is actually doing something with legal knowledge to develop and establish the laws of their own land and to rule on what happens to the assets of their clients. This is different from the accountant who sees the numbers on the balance sheet.
According to a recent survey, an increasing number of people believe that an accountant will be unable to deal with financial issues after they die. What is more, about half of these people believe that the death of an accountant can also mean the death of financial assets. Such thoughts are not really borne out by the findings of the study.
Many people may ask why accountants should do their part to plan for their estates. For one thing, they know the value of their own home and whether they can sell it or not.
Accountants are well aware of their responsibilities to their customers and to their corporate clients. They are at the very least aware of their obligations to the accounting rules. Some accountants have managed to gain the respect of clients and to earn a good reputation as specialists in their field.
To see the market values of properties, some accountants have also been able to charge a good value for their services. When they see an opportunity to make money for themselves, even for a short period of time, they become more than willing to take on the challenge of estate planning.
Lawyers and accountants both have advantages. A lawyer has the advantage of the law to look after the people who have reached maturity and are capable of speaking for themselves. If a lawyer feels that there is something unusual in their client’s case, he or she can press the judge to take the case and act in accordance with the best interests of the person concerned.
Accounts and bookkeepers, on the other hand, have different types of skills. Accountants have the advantage of the constant and direct report of numbers and the fact that most of the money which they earn is deposited in the bank account.
One benefit of having to deal with financial information all the time is that lawyers have a better handle on the stress levels and the work-related strain. Accountants have to work on a number of projects and are therefore less likely to get injured in an accident. Lawyers are, in any case, very concerned about their reputation.
It may be concluded that the lawyer is a person that is much more in tune with the needs of his client than the accountant is. A lawyer also has the benefit of the whole business of probate proceedings to his business and financial reputation. There are many advantages of becoming a lawyer.