Question: I am a 93-year-old woman with a condo that’s paid for. I’m in pretty good health. I have $138,000 in savings and $109,000 in a conservative portfolio, which I manage myself. I have a tendency to be frugal and consider myself of above average intelligence. So far, I have managed just fine. Should I hire a financial adviser?
“You would be best served by a financial planner who charges hourly or by project because you don’t need to have a long-term relationship with a planner at this point. You just need someone who will help you plan your future and be there to answer questions,” says certified financial planner Tara Unverzagt at South Bay Financial Partners.
While a financial adviser can weigh in and provide general guidance on estate planning issues, an estate attorney is the person who can actually draft a contract, create a will, implement a power of attorney and confer with a financial adviser in creating legal documents. More on that later. In short, having a professional weigh in on your situation will likely be beneficial, but it also might not be necessary. Note that many planners offer a free initial consultation, so that could be worthwhile just to see what they might help you with. But, if you already have all of those above issues figured out, don’t pay a CFP — rates for hourly planners runs between $150 and $450 per hour — to do it for you.