Which of the following roles must a CFP® professional fulfill when creating an estate plan for clients?

In the context of estate planning, a CFP® professional has a multifaceted role that requires adherence to several important principles. Each aspect mentioned highlights essential responsibilities that ensure clients receive comprehensive and ethical guidance.

Maintaining a fiduciary relationship is fundamental as it establishes a high standard of care and loyalty to clients. This means that the CFP® professional must act in the best interests of the client, putting their needs ahead of personal gain. This fiduciary duty is crucial in estate planning, where clients often deal with sensitive issues regarding their assets and future intentions for beneficiaries.

Fully informing clients of material facts is also a critical component. Clients need to clearly understand the implications of different estate planning strategies, including potential tax liabilities, implications for heirs, and differences among various instruments like wills and trusts. Providing this information enables clients to make informed decisions that align with their goals and wishes.

Consulting with experts when necessary emphasizes the importance of a collaborative approach in estate planning. No single professional may have all the expertise, especially when dealing with complex issues like tax laws, business succession, and specific state regulations. A CFP® professional may need to bring in attorneys, accountants, or tax advisors to ensure all aspects of the estate plan are comprehensive and legally sound.

Given that all of