Attorneys have long been the go-to source for estate planning guidance, but new data suggests financial advisors are now the first call for many clients seeking help.
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The survey, conducted by estate planning platform Vanilla, asked more than 1,000 U.S. consumers about their estate planning experiences and priorities. Among their findings is a clear message from consumers about the growing importance of financial advisors in those conversations.
When respondents were asked who they first consulted at the start of their estate planning journey, financial advisors topped the list by a wide margin.
About 41% of respondents said they first spoke with a financial advisor, compared with 26% who began with an estate planning attorney. Just 6% started with an accountant or CPA, while 13% turned first to family members or friends.
And that preference for advisors shows up in consumer expectations about financial planning services. Some 80% of respondents said they expect estate planning to be integrated into their advisor’s offerings.
“This positions financial advisors as the natural gateway to estate planning conversations,” Vanilla researchers wrote. “Clients already trust their advisors with their financial lives — estate planning is a logical extension of that relationship.”
Exactly what the conversation looks like, however, may not be as simple as some advisors first think.
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What clients want from estate planning services
Respondents ranked probate avoidance and estate tax minimization as their top priorities, but many see estate planning as a process that goes beyond financial planning.
Beyond financial assets, most people prioritize passing down their family values and core principles. Financial literacy is the next-highest priority, followed by a smaller group focused on transferring real estate and tangible property.
“This finding reveals something profound about the human side of estate planning: for most people, the transfer of wealth is inseparable from the transfer of meaning. They want their children and grandchildren to inherit not just money, but the principles that guided how that wealth was built,” researchers wrote. “Yet clients face a genuine anxiety: How do you structure an estate plan to encourage values you can’t quantify?”
There’s no single answer to that question, but for clients eager to pass down values as well as wealth, an estate planning letter of intent can play a key role, said Cheri Stein, a partner at Plante Moran Wealth Management.
Stein said clients often use intent letters to document family values and formative experiences. One client, she said, recounted a presidential quote he heard as a child that shaped his life, using the letter to explain its significance and the legacy he hoped to pass on to his children.
Mitchell Kraus, co-founder of Capital Intelligence Associates in Santa Monica, California, said that effective estate planning, including passing down family values, can be a years-long process depending on the family.
“We work with our clients on our belief that legacy is ‘more than money,’ and wisdom transfers best through stories,” Kraus wrote in an email. “We help clients articulate a ‘family purpose,’ define what they want wealth to do (not just what it is) and capture principles in a family letter or values statement. We also encourage a 90-day strategic pause after major wealth events so heirs don’t make reactive decisions.”
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Estate planning is a family affair — or at least clients want it to be
Despite near-universal agreement on the importance of estate planning discussions, only 39% said they’ve had detailed talks with heirs. Experts say that “conversation gap” is an opportunity for advisors to address some of the biggest estate planning concerns for clients.
Respondents said that a lack of financial literacy among heirs was their chief concern when it came to transferring wealth to the next generation. And that concern shows up in the outcomes people want from their estate plan. Beyond passing down family values, respondents said they want to pass on financial literacy to their heirs through their estate plans.
For Kraus, comprehensive estate planning involves not only working with the client but also preparing heirs with the financial knowledge they’ll need to handle the estate in the future.
“We run age-appropriate ‘money meetings’ with the client’s permission — budgeting basics for young adults, investing/taxes/credit for mid-career kids and estate roles (trustee, POA, beneficiary) for older heirs,” Kraus said. “We keep it practical: how accounts work, what to do when a parent dies and how to ask good questions. It starts with structured allowances, goes to helping kids look at the benefit packages of their first jobs and, later in life, having conversations across generations based on real-world experience.”
James Malatos, founder of Atlanta-based Harbor View Private Wealth, said that closing the conversation gap is ultimately about “structure and permission.”
“Most families don’t avoid these discussions because they don’t care. They avoid them because they don’t know how to start,” Malatos said. “We help by framing the conversation, facilitating initial meetings and giving clients language that makes the discussion feel constructive rather than uncomfortable.
“When families realize these conversations are about clarity and continuity, not control, they’re far more willing to engage,” he added. “At its best, estate planning isn’t a legal exercise. It’s a family process. Our role is to drive the process to completion.”
