What is one role that an investment professional cannot perform in the estate planning process?

In the estate planning process, drafting various estate planning documents is generally a task reserved for legal professionals, particularly attorneys who specialize in estate law. Investment professionals, although they play a significant role in providing financial advice and strategies, do not have the legal authority or expertise to create or modify legal documents such as wills, trusts, or powers of attorney. These documents are critical in ensuring that an individual's wishes are properly documented and legally enforceable, which requires a deep understanding of legal principles that investment professionals typically do not possess.

On the other hand, investment professionals can effectively provide investment advice, guide clients on tax implications related to investments and estate planning, and advise on how to best distribute assets among beneficiaries. These areas fall within their expertise as they are equipped to manage and advise on financial matters. Therefore, the role of drafting estate planning documents clearly distinguishes itself as one that investment professionals cannot fulfill within the estate planning process.