Financial Planning versus Estate Planning, which is the higher priority?

[floresffx]

If you had an extra $1000 and all things being equal, which is more important at this moment, meeting with a financial planner or getting your estate planning documents in order (trust-we have one child, will, durable power of attorney and HCPA/AMD) for my wife and I? The idea being that on average a good fee-only financial planner or attorney to do either thing will cost $250-$300/hour (in the Washington DC area).As far as financial background, we have life insurance, we contribute monthly to a 401K and Roth IRA and I have a defined benefit pension (yes they still exist). We are paying down debt, but I still feel that we could use a good financial review (not to sure about our allocations in the Roth and IRA's). We DO NOT HAVE A WILL or other estate planning documents... and this is beginning to concern me... should it???Any suggestions for finding a good family attorney in Northern Virginia will be very much welcome.Thanks for you help.FF ------

[Ken Clark, CFP]

I know it is going to sound biased because I am a CFP, but I would go with the financial planner first.You didn't state your age or health, but chances are you are not going to die in the next couple of years.With that in mind, you definitely seem like you have a gut feeling about needing a financial review. Truly your debts, allocations, etc., are probably more pressing.That planner will likely be able to give you a referral out to a good estate planner as well.Good luck!Ken ClarkCertified Financial Planner ------

[Gerald]

I know this sounds rude--never sign a power of attorney.... you absolutely have no control as to what these persons will do to your investments (cash)---OOKK... I have 2 friends that signed a POA --- one lost $50G the other $100G... Done very legal-- every time they make a stock trade they get a commission... Buy and take a commission -- stock goes down they save your investment by selling and take a commision...They do not have to tell you until your out of money---OKListen to me---a few hours of thinking, Phone calls and educating your self and you are your best financial advisor. Paying debt is part of financial planning -- Long term debt is of course you home... If you do not own a home there is no estate planning except 401k-- Roth IRA -- and cash... Insurance Whole Life is a very poor investment 1-2% interest-- read the policy.-- insurance is always an expense... Term iinsurance is good and is cheap with no return...incase you die.....You need to pull your head out of the sand and learn how to manage the money that is for saving... Untill you learn how--Suggest the cash money be collected in a bank saving account... Why??? Your are gona be very unhappy if you get ripped off--Legally.... ??? I didn't know -- is what they all say??? These brokers don't wear Gucci -- $1000 suits-- and just bought the wife a new Mercedes... paid for by brokerage fees... Anything the broker sells you he is gona get a fee... You will never here him say anything about NO-Load mutual funds....No Commission... Another line---to embarrass you--- No Loads Ha Ha you get what ya pay for... Indication they are no good....Ya need a will-- Look in the phone book and pick the attorney closes to you home--OK . Virgina law on wills like all states is accomplished very easily -- by law...Everyone is concerned about finances --a great deal of concern is not necessary... Like I said you are your best financial advisor---Now my fee for advising you is $0.00Have a good life..... The best advise is free.... ------

[Maggie Jeans]

All the financial planning in the world isn't going to be worth squat if you don't have the legal power to protect it.You need a will, living will, power of attorney etc. If you are seriously hurt in a automobile accident and are not able to communicate, your spouse has very few choices without the power of attorney and the living will. You may end up as a"turnip"in a nursing home spending all that money you have worked to save, just to care for you.Or, if you and your spouse somehow are both killed, what will happen to the child? Think about your family and your spouses family and image that there could be conflicts over who should be in charge, and who will control the finances. Who will be the legal guardians? Who will help your child decide what happens to all the money you have amassed? Who will control that child's future? Without a will, living will, and power of attorney, there will be problems.Take care of this planning. Once this is done, then continue your progress on financial planning. ------

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