Prevent Future Mistakes with Better Financial and Estate Planning

Posted on October 27, 2016 by Shawn Friday, MEd, LPC, CEAP

Updated June 18, 2020

Both estate and financial planning are essential to growing and protecting wealth.

I recently read a question and answer piece by financial advisor, Ric Edelman, on his weekly newsletter. It gave an excellent example of the importance of obtaining both legal and financial planning advice. The questioner asks Edelman, "Should your work with an estate attorney and financial planner be done in tandem?

Edelman Agrees.Accounting & Financial Planning

Edelman replies with strong agreement, noting that there are significant areas of overlap between the two and how potential problems can arise if either service is excluded when addressing areas like wills, power of attorney, living trust, and so on. The example problem given is a person signing a living trust that will help avoid probate if you die, and ensures proper management of assets.

Edelman states, “Too often, attorneys don’t follow up to see that their clients retitle their assets (brokerage accounts, homes, cars, and such) into the trust.” A financial planner would be looking for this to be done so the trust is able to do what it is intended to. In his firm’s experience, a visit to the financial advisor first is recommended so one knows what documents to complete through the attorney; however the reverse can be okay too. What is most important is getting advice from both types of professionals.

Review the Edelman resource HERE.


We have seen one example where the financial planner saved the client from making a mistake. CLICK HERE to see some mistakes financial planners might make from estate attorney Taylor Willingham’s perspective.

We Can Help

If you do not currently have an estate attorney or financial planner, consider starting with a free 30 minute consultation with one or both types of professionals available through VITAL WorkLife. For more information give us a call to speak with one of our representatives. 

If you are a member of one of our solutions, call us any time, day or night, for the support you and your family need.

  • EAP members: call 800.383.1908
  • Physician Well Being Resources members: call 877.731.3949

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