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Is Estate Planning the Same as a Will?

Estate Planning Documents

Estate planning and planning a will may sound like the same thing, but are they? The answer is no, and they are both actually very different processes. In terms of similarities, they both instruct relatives on how your property and assets should be handled upon your death. However, estate planning goes further, taking into account your health, finances, and more while you are alive. Let’s examine the differences and what you should know about your end-of-life planning. 

Where There’s a Will

Planning a will can be rather simple. In essence, it serves as your last will and testament. In a will, you can direct who you want to take over your business, childcare, who receives assets, and other questions related to your assets. An executor of your will look after your wishes and make sure they are followed.

Estate Planning

Where a will is a somewhat simple way to leave your last wishes, estate planning goes into much more depth, using different types of documents to secure your assets after your death. This can include your will, as well as a living will, which involves you dictating your requests while still alive.

For instance, a living will explains the type of medical care you would want, should you become incapacitated and are unable to speak. It can also help your family make difficult end-of-life decisions and save them money.

With an estate plan, you can designate a financial power of attorney. This is someone who can handle your finances if you are incapacitated and unable to do so. The designee will be able to make transactions on your accounts, business decisions, and other financial decisions based on what you set out to allow. Establishing a power of attorney for your finances is a good way to keep your family financially stable, should something happen to you.

Establishing beneficiary designations can also be done through an estate plan. These include in-depth, specific instructions on what assets go to which person. For instance, they can explain who gets money from your retirement accounts and who gets money from your life insurance, etc. Used with a living trust, which is similar to a more in-depth will, the documents work to provide a strong estate plan for your family after your death.

Estate plans can be especially beneficial for people with somewhat complicated finances. For instance, those who have been married more than once, own a business, want to give to charity, or have specific requests for their assets and property could benefit from a strong estate plan. It can also provide clarity if you are worried about your wishes not being carried out upon death or if your children are not old enough to inherit your assets. An estate plan can establish a trust for them.

Privacy may also be a concern when considering a will versus an estate plan. A will, or probate court, are public matters. An estate plan, or at least many of the documents making up an estate plan, are private and do not become public record upon your death.

If you are looking for the best fit for you, an experienced estate planning attorney at The Mattar Firm can help. They are well versed in which documents work for different situations and can help you make the right decisions for yourself and your family.

Contact The Mattar Firm

At The Mattar Firm, our experienced estate planning attorneys can help you with your estate planning needs. Contact our estate planning attorneys now at 239-222-2222.

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