Having an estate plan and writing a will are entirely different.
An estate plan is a broader plan of action for your assets that may apply during your life, as well as after your death.
However, a will states the way in which your assets will go after you die.
Yahoo Finance’s recent article entitled “Estate Planning vs. Will: What’s the Difference?” explains that a will is a legal document that states the way in which you’d like your assets to be distributed after you die.
A will can also detail your wishes about how your minor children will be cared after your death, and it names an executor who’s in charge of carrying out the actions in your will. Without a will, New York State’s law of intestacy determines how your property is divided.
Estate planning is a lot broader and more complex than writing a will. A will is a single tool. An estate plan involves multiple tools, such as powers of attorney, advance directives and trusts.
Again, a will is a legal document, and an estate plan is a collection of legal documents. An estate plan can also handle other estate planning matters that can’t be addressed in a will.
A will is a good place to start, but you’ll want to create an estate plan to ensure that you and your family are fully covered in the event of your incapacity and death.
While having a will is important, it’s only the first step when it comes to creating an estate plan.
To leave you, your heirs, and loved ones in the best position after your incapacity or death, talk to the experienced elder law and estate planning attorneys at Kurre Schneps LLP about creating a comprehensive estate plan.
Reference: Yahoo Finance (Aug. 10, 2021) “Estate Planning vs. Will: What’s the Difference?”
