If I Have a Will, Do I Have an Estate Plan?

While a will is often part of an estate plan, an estate plan covers much more ground.

There’s a difference between having a will and having an estate plan.

A will states the manner in which your assets will be distributed after you die. An estate plan is a broader plan of action for your assets that may apply during your life, as well as after your death.

Wills are legal documents that state the way in which you’d like your assets to be distributed after you die. Wills may also specify guardianship preferences for minor children and designate an executor. Without a will in place, state probate laws determine how your property gets divided.

Estate planning encompasses a much broader scope. Rather than serving as a single document, it functions as a comprehensive collection of legal tools. An estate plan typically incorporates multiple components, including financial and medical powers of attorney, advance directives, burial arrangement specifications, and potentially trusts established for children or pets.

To summarize the distinction: a will represents one legal document, while an estate plan constitutes a collection of multiple legal documents. An estate plan can additionally address various matters that might otherwise remain unresolved.

Although a will provides an important foundation, creating a comprehensive estate plan ensures your family receives full protection in the event of your death. Consulting with an experienced estate planning attorney helps guarantee your assets ultimately reach their intended recipients.

If you want to make sure you have a complete estate plan and not just a will, contact our office to schedule a consultation.