A will and an estate plan are both essential legal documents that secure your loved ones’ financial future after you pass away. Many people are under the impression that they are the same, but there are a few fundamental differences despite serving similar purposes. A professional estate planning attorney will offer the best counsel when it comes to a will or estate plan, but to help you make an informed decision, here’s a quick guide.
What Is the Purpose of a Will?
A will aims to legally enforce how you want your assets distributed and your affairs handled upon your death. The executor appointed in your will is the person in charge of managing your estate, ensuring that your wishes are followed to the letter. You may also include the following provisions in the will:
Naming a legal guardian for children who are minors.
Detailed funeral wishes.
Designating charitable donations.
Disinheriting specific individuals, along with the reasons for doing so.
How Is an Estate Plan Different From a Will?
An estate plan takes care of matters that one ordinarily doesn’t include in a will. In other words, a will is one of the estate planning tools that provide instructions on what to do about your property, health care, and loved ones you leave behind.
Aside from a will, other inclusions you will find in an estate plan are power of attorney, trusts, superannuation, and an appointed custodian for your children’s property. You can also put down health care preferences, such as naming a person who will make decisions for you if you're not able to do so yourself. Having an experienced estate planning attorney on your side will significantly ease the creation of a plan.
Why Is Having an Estate Plan Better Than Having a Will?
While a will is more straightforward and costs less than an estate plan, the latter is more comprehensive and helpful for your beneficiaries. Your loved ones will receive the maximum proceeds possible from your estate. You can designate a trustee who will see to it that business transfers go through smoothly and that proper protections are in place for your beneficiaries. Estate planning also allows heirs to pay significantly less when it comes to court fees and taxes. An estate planning attorney will be able to create a plan that ensures expenses will be minimal.
Rest easy knowing the distribution of your estate will be as you intended. Consult an estate planning attorney at Vernau Law LLC in Granville, OH, for personalized legal guidance. They're also the law firm to call when you need representation for family law, child custody, probate, and business law cases. Call them today at (740) 587-2637 to schedule your consultation, or make an inquiry via their website.