It is very important to understand the difference between Will and estate planning!
A Will is just one document in a complete estate plan.
A Will, also known as a Last Will and Testament, is the document that tells the world how you want your final probate estate distributed. This will happen in probate under a Judge’s supervision.
Estate planning is the process of arranging for care and management of you, your family, your money, and other property during your lifetime and beyond. It consists of a process and several documents. The process uncovers your goals and wishes which are then memorialized in documents. Those documents are:
- Last Will and Testament
- Trust (maybe)
- Durable Power of Attorney
- Healthcare Power of Attorney
- Protected Healthcare Information Release (PHI release or HIPAA Waiver)
- Advance Directive (Living Will)
- Benefits of Estate Planning
- Estate Planning Checklist
- Estate Planning Definition
- Estate Planning vs Will
- Importance of Estate Planning
- Plan Your Estate
- Purpose of Estate Planning
- What are the Legal Documents Needed for Estate Planning?
- What is Estate Planning and Why is it Important?
- What is the Difference Between Will and Estate Planning?
- What is the Main Idea of Estate Planning?