Is a will the same thing as an estate plan?

You understand the importance of every adult taking the time to plan for the future. Legal and financial plans allow one to have a measure of control over certain matters, and it can protect the interests of loved ones well into the future. This is something you can accomplish through the estate planning process. As each person has different financial concerns and objectives for the future, each estate plan will be unique and specific to that individual.

Estate planning is different for everyone, but there is a significant chance that you will need to create a will. While this is an important document that is part of an estate plan, it is rarely enough to create a complete estate plan. As you consider what you may need for your future, it could beneficial to learn more about the difference between a basic will and a complete strategy that protects your future interests.

What can a will accomplish?

There are many benefits to having a will. This is a document that outlines what you wish to happen to your property in the event of your death. While it can be a difficult thought to consider your own mortality, it can be helpful for your loved ones to know what you want to happen to your money and assets. If you pass away without a will, state laws will determine what happens to your property. Through your will, you can also decide on guardianship of a minor child and what will happen to your beloved pet.

While a will can accomplish much, it may not be sufficient to address all of your estate planning needs. You will also benefit from creating advance directives, including a living will and health care power of attorney. These documents allow you to have the final say over certain types of medical decisions. Depending on your specific goals, you may also benefit from the establishment of a trust, an estate planning tool that will allow you to set aside and protect assets for a specific use.

Protect your future

Without a will, you are leaving much to chance. Additionally, without a complete estate plan, you are risking that you may not have the final say over certain important decisions that could impact your future. An assessment of your case and discussion of your needs with an experienced professional can provide you with the insight you need to create a plan that allows you to have the future with confidence.