Is An Estate Plan the Same as a Will?

When you think about creating an estate plan for yourself, your mind may automatically go to a Last Will and Testament. With this, you may wonder if a will is or can be the extent of your estate planning. In other words if your “estate plan” and “will” are interchangeable terms for the same legally-binding document. Well, continue reading to learn whether you can consider an estate plan the same as a will and how an experienced Butler County will preparation attorney at Heritage Elder Law & Estate Planning, LLC can help you establish these documents.

Is an estate plan considered the same as a will?

Technically, an estate plan is considered to be the exact same thing as a Last Will and Testament. That is, a will is a legal document that allows you, as the testator, to instruct how you wish for your property and assets to be distributed, to whom they will be distributed, and who will manage it until its distribution, after your unfortunate passing. This is while an estate plan is a broader plan of action for your property and assets that can be enforced during your lifetime and after your unfortunate passing. Therefore, a will is considered just a subset of your estate plan, rather than the end-all-be-all of your planning.

What does an estate plan commonly consist of?

While your Last Will and Testament is arguably the most important legal document you can incorporate into your estate plan, your planning cannot stop here. This is to say that you must look into creating and establishing other documents. This is because these other documents may coordinate logistics for your estate that your will is not necessarily equipped to cover. Namely, these other documents may include, but may not be limited to, the following:

• A financial power of attorney: this legal document allows you to appoint a trusted individual, known as an agent, to act on your behalf in financial matters on a specific date or during the occurrence of a specific event.
• A healthcare power of attorney: this legal document allows you to appoint a trusted individual, known as an agent, to make healthcare decisions on your behalf should you become incapable of making or executing them on your own.
• A revocable living trust: this is an arrangement set up through a legal document that allows you to designate who receives your property and assets after your unfortunate passing, all while avoiding probate and administrative expenses.
• An irrevocable trust: this is an arrangement set up through a legal document that allows you to transfer your ownership over property and assets to the trust so that they may be protected from external third parties during your lifetime and upon your unfortunate passing.

We understand just how delicate this situation may be for you. If you need an emotional support system that doubles as a legal support system, look no further than Heritage Elder Law & Estate Planning, LLC. Retain the services of one of the skilled Butler County estate planning & probate attorneys today.