Is Estate Planning the Same as Making a Will?
Thinking about your future and how to protect the people and things you care about? Then you’ve probably considered the difference between a will and estate planning.
Is Estate Planning the Same as Making a Will?
It’s a great question, and the short answer is: not exactly.
A will is an essential legal document that helps ensure your last wishes are respected. However, your will is just a single piece of a much larger and more complex estate plan. Estate planning is broader, more comprehensive, and involves documenting what happens after death and what happens if something unexpected affects you in life.
What Does a Will Do?
Most people know a will as the document where you leave final instructions for your assets, name a guardian for your children, and appoint someone to manage your affairs when you’re gone. But a will only takes effect after you pass away. If you become sick or incapacitated, the document has no authority.
In cases like this, a will must go through probate to become enforceable. Probate is a public court, which means the process can take months or even longer. Contact an estate planning attorney who specializes in drafting and filing wills for more information.
What Does an Estate Plan Do?
Having a will is a great first step, but it doesn’t complete the estate plan picture. Estate planning is often misunderstood as something only wealthy people need, but the truth is that everyone can benefit from it.
An estate plan puts legal protections in place to ensure your last wishes are respectfully carried out, no matter what happens. It typically includes your will, plus these essential documents:
- Trusts
- Powers of Attorney
- Health care directives
- Executor identification
Estate planning helps answer questions like, “Who will make critical decisions if I can’t?” and “How can I make things easier for my loved ones?” The difference between a will and an estate plan is simple: One is a part, and the other is the whole.
Why a Will May Not Be Enough
4 Reasons You Need an Estate Plan
A will is a practical start, but here’s why it may not be enough to safeguard your assets, wishes, or the ones you love.
- Life Is Unpredictable
You may face an illness, injury, or a situation where you are unable to manage your finances or speak for yourself. A will won’t help you; only a comprehensive estate plan will.
- Probate Is Time-Consuming
Your estate may still go through probate, even with a will. Trusts and other estate planning tools can help simplify the process and avoid probate altogether.
- Family Is Dependent
A will lets you name a guardian, but what about managing finances for your children and dependents if something happens to you? A trust can do that safely and legally.
- Conflict Is Avoidable
When your plans are clear and legally documented, there’s less room for confusion or costly legal disputes. Hire an estate planning attorney for help.
Estate Planning in Arizona
Is estate planning the same as making a will? By now, you should understand the difference between a will and estate planning. But what about the laws in Arizona? Do they make estate planning easier or more difficult? Here’s what you should know:
- AZ is a community property state, which means anything earned or acquired during your marriage may be considered jointly owned.
- Our state also offers several tools to help you avoid probate and keep things simple for your loved ones.
There’s no perfect time to contact an estate planning attorney. Contact the Nicole Pavlik Law Firm today to schedule a consultation and learn more.