Estate planning and will planning have become the new talk of the town nowadays. Everyone wants to go for these terms. However, the fact is that most people believe them to be similar. Well, this is not the fact. You can always ask the Estate Planning Attorney Near Me 11563 to explain this difference in detail. Though these two terms seem to be interchangeable, they are actually not so.
Both these terms offer instruction to the loved ones of a deceased person. These instructions pertain to how to handle the assets of a deceased person. However, what kind of planning you require depends upon different situations you are in. An Estate Planning Attorney Near Me 11563 can, however, explain what kind of planning you require depending upon your situation. Let us read about the difference between estate planning and will planning.
Estate Planning Attorney Near Me 11563 Explains Difference Between Estate Planning and Will Planning
Creating both will and estate plans refers to selecting heirs after one’s demise as well as appointing guardians. Both of these ensure that the friends and families of the deceased person do not find themselves in a fix after the person goes. Let us understand the difference between the two in detail:
What is Will Planning
Will planning is a process that involves preparing a will or a last testament. The will takes care of the aspects such as who will take care of the deceased’s minor kids, the appointment of an executor, and who will take care of the deceased’s assets and properties. The creation of a will makes sure that the decedent’s loved ones will not have to face any kind of disputes over the assets, and they can take legal actions easily.
What is Estate Planning?
Estate planning, on the other hand, is the planning of various tasks that will take care of the individual’s assets in the event of unfortunate and untimely death. The planning includes the transfer of an individual’s assets to legal heirs following the proper settlement of estate taxes. You can set up these estate plans with the help of an estate planning attorney near me 11563. Also, the estate plan revolves around preserving, managing, and distribution of an individual’s assets and documents following his or her demise.
What is The Difference Between Estate Planning and Will Planning?
A will is basically a term used for classifying information related to the distribution of one’s assets after a person’s death. Also, a person can appoint a guardian for one’s minor kids or old parents after him or her. Also, an updated will ensures that a person’s assets are firmly distributed as per his or her wishes, and the loved ones do not have to face any kind of legal hardship following the person’s demise. On the other hand, an estate plan is a more broad term. This plan is basically the process of asset distribution done in such a way that beneficiaries can avail maximum benefits.
Some More Differences Between Estate Planning and Will Planning As Per Estate Attorney Near Me 11563
An estate plan on a broader term can include giving instructions for matters that cannot be handled by a will. An estate plan includes information on a will, superannuation, transferring of financial annuation, trusts, beneficiary designations, and power of attorneys. Doing effective estate planning would make sure that your loved ones will attain maximum possible benefits arising from your estate. Also, using an estate plan, you can easily name your beneficiary, guardian, and trustee for all your assets. This plan would also make sure that all the legal protections are in place for all the beneficiaries. In addition, the plan takes care of proper transfer of business assets and smooth purchase of shares. The plan can also ensure proper distribution of superannuation among the beneficiaries whom you select.
Both the will and estate pertain to taking care of your assets only. However, both have different purposes. While a will will only take care of some aspects, an estate plan will take care of border aspects. Thus, where you can only take care of certain aspects through a will, you can include broader aspects in an estate plan. Thus, it is always advisable to get an estate plan to manage your assets beforehand. There are many professional estate attorneys out there who can lend you a helping hand in this. The need remains only to select the best estate planning attorney near me 11563 who has great experience in these matters.