Is Estate Planning and Writing Will the Same Thing?
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
From time to time, it’s good to review why having a complete, up-to-date estate plan is so important.
As the American population of seniors continues to expand, the need for intentional estate planning becomes more urgent, especially for the children of aging parents.
One of the biggest challenges that clients encounter during the process is deciding who to appoint as their trustees, powers of attorney, health care surrogates and executors.
An element of advance care planning, a living will is a legal document that provides specific instructions on how to carry out your wishes to receive or decline such treatments when you otherwise can’t communicate those wishes yourself.
As a review of terms, a will is a legal document that specifies how a person’s estate should be handled only after that person’s death. A living will has nothing to do with how your “things” like property, money, jewelry, etc. are to be distributed. Unlike a will, it is, in fact, a document that comes into play while you’re still alive.
Consult an elder care lawyer preemptively, to avoid making a panicked phone call in the moment.
Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.
As part of your estate planning, don’t forget to consider a power of attorney.
Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.