Many people are under the assumption that their estate planning starts and stops at the creation of their Last Will and Testament. However, you must understand that estate planning and will planning may have their similarities but ultimately they are not the same thing by any means. With that being said, read on to discover what makes will planning different than estate planning and how a seasoned Broward County wills lawyer at The Probate Lawyers can take you through its specific steps.
What makes will planning different than estate planning?
On the one hand, will planning consists of establishing a single legal document. Simply put, this legal document has you express your wishes for how you want your property and assets to be handled in the event of your unfortunate death.
On the other hand, though, estate planning entails a collection of legal documents set to manage your estate both during your lifetime and in the event of your unfortunate death. In other words, a will is a single legal document that falls under the umbrella of your overall estate plan. Then, examples of other legal documents that may make up your estate plan include a revocable or irrevocable trust, an advanced health care directive, various powers of attorney, etc.
This is to say that a will is limited in what it can legally execute, so other estate planning documents may be needed to cover the rest of your bases.
What are the specific steps that go into will planning?
To reiterate, your Last Will and Testament primarily gives you, as the testator, the authority to instruct what is to happen to your property and assets when you are no longer around to deal with them yourself. More specifically, though, when going into your will planning, you must consider the following concepts:
- You must list all your property and assets and consider your final wishes for them in the event of your unfortunate death.
- You must consider an individual you trust to serve as your executor and manage your property and assets until they are ready to be distributed.
- You must consider the loved ones you wish to inherit your property and assets in the event of your unfortunate death or on another specified date.
- You must consider an individual(s) you entrust to serve as the guardian(s) over your minor children, adult dependents, or pets in the event of your unfortunate death.
- You must consider two individuals you want to witness the signing of your will and produce their signatures once you have finalized its terms and conditions.
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 The Probate Lawyers. Retain the services of a competent Broward County estate lawyer today.
