Thinking about the future can be overwhelming, as the thought of passing away can be incredibly upsetting. However, it’s important to understand that taking the time to plan an estate is vital to ensuring your assets and loved ones are protected upon your death. However, many are unaware of the differences between an estate plan and a Will, often using these two terms interchangeably. If you’re unsure of how these differ, you’ll want to keep reading to learn more about these matters and why you should connect with a Medina, Ohio estate planning lawyer who can help you achieve peace of mind.
What Are the Differences Between an Estate Plan and Will?
When you are getting ready to plan for the future, you may assume that a Will and an estate plan are the same thing. However, this is far from the truth. In reality, an estate plan is a collection of documents, whereas a Will is just one crucial document.
A Will details what you would like to happen to your assets upon your passing, such as how they are distributed and which Beneficaires will receive them. Additionally, you can name someone to oversee the execution of your estate according to the wishes detailed in your Will and appoint a guardian to watch your minor children in the event you pass away before they turn 18.
An estate plan, on the other hand, is a collection of important documents that help plan for the future. For example, you can create a Living Will and Medical Power of Attorney, which details your medical wishes and grants someone the authority to make decisions on your behalf, respectively.
Another option is to create a Trust Fund for your loved one, which acts similarly to a Will in that it allows for the distribution of your assets. However, you’ll find that a Trust Fund transfers the assets out of your name, which grants you additional tax benefits.
How Can I Create an Estate Plan?
If you are ready to start planning your estate, it can seem overwhelming, as there are many considerations you’ll need to make, from what kind of Trust Fund is right for you to whether or not you should establish certain Powers of Attorney. Unfortunately, this confusion is often one of the most common reasons people delay this process, which can hurt them in the long run. As such, it’s in your best interest to connect with an experienced attorney who can help you explore your estate planning options to ensure you’re choosing the best documents for your needs.
At Krause Law, we understand that this can be an incredibly complicated matter, which is why our firm is dedicated to fighting for you. Contact us today to learn how we can help you plan your estate so you can enjoy life knowing your loved ones are cared for.
