Many people think that creating a last will and testament is all that is needed to protect their assets and ensure that their loved ones are taken care of after they pass away. However, a will is only a part of a comprehensive estate plan that can provide greater protection, minimize taxes, and avoid family disputes. In this blog post, we will discuss the differences between a will vs. estate planning, the benefits of estate planning, and why it is essential to have an estate plan in place.
What is a Last Will and Testament?
A last will and testament is a legal document that outlines how you want your assets to be distributed after your death. It can also name guardians for your minor children and specify your funeral arrangements. A will is essential, but it only covers assets that are in your name at the time of your death. It does not address jointly owned assets or those with beneficiary designations. A will must go through probate, which is a court-supervised process that can be time-consuming and expensive.
What is Estate Planning?
Estate planning is a comprehensive approach that involves various legal documents and strategies to protect your assets, minimize taxes and other costs, and avoid family disputes. It includes a last will and testament, a revocable living trust, powers of attorney, and advance healthcare directives. A revocable living trust can transfer ownership of assets such as real estate, bank accounts, and investments, which can help avoid probate and ensure that your beneficiaries receive their inheritance more quickly.
Will vs. Estate Planning: The Differences
The primary difference between a will and estate planning is that a will only covers assets that are in your name at the time of your death, while estate planning can address all of your assets, including those with joint ownership or beneficiary designations. An estate plan can help to minimize taxes and other costs associated with transferring your assets to your beneficiaries. In addition, an estate plan can help to protect your assets from creditors and lawsuits, which can help preserve your legacy and ensure that your beneficiaries receive their inheritance as intended.
Read more at: https://san-antonio-probate.com/will-vs-estate-planning-whats-the-difference/
While it comes to buy something for making tea or hot coffee.
Most people are unfamiliar with the usage and working of teapot or tea kettle and don’t know which one to buy.
Both are made to make Tea.
And both have a lid and a vessel to boil water.
Often when you go on camping you might look which one is most durable and easy to use.
Do you have a will or estate planning concern?
Soble Law provides comprehensive legal services for probate matters.
Call us regarding an estate’s assets once you realize that you have an issue with family or creditors.
Request your legal consult here.
