What is the difference between a will and an estate plan?

Watch our video and get your question answered in less than a minute!

 

A  will  is a piece of an  estate plan  and an estate plan is an overall strategy whereas a will is a portion of that strategy. Generally speaking, when you do an estate plan you want to have a comprehensive idea that's going to deal with all of your assets, not only after you pass away but also while you're alive.

 

A will only comes into effect after you're gone, and it only deals with some assets that haven't already been figured out.  If you've got a bank account that has a beneficiary designation, a will is never going to touch that.

Also, if you go into the hospital and you have a coma or another medical situation, the will does not go into effect yet. An estate plan deals with more holistic, comprehensive planning than a will does. 

 

This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Contact an attorney for more information. Book a  Free Consultation  here.