The main difference between a will and an estate plan is in scope. A will is a single document that allows you to leave instructions for loved ones to follow after you pass away. An estate plan may consist of multiple documents, including a will, that provide a more complex set of instructions or allow you to protect certain assets from probate.
If you have any questions or concerns about which documents should go into your estate plan, it is a good idea to consult with our Orlando estate planning lawyers as soon as possible.
What Goes Into a Will?
Your last will and testament can provide instructions on a wide variety of topics, including but not limited to:
- Who your personal representative is—this is the person who will make sure the will is filed and its provisions are carried out
- Who will get your money and other assets
- How much each of your beneficiaries will receive
- Who will look after your children or other dependents
You must also make sure your will meets the requirements set by Florida law. These requirements are not generally too onerous, but any mistakes could cause a judge to reject your will.
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What Goes Into an Estate Plan?
Your other estate planning documents will go into more detail about certain topics or provide benefits that a simple will cannot. Depending on the size and nature of your estate, as well as your particular needs and goals, you might need some or all of the following:
- A living will, so your family and your healthcare providers know if you want to be resuscitated if you are terminally ill or injured
- A trust, which allows you to distribute your assets before you pass away
- Power of attorney, which gives one or more people the power to make critical decisions (including healthcare decisions) on your behalf if necessary
Is a Will Better Than Other Estate Planning Documents?
Each document serves a different purpose, so which one is right for you depends on what you want to do. If you want to avoid probate, for instance, you certainly need more than just a standard will.
A will is considered the most basic of estate planning documents, and most, if not all, people should have one to provide clarity and security to their loved ones. You can work with a lawyer to create both a will and any other documents you might need to:
- Express all of your wishes for your estate clearly and in a legally recognized format
- Make the probate process as smooth as possible for your loved ones
- Avoid all unnecessary delays and disputes regarding your estate plan
- Ensure that everyone gets the assets or care you want them to receive, while excluding those you do not want to inherit any part of your estate
When Should You Get an Estate Plan?
It is always better to start sooner rather than later. This is true even if:
- You are young and healthy: It is best to have an estate plan in place now than to be left scrambling when you are older or if something happens.
- You think you might want to change your plan later: Most parts of an estate plan can be altered or revoked if necessary.
- Your estate is small: Even comparatively small or simple estates will need to go through probate, and a will can eliminate confusion or uncertainty.
Many people instinctively put off estate planning, either because they do not think they need one yet or because they simply do not like thinking about their own mortality. It is important to remember that an estate plan can provide you and your loved ones with a sense of security surrounding what is often a very stressful and emotional subject.
Is an Estate Plan More Expensive Than a Will?
Generally, a basic will is among the least expensive forms of estate planning. The more documents you have, and the more that is included in each document, the more expensive estate planning can become.
How much estate planning costs depends on how many and what kinds of assets you have, if there are any complicating factors regarding asset ownership or transfers, and more. If you consult with our law firm, we can let you know what type of plan you might want and how much it may cost to implement it.
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Can You Change a Will or Estate Plan After You File It?
In most cases, yes. Changing a will or other document might be necessary if you:
- Need to add or remove a beneficiary or a designated personal representative or guardian
- Lose or gain assets
- Change your mind about who should get a particular asset or about what decisions you want your power of attorney to make
That said, some documents are easier to change than others. An irrevocable trust, for instance, is extremely difficult to alter once it is in effect.
Before you decide to file a particular document, your attorney can review the possible advantages and drawbacks and ensure it really does suit your needs. If you have to alter an existing document, we can identify which changes must be made and handle this process for you.
Do You Need a Will, an Estate Plan, or Both?
For over 40 years, Bogin, Munns & Munns has been assisting the people of Central Florida with all parts of the estate planning process, from drafting and altering wills and trusts to guiding families through probate. No matter which document you decide to go with, we can file it on your behalf.
Call today to learn more about the difference between an estate plan and a will and how we can ensure that all of the documents you need are clear and legally binding.
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