Who Needs an Estate Plan?

Because estate planning can be more complex than creating a will, involving vehicles such as trusts, it can be more expensive and time-consuming. But let’s clarify one thing about the word “estate.” It may sound like something that only high net-worth individuals need to worry about, but for the purpose of end-of-life planning, “estate” is simply a term that describes everything you own, from your lucky penny collection all the way up to your investment portfolio.

What Is Estate Planning?

Estate planning can be the umbrella term for all end-of-life decision making, but it’s more often used to describe your plan for how you want your property divided when you die and the financial implications of those decisions.

What Is Will Planning?

Writing a will usually refers to a very specific task: A will details where you want your assets to go at your death, and who you would like to serve as guardian of your minor children. If you have pets, it may also spell out who will care for them and how. Additionally, a will names an executor. This is the person you are putting in charge of distributing your assets to the right individuals or charities.

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