What’s the difference between a will and an estate plan?

What is the difference between a will and an estate plan? Well in simple terms, a will is a legal document that outlines how an individual’s assets will be distributed after death. If applicable, it also names a guardian for minor children.

An estate plan is a broader term than a will. An estate plan is an organized strategy for managing an individual’s assets during their lifetime and after their death. It typically includes a will, but can also include other documents such as trusts, living wills, financial powers of attorney, health care powers of attorney, and more.