Estate Planning vs. Will | The Law Offices of Travis R. Walker (2024)

During your end-of-life planning, you’ll need to understand the difference between estate planning vs. will preparation. Estate planning is a broader umbrella of end-of-life planning that often includes a will and elements such as a power of attorney, trusts, and an advanced health care directive. Comprehensive estate planning with an experienced attorney from Travis Walker Law can help you protect your assets, plan your taxes, and more.

When considering end-of-life planning, you may think about drafting a will. A will is a useful document to have when it comes to distributing your assets after your death. However, that may not cover everything you need.

For instance, you may reach a point towards the end of your life where you are no longer of sound mind to make legal decisions. To prepare for this, it helps to appoint someone who has power of attorney to handle your affairs. You may also want to set up trusts for underage beneficiaries. You may need more comprehensive estate planning to cover these complex issues. Thus, it’s necessary to understand the differences among estates, trusts, and wills.

So, what is estate planning vs. will preparation? Travis Walker Law has experience helping our clients prepare wills, plan estates, and do anything that may fall under end-of-life planning. Learn about the distinctions between estate planning vs. will preparation and which might be most suitable for you.

A will is a legal document that lays out how your property will be distributed among your beneficiaries after your death. Traditionally, most people leave their property to their heirs, but you can designate a different beneficiary within your will. If you have underage children, you can name a guardian for them. You can also appoint an executor of your estate who will administer it after your death.

A will is an essential document, but there are several important things that it cannot do, including the following:

• Gift property held in a living trust or money held in an insurance plan
• Gift your retirement or pension benefits to another person
• Give beneficiaries direct access to bank accounts holding funds that have been left for them
• Dictate funeral or memorial instructions because wills are typically not found until after funerals have occurred
• Transfer ownership of jointly owned property
• Avoid or reduce property taxes for your loved ones
• Avoid the probate process

Due to Hollywood portrayals, people often believe a will to be the ultimate element of end-of-life planning. Everyone has seen a movie or TV show that portrayed a will reading with the entire family gathered around, detailing all of the deceased’s final affairs, including their burial. There’s usually a big surprise.

In reality, a copy of the will is usually mailed out to relevant parties by the estate attorney. Since the will is often not located until after the funeral, funeral and burial plans are rarely included.

• It’s simpler than preparing a comprehensive estate plan.
• It may be just enough if you have a small estate and no underage children.
• Because it is a simpler process, the attorney’s fees will likely be lower.

• It will not do much to take care of the assets of a larger estate.
• You won’t be able to set up a trust for underage children.
• Your heirs will face higher taxes and court fees.
• The will is not private, and the probate process can be lengthy.

• You will have a thorough plan to cover all your assets and estate.
• You can make plans in case you become incapacitated—such as designating someone as an agent under a power of attorney or giving family members “do not resuscitate” orders.
• Taxes and fees will be lower for your heirs.
• The probate process will be expedited, saving time and energy for your heirs.

• Estate planning is lengthier and more complex than just drafting a will.
• The attorney’s fees will likely be greater, although you will save your family money in the long run.
• It may not be necessary unless you have a sizable estate.

If your estate is worth $1 million or more, a will is likely not going to be sufficient for your end-of-life planning. Additionally, if you want to name underage children or grandchildren as beneficiaries, it may be wise to set up a trust so they can receive their money when they reach adulthood. This can also be appropriate for disabled beneficiaries with guardians who need those funds for their care.

A will is a good option if your affairs are relatively simple. For everything else, it’s best to go with comprehensive estate planning.

Travis Walker Law is a dependable, experienced family and probate law office, and we can help you with your estate planning and wills. Our managing attorney, Travis Walker, has been in practice for 16 years, helping clients navigate complex family and probate court issues with compassion and authority. We share our vast experience in estate planning through a guide to the 25 steps to estate planning.

We believe that estate planning is best done to prepare for life rather than to prepare for death. Comprehensive estate planning helps your family know what to do if you are alive but incapacitated and ensures that your family lives full and secure lives after you’re gone. It also enables you to protect as much of your estate as possible. Comprehensive estate planning goes far beyond a will, but a will is included.

Our attention to detail and care for our clients make us stand out as a law firm. From the words of one of our own clients: “I have been greatly encouraged by the heart, spirit, and generosity of Travis Walker and his staff for three years now. They are unfailingly professional, honorable, responsive, capable, and effective.” For more information, check out these testimonials from our clients.