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

On Behalf of | Aug 11, 2021 | Estate Planning

Planning for the future is different for each adult. Everyone will have different goals and plans for the use of their wealth long-term, as well as their personal medical preferences. There are some Maryland adults who believe that having a will is all they need for long-term protection and security, but that is not necessarily true. There is a significant difference between having a will and having a complete estate plan. 

The right plan 

Estate planning is a deeply personal process. Most adults will benefit from a will, which is a document that outlines one’s wishes for his or her wealth after passing away. It can also allow a parent to name a guardian for his or her minor child in case the parent is unable care for the child. A will is a good foundation for a long-term plan, but there are other steps that can provide additional protection and control. 

A complete estate plan may require drafting additional documents. Estate planning can include creating a trust to protect and control wealth long-term. It may also include drafting powers of attorney, something that will appoint a trusted individual to make legal or financial decisions in case of incapacitation. 

Security for the future 

It is impossible to control what will happen in the future, but estate planning is a way to have security and peace of mind long-term. Whether it is creating a will, drafting other documents or adjusting existing plans, it is helpful to work with an experienced Maryland attorney. This guidance can prove invaluable when creating a long-term strategy.